For many, this payment option operates similarly to a checking account - just watch out for reloading fees, ATM withdrawal fees and monthly costs. Most prepaid cards also allow you to withdraw cash from ATMs. And, unlike credit cards, they can curb overspending since you can only spend the amount you load onto the card. Prepaid cards don’t require a credit check, making them a more accessible option than credit cards. “To provide the unbanked population the ability to have payment inclusion and be able to transact safely for goods, services and bill payments, a prepaid debit card is a viable solution consumers relying on paper sources such as check cashing and money orders.” “A prepaid debit card is a gateway solution for unbanked consumers when there’s little to no access to safe or low-cost banking alternatives,” said Renee Jones, vice president of product management at Georgia’s Own Credit Union. If you need a payment alternative because you don’t have access to a conventional banking service, a prepaid debit card might work well for you. Approximately 5.9 million households in the US are “unbanked,” which means no one in the home has a checking or savings account at a bank or credit union, according to a 2021 FDIC survey.
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