One of my favorite features of the Mango prepaid MasterCard is its high interest savings account. For those Mango cardholders that sign up for free direct deposit, you also get a free savings account. Until recently, the account paid an incredible 5.1% APY interest rate. Although this rate was much higher than any traditional bank, Mango has gone and increased the rate even more–to 6%.

You get up to six free withdrawals from the savings account each month, and you can even transfer money from your prepaid card to your savings account. And if you don’t want to use direct deposit, you can still get a 2% APY rate. Note that these rates are good for funds up to $5,000. If you put more than $5k in the account, the rate drops to 0.1%. And this makes the Mango savings account perfect for a rainy day fund.

You can check out our detailed review of the Mango MasterCard. And if you use the card, you can even write your own review! If you want more information on the card, check out the Mango MasterCard site.

Chex Systems, Inc. provides account verification services to its financial institution members, like banks, to help them in identifying account applicants who have a history of mishandling their bank account. in other words, if you have had a bank account that was overdrawn and then closed by the bank, this information would most likely show up in ChexSystems. Once you find yourself in ChesSystems it might be very hard for you to obtain a traditional bank account. The reason is because banks do not want to provide someone with an account that has a history of mishandling a bank account. Banks want responsible customers who have proven they can handle their money and are not a big risk for the bank.

Who Has Access To Your File?

ChexSystems is governed by the federal Fair Credit Reporting Act (FCRA). The FCRA is designed to ensure that the consumer information collected is done accurately, fairly and with respect for the consumer’s right to privacy. Anyone can request a copy of their consumer report. The following are examples of who might request to see your file.

• According to your written instructions
• A business transaction initiated by you
• Pursuant to a court order or federal grand jury subpoena
• Use of information for employment purposes, with your written permission
• Your application for a license or other benefit granted by the government, when consideration of financial responsibility is required by law
• A child support determination, under certain circumstances

Disputing Information

If you discover that your ChexSystems report is inaccurate you do have the ability to dispute the information. ChexSystems will reinvestigate any item listed in your consumer report that you believe may be inaccurate or incomplete. You can get information about how to submit your dispute via the ChexSystem website.

Alternative To A Bank Account

If you find yourself in ChexSystems and it prevents you from obtaining a traditional bank account you do have some options. Some banks offers special account for customers who can’t get approved for a regular bank account. With these accounts there are usually security features in place to keep the account from being overdrawn. Check with your bank to find out more information on this type of account. Another option for those that can’t get approved for a bank account is to go with a prepaid card. A prepaid card can help you manage your money and it’s available to anyone regardless of your banking history. These accounts provide some of the same features bank account provide, but with less risk.

Prepaid accounts and checking accounts are both accounts issued through banks which gives consumers a way to manage their money. These accounts have some similarities, but overall they function very differently. Knowing how the accounts function differently will help you in determining which type of account is best for managing your money. This article provides you with 4 of the key differences between prepaid accounts and checking accounts.

• No Overdraft Fees

  A prepaid account is designed so the funds have to be available in the account before a purchase can be made with the prepaid card. for example, if there is $25 in the account, a purchase for $30 will be declined. Checking accounts can work differently than this. With a checking account the $30 purchase could be honored even if the available balance is only $25. In this case the account would be overdrawn and high banks fees are sure to follow.

• No Approval Needed

  One of the great advantages of a prepaid account is that anyone is eligible regardless of their credit history. This means you can even have really bad credit and still get approved for an account. Checking accounts work differently than this. If in the past you have mishandled a checking account and have found yourself in ChexSystems then it’s very possible you won’t be eligible for a traditional checking account. This can make it very difficult to manage your money and this is why some people turn to prepaid accounts.

• No Checks

  There is no checking writing with a prepaid card. The reason is because when you write a check you could potentially overdraft the account and since its not an option to overdraft a prepaid account. You have to have the funds available in your account in order to make a purchase. With a checking account, you could write a check even if the funds are not available in your account which would result in overdrawing the account or having the bank not honor the check. Neither one of these are good for your checking account.

