The Modern Cash Prepaid MasterCard is a prepaid card that can be used anywhere MasterCard debit is accepted. Some of the key features of this card include an Online Spending Tracker, Account Alerts, Overdraft Protection, and ATM Withdraws. This card works a bit differently than other prepaid cards. You can overdraw your account and have a purchase authorized even if the funds aren’t in your account. Here’s a quick look at what I think are some of the Pros and Cons of the card.
Pros:
- Several easy ways to load the card – including direct deposit
- No Activation
- Online access to manage your account
- Free PIN and Signature Transactions
- It’s a MasterCard so it’s accepted everywhere
Cons:
- You can overdraft the account
- If you use the Overdraft Protection there is a $9.95 fee each time
- Can only add cash with Western Union – no other options
- Monthly fee of $9.95
To give you more details about the card we have highlighted some of the important aspects of the card, including the fees. The best way to choose a prepaid card is to consider how you will use the card and from there determine if it’s a good fit for you.
Adding Funds To The Card
The Modern Cash Prepaid MasterCard gives you a few options for loading funds to the card. You can add cash, sign up for direct deposit or make a bank transfers. Here are all the details on how to load your card:
Add Cash: You can add cash to your card at anytime by going to a Western Union. There are over 380,000 Western Union locations worldwide. When you visit a Western Union location you have to have your card with you and you will need to know the company providing the prepaid card is called Modern Cash Prepaid. There is a fee for this service.
Direct Deposit: Direct deposit is the best way to load your prepaid card because it is the most convenient and it’s free. You can have your pay check or your benefits check automatically deposited to your prepaid account just like you would with a bank account. When you use direct deposit will get a $10 credit each month that you deposit at least $2,000 on to your card account. You can also use this card to receive your income tax refund.
Bank Transfer: You always have the option to transfers funds from an exiting bank account to your prepaid card account. You can also make transfers from one card to another. Both of these transfers are free.
Online Spending Tracker
One of the advantages to using any type of card over cash is that you can easily track your spending online. The Modern Cash Prepaid MasterCard gives users the ability to manage their account online. This includes things like checking your balance, deposit and purchase history and tracking your spending. Online account access is available to all cardmembers and it’s free.
Account Alerts
This prepaid card, like many other cards, gives you the option to sign up for account alerts. You get text message updates about your account that way you always know what’s going on with your account. To sign up for this service you have to call customer service.
Overdraft Protection
This is the first prepaid card I know of that offers Overdraft Protection. As a matter of fact, most prepaid cards don’t even have overdraft fees so there is no need to offer Overdraft Protection. With the Modern Cash Card if you want Overdraft Protection you have to sign up by calling customer service. Once signed up there are a few things you should know. First, you can’t overdraft on a ACH transaction because the charge won’t be approved. This is any transaction where you use your PIN to make the purchase. If you don’t have the funds in your account the charge will be declined. Also, Modern Card won’t ever approve any transaction that causes the card balance to be greater than $100 overdrawn. Here is what their Overdraft Protection covers:
- Purchase transactions made using your Card
- Purchase transactions made with your Card account number
- Online purchase transactions with your Card or account number
- ATM transactions with your Card
- Bill payments made with your Card or account number
Now, there are still a few other important factors with this coverage. The first is the Overdraft Service Fee of $9.95. You will be charged this each time Modern Card pays an overdraft fee. In addition, there is no limit on the total amount of fees they can charge you for overdrawing your account. So basically, they are offer this Overdraft Protection, but it will still cost you if you overdraw your account.
Modern Cash Prepaid Fees
This is perhaps the most important part of the card. Many prepaid cards have high fees and get a bad wrap for it. Again, the best thing to do when looking at the fees is to first determine how you will use the card and from there figure out how the fees will affect you. Here’s a look at the fee table:
Below we have the exact verbiage taken from the Modern Cash website which explains each of their fees listed above.
Apply for the Modern Cash Prepaid MasterCard
If this card sounds like a fit for you then you can apply by completing an online application. There are no credit requirements for applying so you past credit history is not a factor. You have to be at least 18 years old and a U.S. citizen. To access the Modern Cash application click here.