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Is a Direct Deposit Card Right For You?

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  • Is a Direct Deposit Card Right For You?

    A Direct Deposit card is often used by individuals that do not already have a bank account or credit card. This can be either young people who are looking for their first Visa or MasterCard, or those who have made financial mistakes in the past.

    This is a process by where a person's pay check or government benefits check is deposited directly into their account, rather than a paper check being issued to them.

    There are several advantages of this. The main one is that it can save you a considerable amount of money on check cashing fees. These can vary from bank to bank, but if you get paid every week, you may end up paying several hundred dollars worth over the course of a year.

    The time and effort involved in processing paper checks costs financial institutions money. As this is vastly reduced when people use this, the savings can then be passed onto the customers. As a result, most issuers do not make a charge for using the this option.

    Fees aside, it is also a lot more convenient than making regular trips somewhere, and waiting in line to get your money. It also removes the possibility of things in the mail being lost.

    The payment goes into your account on the day that the check is issued, and you are able to gain access to your funds straight away. Sometimes your money will even go in a day early if the regular payday is a holiday.

    It can also help you avoid a receiving a check that bounces - as it is a direct method, and processed instantly. If the individual or company that has issued the payment has the funds, it will be processed there and then.

    Most of these cards are of the prepaid type. This means that the owner has to have the money in their account before they are able to use it. These types can usually also be funded by other methods other methods too including adding money at a designated loading location - such as an outlet of CVS, Walgreens, MoneyGram... or by bank transfer from another account.

    However there are disadvantages. Sometimes there are monthly and annual fees, and quite often a small charge is made every time you withdraw cash from an ATM. The exact charges can vary hugely, so it is important that any potential customer reads the terms and conditions of the customer agreement before signing up.

    These are recommended for those who currently have no credit or debit account, and are regularly spending huge sums just to cash their pay check. There are many companies that issue this type, so make sure you shop around to get yourself the best deal.

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