• No Negative Effects On Your Credit

  A prepaid card has absolutely no negative effect on your credit score. A checking account could have negative effects on your credit score if you account becomes delinquent and your bank reports the information to a credit reporting agency. In addition, if you have a checking account that gets closed by the bank because the account was mishandled, you could find your self listed in ChexSystems. This could prevent you from being approved for a checking account in the future. This does not happen with a prepaid account because the account functions differently.

Sometimes here at Prepaid Cards 123, we like to talk about other money-related topics like budgets. In order to create financial stability, you must be able to budget your money effectively. Creating a budget can be a simple process, but sticking to that budget can be difficult. Before creating your budget, you have to understand your motivation for starting one. You need to set goals and have reasons for why you are creating one in the first place. Whether it is to have a bigger bank balance, a smaller credit card balance, or to get out of debt, having a plan before you create your budget is important. Once you have created your budget, if you are having a hard time sticking to it, there may be a few things you should consider. Here are five reasons for your busted budget.

Unrealistic

One of the main reasons why people cannot stick to their budget is because the budget they have created is unrealistic. In order to create a realistic budget you have to keep track of all of your expenses and know how much money you have coming in each month. Once you deduct your expenses from your income you should have enough money to pay for your expenses and have some left over each month. If this is not the case, then you need to eliminate some of your unnecessary expenses, such as eating out or going to the movies. Another way your budget can be unrealistic is if your budget is too tight. For example, you may only give yourself $25 a week for gas, when really you are spending $35 a week. A difference of $10 may not seem like much, but at the end of the month the $40 or $50 you miscalculated will have an effect on your budget. It is important to give yourself more leeway in every category of expenses so you’re budget isn’t too tight.

Lack of Knowledge

Some people don’t understand why budgeting is so important. Some have no idea where to start or how to create a budget that really works. This lack of knowledge makes it impossible to budget. However, there are many services and resources online that can teach you why budgeting is important, how to create one, and things you can do to stick to it. Information is available to assist you, so don’t let a lack of knowledge be the hindering factor of your finances.

Negative Attitude

Your attitude has a big impact on how successful your budget is. If you feel that budgeting is too stressful or too overwhelming, it will be. You have to have a positive attitude because not only will it make budgeting easier, but it will help you stick to it as well. If you have created a budget in the past and failed to stick to it, don’t have the mindset that “it didn’t work before, so it never will”. Re-evaluate your goals and numbers and try to find out why it didn’t work out the first time. Make the changes you need to, don’t give up on it, and know that staying positive about budgeting will get your closer to your financial goals.

Greediness

Spending money on impulse. Thinking that you should be able to by whatever you want, when you want. This lack of discipline and desire to fulfill personal satisfaction before spending money on the things you need will kill your budget. You have to understand the difference between the things you want and things you need. An impulse purchase is always something you want. Paying bills and caring for your family are things that you need. In order for your budget to be effective, you have to understand this balance.

Denial

Admitting that you don’t have your finances under control can be a hard thing to do. You may be embarrassed or have too much pride to do anything about it. If this is the reason why you can’t stick to your budget, you have to fix it. There are many programs online and other services that can help you budget effectively. Being ashamed or denying that you are unable to stick to your budget will only make the matter worse.

There are many great advantages for using a prepaid cards, such as, there are some fees you won’t have to pay. Other card accounts such as bank accounts and credit card accounts charge some fees that prepaid cards don’t charge. This is because of the way the cards function. There are however, some fees you do have to pay for using a prepaid card that are unique to prepaid card accounts. (See list below) This article provides a list of three fees you won’t have to pay if you are a prepaid card user.

Overdraft Fees

An overdaft fee is when you go over the available balance in your bank account. For example, if you have a balance of $100 and you make a purchase for $105, you will receive an overdraft fee. You can’t overdraft a prepaid card which means you won’t have to pay an overdraft fee. The reason is because you can only spend what you have available in the account. This can work differently with a bank account of a credit card account.

Late Payment Fee

With a prepaid card there are not payments, so you won’t ever have a late fee. A prepaid card is not a line of credit, therefore you won’t ever have a payment you have to make on your account.

