Netspend Prepaid Debit Card Review: Fees Mount Up

Netspend Prepaid Debit Card Review: Fees Mount Up

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Where Netspend shines:

  • 5% APY family savings on balances as high as $1,000.
  • Quick access to including and cash that is withdrawing a system of stores.
  • You could 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 system for reloads or withdrawals.
  • Inactivity charge in the event that you stop utilising the card, among other costs that numerous prepaid cards don’t have actually.

Where Netspend shines:

  • 5% APY family savings on balances as high as $1,000.
  • Easy access to including and withdrawing money within system of merchants.
  • You could get your paycheck as much as two times early with direct deposit.

Where Netspend falls quick:

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

The main point here

Netspend’s prepaid debit card is a pricey option to a bank account. It is simple to get and there’s no banking history or credit check necessary to start, but Netspend allows you to select from having to pay a fee that is monthly spending a charge each time you create a purchase. In either case, you could save money in fees in per year than you can make in interest through the card’s that are prepaid account. The card’s nationwide reload network of 130,000 places for money reloads is convenient, nevertheless the network is not free and there’s no free use of ATMs.

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

Continue reading for details on Netspend’s basic charges, features, funds access, and much more.

General fees and features: 2.0/5.0

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

Upside:

You’ll start with out a cost. You’ll purchase and register the card on line at no cost, however, if you get the card at stores such as for instance CVS and Walmart, there’s generally speaking a charge as much as $9.95.

Drawbacks:

Regular costs it doesn’t matter what you are doing. You pay a charge when it comes to Netspend card in just one of 3 ways. It is possible to fork over $1 to $2 each time you produce a purchase; spend an appartment $9.95 each month and possess free deals; or select the option that is second receive $500 in direct deposits monthly from the card, in which particular case the month-to-month charge falls to $5 30 days.

Fee in the event that you stop utilising the card. Unlike some prepaid cards, Netspend charges an inactivity cost of $5.95 if there’s no card task for 3 months.

Shutting the account will set you back. In the event that you request a mailed talk with staying funds from your own prepaid credit card, the cost is $5.95.

» Unsure about prepaid cards? Learn the basic principles to prepaid debit cards

Acquisitions and withdrawals: 3.5/5.0

Upsides:

You will get cash return for free at merchants’ checkouts. This might be a standard function for Mastercard and Visa debit cards and prepaid debit cards. Not totally all cards that are prepaid during these re re payment systems.

No overdraft charges. It has not at all times been the full situation for Netspend. Deals payday loans in Delaware that get within the amount available from the card could be declined, though a cushion that is“purchase feature may protect negative balances as much as ten dollars for qualifying clients. (confusing about overdraft costs? See our help guide to overdraft charges. )

Drawbacks:

$2.50 cost for ATM withdrawals. It’s this that Netspend fees; there are often an ATM operator charge.

$2.50 charge for over-the-counter withdrawals at banks or credit unions.

A payment for declined ATM transactions. When your card gets rejected 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 cash reloads, it is possible to move cash from a banking account, PayPal, or any other Netspend account. Alternative methods consist of direct deposit, mobile check deposit and taxation refunds.

Drawbacks:

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

Steep cost to have prompt check that is mobile. You need to pay 1% to 5percent regarding the check amount for same-day processing, or wait 10 times to obtain the cash at no cost.

Other services: 4.0/5.0

Upsides:

5.00% APY family savings on balances all the way to $1,000. For balances above that, the price falls to 0.50% APY.

Long support hours. It is possible to achieve customer care beyond the typical 9-to-5 on weekdays also on weekends.

Drawbacks:

No free bill pay service that is online. Netspend utilizes a provider that is third-party MoneyGram, which charges a cost. An alternative that is free to offer a biller your card’s routing and account figures.

No check writing. Some cards that are prepaid this ability.

Extra costs for seeing your balance at an ATM as well as for asking customer support to greatly help transfer funds from your card.

» to locate online cost cost savings reports with a high rates and reduced fees that are monthly? Have a look at NerdWallet’s list of most readily useful online cost savings reports

Savings price doesn’t offset costs

Netspend’s checking account could be the card’s perk that is biggest, however it’s maybe perhaps not adequate to justify the charges for making use of and keeping the card. See our cheaper prepaid options.

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 Today therefore the l. A. Days. Find out more

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