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Prepaid Debit Cards
There are many reasons why people acquire a prepaid or reloadable debit card. Many businesses prefer to pay their employees electronically. Direct deposit lowers payroll distribution costs. Employees are free from having to leave work to cash their pay checks and pay fees to check cashing establishments. Many people can't open a checking account because of a banking issues such as having been reported to ChexSystems or Telecheck. The new breed of debit cards are issued with out a credit-check.
Other Advantages...
Not having a credit-line limits overspending and is an additional cure for spending funds you don't have. Some debit cards can only be used as a private label ATM, however the debit card can be used to get funds at ATM machines as well as for online shopping and bill paying.
For some, they prefer to get a prepaid debit card as a gift for a student or teen. This allows safe and effortless money transfers. Funds can be transferred from one debit card account to another by telephone or online, depending on which bank you choose. Another advantage of using a debit card is to track expenses. Some debit cards have rewards options or incentive offers.
But...
Compare costs, certain stored value cards are very expensive.
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