Interest Fees

You never have to pay interest with a prepaid card. You use your own money to load the card and as a result you won’t be charged interest. Interest is charge on credit card accounts when you don’t pay your balance in full each month and prepaid cards do not work like this.

List of Common Prepaid Card Fees

There are common prepaid card fees that are often charged when you use a prepaid card account. Below is a list of those common fees. For more details about these fees check out our article Ten Common Fees Prepaid Cards Charge.

• Activation Fees
• Load Fees
• Monthly Fees
• Transaction Fees
• ATM Fees
• Statement Fees
• Customer Service Fees
• Online Bill Pay Fees
• Shipping and Handling Fee
• Replacement Fee
• Dormancy Fee
• Additional Card Fee
• Transfer Fee
• Foreign Transaction Fee
• ATM Balance Fee

Here are some of our favorite recent articles:
American Express Launches Serve, a Competitor to PayPal @ Auction Bytes
Avoid controversial card fees with a prepaid card @ Compare and Save
Prepaid Credit Cards Don’t Actually Exist @ Fox Business
What is a Prepaid Credit Card? @ Compare Prepaid
Visa sees 182% growth in Mideast prepaid cards @ Arabian Business

Prepaid cards can be a great tool to help college students manage their finances. After all, it is never too early to start good, healthy money habits. One way to get yourself on a path to financial success is by choosing the right prepaid card. The cards featured in this article have been chosen because of the unique benefits they offer and the low cost it takes to maintain the accounts. Prepaid cards are also ideal because there is no risk of going into debt and anyone, regardless of credit history is eligible for the cards. Here are three cards that would be ideal for any college student:

Mango Money Prepaid MasterCard

The Mango MasterCard is a popular prepaid card known for having a simple fee structure which makes this card affordable for students. This card does not charge many of the common prepaid card fees that you will find with other cards. Depending on how you use the Mango Card it can cost you under $5 a month and if you use direct deposit the card can cost you $0 per month. This is because there are certain fees you can avoid paying all together. For example, there is a $5 monthly fee, however, if you use direct deposit and have a minimum of $500 deposited to the account monthly the $5 fee will get waived. This card also has an app that is available for iPhone users. This makes checking your account super easy and convenient. The Mango Card can be used anywhere MasterCard debit cards are accepted, which is just about everywhere. It can be used to make purchases online, and money can even be transferred and received via your mobile phone. Here is a summary of some of the features of the card:

• Free Direct Deposit + Get $20 Signup Bonus
• Pay your Bills in minutes from your online account
• No Fee to Check Your Balance With a Text Message
• Send and Receive Money Securely With any Mobile Phone
• Free Mango iPhone App (Download from iTunes Store)
• $0 Activation Fee
• $5 Monthly Fee – Waived when You Load at Least $500 Per Month
• No Credit Check/No Bank Account Required

Green Dot MasterCard

The Green Dot Prepaid MasterCard® offers free ATM withdraws which makes this ideal for college students who don’t want to pay a fee for making a withdraw. Just about every prepaid card charges a fee for this type of service. Usually the fee is around $2 a transaction and you can see how this would really add up. If you make just 5 ATM withdraws a month that is $10 you will be spending. If you are someone who uses cash often, then you will like this card. This card also offers a $10 bonus when you sign up for the free direct deposit. In addition, the card does not charge members a fee for using their bill pay service. You can pay any bill for free with your online bill pay account. Here are the best features of this card:

• No Credit Check. No Bank Account Required
• Use it Everywhere MasterCard® or Visa® Debit Cards are Accepted
• No Penalty Fees. No Overdraft Fees. No Minimum Balance.
• FREE Direct Deposit and Online Bill Pay – Like a Checking Account!
• FREE Withdrawals at over 15,000 Participating ATMs Nationwide
• $10 Bonus with Direct Deposit!

