How to Load Prepaid Cards – What is Prepaid Debit Card?
An alternative to a bank account that only allows you to spend the funds loaded onto the card is a prepaid card. Prepaid cards function like debit cards at any retailer that accepts its payment network, like Visa or Mastercard. Compared to spending cash, they are more secure and practical.
Many prepaid debit cards don’t require credit checks, so they’re easy to get. If you’re in one of the roughly 7 million U.S. households without access to a bank account, prepaid cards can be a solution to safely spending money without having to use a bank. Here’s how you can get a prepaid debit card and how they work.
How prepaid debit cards work
Prepaid cards vary widely, but they tend to have these features in common:
Fees: You might have to pay for activating or getting a card, making deposits and using out-of-network ATMs. There’s often a monthly fee, which sometimes can be waived — by having direct deposits, for example. Some cards charge a fee for every purchase and ATM transaction.
Reload options: You can usually add money to a card in multiple ways, such as setting up direct deposits, loading cash at participating retailers and depositing checks at ATMs. Some cards also let you make online transfers or mobile check deposits from a smartphone.
ATM access: Some prepaid cards have access to free nationwide ATM networks, such as MoneyPass and Allpoint, or to branded bank networks for cards issued by banks.
Amount limits: Some cards restrict how much you can withdraw, reload or spend during a certain period, such as a day or month.
Protections: Reloadable prepaid cards have the liability and fraud protections required of debit cards by federal law. Some cards offer purchase protections, but it can be difficult to dispute unauthorized transactions or correct errors. One safeguard many cards have is federal deposit insurance, meaning your money is covered if an issuer becomes bankrupt.
Expiration dates: Prepaid cards have expiration dates. Funds on the cards shouldn’t expire but you’ll need to be reissued a card before it expires so you can continue using it. In a 2016 report by the Consumer Financial Protection Bureau, some consumers complained that they had money on their cards when they expired, but the issuer didn’t reissue cards that included those balances. If that happens to you, reach out to the prepaid card company to see if it can be resolved. If not, you can submit a complaint on the CFPB website.
Other features: Some prepaid cards offer check writing, online bill pay and multiple copies of a card for family members. A rare few even offer rewards such as cash back on purchases, similar to what rewards credit cards do.
Steps to Load Prepaid Cards
1) First of all you login the pre-loaded card, click on the immediate store and you will see the record and routine number of the pre-loaded card, record it some place safe
2) Get a Huntington bank login with Email access
3) Login the Huntington bank log , head over to the bill-installment segment and snap on electronic bill pay
4) You will be approached to include the Name, Address, Account Number and Routine Number of the Receiving account
5) Input the customer/drop name, at that point the Account and Routine Number of the pre-loaded card u put down
6) Click on Make a payment, following number and affirmation will be shipped off the email
7) The cash will think about pre-loaded card most recent by 2 business days.
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Prepaid debit cards vs. credit and debit cards
Here’s a quick breakdown of the differences:
Prepaid debit cards — pay before: You load money onto the card via cash, checks, direct deposit or a transfer from another account before paying for transactions. No checking account is required.
Debit cards — pay now: You use money directly from a checking account when paying for purchases or withdrawing money from an ATM.
Credit cards — pay later: You borrow money from a bank when you use the card and pay the money back later.
Alternatives of Prepaid cards
If a prepaid card isn’t quite right for you, you can find a good alternative with a no-fee checking account. Though some checking accounts come with monthly costs, a growing number of online institutions offer accounts without monthly fees or minimum balance requirements, and there are options if you’ve had problems with bank accounts in the past. Check out these three accounts, including one that doesn’t require your ChexSystems record (ChexSystems is the reporting agency banks use to track customers who have mishandled previous bank accounts).
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