Bank

Not too long ago, finding a free checking account was easy. 

They were plentiful, and there weren’t many fees unless you had overdrafts or some other major account issue.

Now, however, free checking accounts aren’t as easy to find.  The ones that are still “free” aren’t exactly free as they are rife with hidden fees.

Now, if you’re not careful, checking accounts can routinely rob you of hundreds of dollars a year.

The Minefield of Checking Account Fees and How to Avoid Them

Trouble Comparing Services

Part of the trouble is that it’s very hard to do an apples to apples comparison of banks’ fees.
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Prepaid debit cards are becoming increasingly common, thanks to a push to cater to the unbanked.

In recent years, banks have raised fees on checking accounts, and many consumers are fed up with it.  You might not even be safe from fees at a credit union.

My credit union added a monthly fee to its checking account products a couple of years ago.

It’s possible to avoid these fees if you can maintain a minimum balance, or deposit a certain amount of money in your account each month, but some consumers can’t realistically meet those requirements.

On top of that, the fact that some banks will deny you a checking account due to a ChexSystems report or even a credit score, makes it difficult to open a “regular” bank account.

For the unbanked, and even for other purposes, it can make sense to use prepaid debit cards.

Here are the Best Ways to Use Prepaid Debit Cards

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As banks add more fees, and as it becomes difficult for some consumers to obtain accounts at some of the big banks, prepaid debit cards are becoming popular.

Prepaid debt cards look a lot like “regular” debit and credit cards, sporting the logos of major payment processors like Visa, MasterCard, and American Express.  You can use them anywhere major credit cards are accepted, so it makes them convenient.

However, no matter how much like a credit card a prepaid debit card is, it’s important to understand the difference.

Credit Card vs. Prepaid Debit Card

With a credit card, you are borrowing money up to a certain limit.  You use the money first, and then repay it later.  Additionally, if you carry a balance, you end up paying interest on that balance.

A prepaid debit card functions differently.
[Read more…] about The Best Prepaid Debit Cards 2014