YAP MasterCard Prepaid Card

The YAP MasterCard Prepaid Card is another low fee prepaid card that offers features perfect for college students. The best feature of the card is the ability to transfer funds easily and quick right from any cell phone. This would be great for parents who need to transfer money to their college student. Instead of waiting for a check in the mail, parents can transfer funds with a text message. The YAP MasterCard’s fees are both low and simple. The card is free and there is NO activiation fee. Purchases are free, and for a limited time, YAP won’t even charge to send you the card. The monthly fee is waived for the first month, and load at least $500 a month on the card, and the monthly fee is waived every month. If you load less than $500, the monthly fee is just $5.

• Send and Receive Money Securely With Your Mobile Phone
• FREE MasterCard Prepaid Card & FREE Shipping
• FREE Instant Virtual Card – Shop Online Today!
• FREE Direct Deposit
• FREE Unlimited Purchase/ Signature Transactions
• FREE Check Your Balance With a Text Message
• $0 Activation Fee
• $0 First Monthly Fee – Try it For FREE
• $0 Monthly Fee When You Load at Least $500 Per Month (Otherwise Only $5!)
No Hidden Fees /
• Fully FDIC Insured
• FREE Account Management – Over the phone, online, with iPhone Yapplet, WAP site or text messages.

RushCard offers some of the most popular prepaid cards on the market. These cards include the Original RushCard, Black Diamond RushCard, Purple Diamond Rush Card and BabyPhat RushCard. In addition to these prepaid cards, RushCard offers a free Prescription Discount Card that entitles you to discounts on your regular prescription drugs. This card is designed to make your prescription drugs more affordable and if your not a cardmember you can easily apply. Hear are the benefits of using the prescription card.

• Discounts of 10%-85% on brand & generic prescription drugs
• Accepted by 56,000 pharmacies nationwide, including national chains, regional chains, and independent pharmacies
• Usable even if you have existing insurance

RushCard At A Glance

The Rush Card offers four different prepaid credit cards under two different plans–the monthly plan and the pay as you go plan. The monthly plan has a low activation fee of $3 but a monthly charge of $9.95. The pay as you go plan charges a higher activation fee of $19.95, but no monthly fee. Both plans offer a credit builder feature called RushPath to Credit and a prescription drug card that can save you up to 85% on prescription medication. Here are some of the features of the cards.

• 100% Guaranteed Approval* – No Credit
• Free card with direct deposit (by 4/15/11)
• Free direct deposit & $0 Activation fee
• Only card that lets you change your fee plan whenever you want to
• Free prescription discount card
• Free credit builder
• Easy Bill Pay – pay bills, rent, or write personal checks
• Card to card transfers

There are many prepaid cards on the market today which can make choosing a card difficult. One way to choose a card is based on the incentives the card offers. The AccountNow cards offer an incentive for their cardmembers when they refer a friend to AccountNow. AccountNow offers three different prepaid cards: AccountNow Visa, AccountNow MasterCard and the AccountNow Visa Gold. Anyone can apply for these cards, regardless of their credit history and income. Once you are a cardmember, if you refer a friend and they become a cardmember you can earn some extra cash.

Sign up and earn unlimited cash

The Refer-a-Friend program recognizes you for introducing friends and family members to AccountNow. Earn $20 for you and $10 for your friend when they sign up and add money to an AccountNow card! Check out the AccountNow disclaimer below:

Any customer who refers friends will receive a $20 credit on his/her account for every referral that applies for an account and adds money within 90 days of referral. Referred customer will also get a $10 credit. Each referral must include the referring customer’s referral code when applying for the card. Referral codes on any application cannot be added or changed after the application has been submitted.

Free and easy sign up

To participate in the AccountNow Refer-a-Friend Program, all you need to do is enroll in the program and start spreading the word. Here is how it works:

1. Enroll in the program by setting up a personal referral code.
2. Refer your friends online.
3. Get Paid by making sure your friends enter your referral code on the enrollment form.

Getting started only takes a few minutes and you could soon be earning cash for referring your friends, relatives, or acquaintances to AccountNow.

$25 Direct Deposit Bonus

Another incentive AccountNow is currently offering is a $25 bonus for those that sign up for direct deposit (which is free). You have to set up a recurring direct deposit of $50 or more for two consecutive months. There are other terms and conditions, so make sure to read the fine print, but a $25 bonus is nice for a feature that’s free to begin with and gives you access to your paycheck or government benefits check faster than a paper check.

