Prepaid Debit Card Fees Are Changing
A new survey from Bankrate.com found that prepaid debit card fees are changing, and vary widely from card to card.
Bankrate said that, while monthly service fees, activation fees and fees for calling customer service have dropped in the past year, other fees are on the rise.
Mainly, fees that have to do with using the cards at ATMs have risen. Using the cards for withdrawals, balance inquiries and even declined transactions at the ATM will likely cost you more this year vs. last year.
Monthly service fees vary a lot. Bankrate said that 26% of the cards have no monthly fee, while others charge from $1 – $9.95 per month.
Fees for ATM withdrawal can really add up for users of some of these cards. For instance, 68% of the cards that are associated with an ATM network charge no fee, while 32% charge fees ranging from $1 – $2.50. Fees for using non-network ATMs range from $1 to $3.
Around 16% of the cards charge for inactivity – with fees ranging from $1.95 to $5.95. (These fees are easy to avoid, since 84% of the cards don’t charge them).
Using these cards can be convenient, and they can be a handy way to give money to family members. Just be sure to read the fine print before you choose which one to buy.
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