Debit Card Options
Both prepaid debit cards and regular debit cards come with a ton of benefits for your everyday life. You can easily get paid and have access to your money through direct deposit. You can also make easy online payments for store purchases, bills and more.
Learn more about debit cards and prepaid cards below:
Prepaid debit cards vs. regular debit cards: If you have a regular debit card, it will be connected to a checking or savings account with a bank. When you swipe your card at the store or use the card to make an online payment, the amount will be deducted from your account balance.
Prepaid debit cards, on the other hand, are not connected to a bank account. Your account balance is simply connected to your prepaid debit card. You can reload your prepaid card balance with more money whenever you wish. Prepaid cards are a great option if you are unable to open a bank account or simply prefer not to have one.
Direct deposit is one of the best benefits of having a debit card. If you have direct deposit on your debit card account, you can receive payments, including:
- Paychecks from your employer.
- Tax refunds from the IRS
- Benefits from the government, including unemployment insurance, Social Security retirement benefits and more.
A direct deposit debit card lets you get paid sooner than you would with a traditional check. You do not need to worry about getting to the bank during open hours or waiting for your check to process and clear.
Online debit cards vs. traditional bank debit cards: You can get a debit card from a traditional bank with brick-and-mortar locations. Or, you can get a debit card from an online bank and have a completely online account. An online debit account is completely fine if you do not need to visit a bank location to do your banking. Online debit accounts will normally allow you to get cash out of an in-network ATM.
Benefits to look for: Not all debit cards are designed the same. When considering your debit card, there are a few things you may want to look out for:
- “No minimum account balance” means you do not need to have a certain amount of money in your debit account each month. This can be beneficial if you do not plan to keep a lot of money on your debit card. Some banks may charge monthly service or maintenance fees if you do not have enough money on your card each month.
- ATM fees can add up if you get money out of ATMs a lot. Most banks will allow you to get money out of an “in-network” ATM. Other banks may reimburse you a certain amount of money each month for out-of-network ATM withdrawals.
- Student and senior accounts may have benefits such as low or no monthly fees. Find out if you qualify as a senior or college student and compare the benefits at different banks.