Prepaid debit cards can be an alternative for consumers who have had trouble establishing or improving credit. Bankrate’s 2012 survey offers a rundown of the card’s many variables, including fees, restrictions and factors that may affect a consumer’s decision in choosing a prepaid debit card.
|Monthly maintenance fee||$9.95|
|Can the monthly fee be avoided?||No|
|Prepaid debit card activation fee||None|
|Prepaid card issuer’s ATM withdrawal fee||$2.00|
|Nonissuer’s ATM withdrawal fee, not including any bank||$2.00|
|ATM balance inquiry fee||None|
|Fees for point-of-sale transactions||None|
|Fees for signature transactions||None|
|Paper statement fee||$2.95|
|Bill payment fee||Cardholders get three per month free and then they are $1.50 each.|
|Fee for customer service by phone||None|
|Declined transaction fee||None|
|Inactivity fee||The card closes after 90 days.|
Notes: There is a $4.95 charge for MoneyPack reloads at retailers.
Bankrate.com surveyed 18 prepaid debit card offers from March 19-23, 2012. These are the resulting fees, restrictions and other card provisions.