There was a time when prepaid cards were only for people who had bad credit. The idea was that you would only apply for a prepaid card because you were not eligible for a traditional credit card or even a checking account. While in some cases that may be true, there are benefits to using a prepaid card that are not just for those with bad credit. Prepaid cards are becoming more and more popular and they are not in anyway shape or form just being used by people with bad credit. Part the increased popularity might have to do with the state of the economy over the last several years and the unfortunate increase in credit card debt. As an alternative to credit cards a prepaid card is a great choice and here are 8 reasons why.

1. Avoid Fees and Interest: You can have your paycheck, tax refund, or government benefits direct deposited to your prepaid card and never have to pay costly check cashing or overdraft fees again.
2. Track Your Spending: You will have instant access to your balance, deposit, and recent transaction information online or on your mobile phone. If you need to speak with someone, most cards provide customer service.
3. Create A Budget: You will no longer have to hold onto your receipts or create difficult spreadsheets. Prepaid cards are a powerful money management tool that will always allow know where and how much you’re spending.
4. Direct Deposit: Prepaid cards allow you to avoid long lines and check cashing fees by depositing your paycheck, tax refund, or government benefits directly to card.
5. Accepted Worldwide: Use your card at millions of locations worldwide—to withdraw cash, make everyday purchases, shop online, or pay bills—anywhere Visa or MasterCard debit are accepted.
6. Pay Your Bills: You can save time and money with online bill pay. It’s an easy-to-use and convenient way to pay your rent, utility, and other bills online.
7. Safer Than Cash: When cash is lost or stolen, it’s gone forever and you are out of luck. You will have a peace of mind knowing that your money is always safe on your prepaid card.
8. Visa® or MasterCard Zero Liability: You’re always protected against unauthorized purchases if your prepaid Visa or MasterCard is ever lost or stolen.

Many of us are familiar with either receiving a paycheck or getting our pay directly deposited into our bank or prepaid account. Another way some employers choose to pay their employees is by a Payroll Card. A Payroll Card is very similar to a prepaid debit card and it is used in place of a paper check. It is used as a way for employers to safely and automatically pay their workers each payday. You can use a payroll card to save money on getting your check cashed, by withdrawing your paycheck from a local bank or ATM. Employers might choose to offer payroll cards as a convenient way for employees to receive their paycheck and to use their just like a debit or credit card. They also save money by avoiding the paycheck costs and other administrative fees.

How A Payroll Card Works

The card functions just like a prepaid debit card and can be issued through Visa, Mastercard, or American Express. The big difference is that you sign up for the card through your employer and the primary purpose of the card is to have your paycheck automatically deposited to the card. You can then use the payroll card anywhere that Visa, Mastercard, or American Express is accepted. This includes paying bills or shopping online. Some banks even allow you to add more money to the card, transfer funds, and even more money management tools.

Benefits of Payroll Cards

• Expand electronic pay to all employees by offering payroll cards as a complement to your direct deposit program for those employees still receiving paper checks – everyone qualifies as no credit check or bank account is required
• Reduce costs associated with check printing, processing, overnight delivery services, and out-of-cycle checks
• Increase the security and reliability of distributing wages to employees and avoid costs for reissuing lost and stolen checks
• Ensure employees receive their pay, even in the event of an office closure or natural disaster
• Help ensure your company is in compliance with legal requirements for timeliness of termination pay
• Save your employees check-cashing and money order fees
• Provide all employees with a faster, safer, and more convenient way to get paid
• Provide employees the ability to make purchases or pay bills by phone, online or mail wherever Visa debit cards are accepted

Payroll Card Fees

There are fees associated with using a payroll card. Before you sign up for a card you should review the terms and conditions of the card so you know how all the fees work. By taking a good look at the fees you can determine if the card will work with your spending habits. Here are some of the common payroll card fee’s you might see:

• ATM Withdrawal Fee
• Monthly Fee
• Inactivity
• Reload Fee
• Replacement Card Fee