Creditnet News Story
Visa offers new prepaid card
Wednesday, November 18, 2009
By Thomas Astery
New card aimed at those who may not have a bank account.
A report earlier this year from the Federal Deposit Insurance Corp. indicates that millions of people in the country may be without a bank account.
In fact, the FDIC indicates that some estimates have the number of unbanked households at 10 percent of the population. Many people who are unbanked remain so because they have not developed a history on their credit report, which may make them a riskier customer for banks.
However, there are other options for those who want the convenience of a debit card to use for transactions. For example, Visa recently announced it is offering a new prepaid card that is specifically being geared toward unbanked consumers.
The card will be available next month at Winn-Dixie Supermarkets. It does come with some fees, including a monthly maintenance charge of $2.95. Withdrawals from ATMs will cost cardholders $1.50, and depositing money on the card will come with a $2.95 fee. However, cardholders will not be billed for making purchases with the card.
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