To get this card you will need to visit the Netspend website and fill out the online form. You will be required to provide your date of birth and one other form of identification, such as a social security or drivers’ license number. After you submit the form, you can expect to receive it in approximately 10 business days through the mail. It is ready to use immediately after it is activated and money is loaded.
To add funds, you have a few options. You can either sign up for direct deposit through your employer, visit one of 100,000 locations nationwide, transfer money online from an existing bank account ora PayPal account, or transfer money from another card.
They really make keeping track of your balance and spending relatively convenient. You can access your account online, or with your mobile phone, 24 hours a day, seven days a week. You can also sign up for Anytime Alerts service, which will send you text messages daily, weekly, or even after each transaction, depending on your preference.
It does, however, have some limitations of which you need to be aware. There is a daily cash withdrawal limit of $940, as well as a limit of $2,500 for daily signature and PIN purchases. You can not deposit more than $1,998 in direct deposits daily, nor more than $2,500 daily. If you do not use it frequently, this might not be the right choice for you either.
There is a $5.95 inactivity fee that is charged if you do not use it within any consecutive 90 day period. If you should find yourself needing customer service via telephone, there is also a $0.50 charge to use either the automated system or to speak with a customer service agent.
There is an optional savings account which offers a 5.00% interest rate with no minimum deposit or balance. There is also a referral program in which you and your friend each receive $20 if he signs up for an account and deposits at least $40. In addition, there is a Payback Rewards program where you choose which deals in which you would like to participate, and then simply use your card as normal. At the end of the following month, your account is credited cash back automatically and it does not cost anything extra.
Reviews of the Netspend card from other consumers are mixed. Many users are extremely happy, but the main complaint seems to be concerning the customer service if there ever is a problem. As with all prepaid accounts, it is wise to do your research and weigh all of the options first.