Netspend Prepaid Debit Card Review: Fees Mount Up

September 24, 2020 by superch6

Netspend Prepaid Debit Card Review: Fees Mount Up

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Where Netspend shines:

  • 5% APY family savings on balances all the way to $1,000.
  • Quick access to including and withdrawing money within a community of stores.
  • You will get your paycheck as much as two times early with direct deposit.

Where Netspend falls brief:

  • High monthly cost for fundamental charge plan with no solution to waive the charge totally.
  • No free network for reloads or withdrawals.
  • Inactivity cost in the event that you stop with the card, among other fees that lots of prepaid cards don’t have actually.

Where Netspend shines:

  • 5% APY family savings on balances all the way to $1,000.
  • Comfortable access to including and withdrawing money within system of stores.
  • You will get your paycheck as much as two times early with direct deposit.

Where Netspend falls quick:

  • High fee that is monthly fundamental cost plan with no solution to waive the charge totally.
  • No free community for reloads or withdrawals.
  • Inactivity cost in the event that you stop with the card, among other costs that lots of prepaid cards don’t have actually.

The important thing

Netspend’s prepaid debit card is a costly option to a bank checking account. It is simple to get and there’s no banking history or credit check necessary to start, but Netspend allows you to choose from paying a monthly charge or spending a charge every time you create a purchase. In any event, you could save money in fees in per year than you might make in interest through the card’s that are prepaid account. The card’s reload that is nationwide of 130,000 areas for money reloads is convenient, nevertheless the network is not free and there’s no free usage of ATMs.

» Want cheaper options that are prepaid? See our range of best prepaid debit cards

Continue reading for details on Netspend’s fees that are general features, funds access, and more.

General fees and features: 2.0/5.0

Netspend costs a complete large amount of costs, and also you can’t avoid them all.

Upside:

It is possible to start with out a charge. You’ll purchase and register the card on the web at no cost, however, if you purchase the card at merchants such as for instance CVS and Walmart, there’s generally speaking a charge as high as $9.95.

Drawbacks:

Regular costs no real matter what you will do. You spend a cost for the Netspend card in another of 3 ways. You are able to fork over $1 to $2 each time you produce a purchase; spend an appartment $9.95 each month and have now free deals; or pick the second item and get $500 in direct build up month-to-month in the card, in which particular case the month-to-month charge falls to $5 per month.

Fee in the event that you stop utilising the card. Unlike some cards that are prepaid Netspend charges an inactivity cost of $5.95 if there’s no card activity for ninety days.

Shutting the account can cost you. The fee is $5.95 if you request a mailed check with remaining funds from your prepaid card.

» Unsure about prepaid cards? Discover the fundamentals to prepaid debit cards

Acquisitions and withdrawals: 3.5/5.0

Upsides:

You could get money back for free at merchants’ checkouts. That is a standard function for Mastercard and Visa debit cards and prepaid debit cards. Not all the cards that are prepaid during these re payment companies.

No overdraft costs. It has not at all times been the full case for Netspend. Deals which go within the quantity available from the card are usually declined, though a cushion that is“purchase feature may cover negative balances all the way to ten dollars for qualifying clients. (confusing about overdraft costs? See our guide to overdraft charges. )

Drawbacks:

$2.50 cost for ATM withdrawals. This is just what Netspend fees; there are often an ATM operator charge.

$2.50 cost for over-the-counter withdrawals at banking institutions or credit unions.

A payment for declined ATM deals. In case the card gets refused at an ATM, you spend $1.

Reloads: 3.0/5.0

Upsides:

130,000 reload places. You could add money to your card from numerous merchants nationwide, generally speaking for a charge.

Numerous ways to reload cash. Aside from money reloads, you are able to move funds from a banking account, PayPal, or any other Netspend account. Different ways consist of direct deposit, mobile check deposit and taxation refunds.

Drawbacks:

As much as $3.95 per cash reload at Netspend places.

Steep charge to have prompt mobile check deposits. You need to spend 1% to 5percent regarding the check quantity for same-day processing, or wait 10 days to have the cash 100% free.

Other solutions: 4.0/5.0

Upsides:

5.00% APY checking account on balances as high as $1,000. For balances above that, the price falls to 0.50% APY.

Long support hours. You are able to achieve customer care beyond the typical 9-to-5 on weekdays and on weekends.

Drawbacks:

No free online bill pay service. Netspend makes use of a provider that is third-party MoneyGram, which charges a charge. An alternative that is free to provide a biller your card’s routing and account figures.

No check writing. Some cards that are prepaid this cap ability. online payday IA

Extra costs for seeing your bank balance at an ATM as well as asking customer support to help move cash from your card.

» in search of online cost cost cost savings accounts with a high rates and lower month-to-month fees? Check out NerdWallet’s list of most useful online cost savings records

Savings price does offset fees n’t

Netspend’s family savings could be the card’s biggest perk, however it’s perhaps not enough to justify the charges for making use of and maintaining the card. See our cheaper options that are prepaid.

Reviews methodology

In regards to the writer

Spencer Tierney

Spencer Tierney is a professional on certificates of deposit at NerdWallet. Their work happens to be showcased by United States Of America and the Los Angeles Times today. Find out more