You can save hundreds of dollars a year on check cashing fees simply by using a direct deposit credit card. This is a prepaid card issued as a MasterCard or Visa.
To use direct deposit you must fill out a form and turn it into the payroll department of your employer. Then your paychecks will automatically be deposited into your account.
You will still be issued a paystub for you personal records. This will show you how many hours you worked and how much was taken out of you check for taxes.
You can access your account and check the balance online and see recent card activity. You can direct deposit payroll checks, pension and retirement checks, social security, government checks and more.
You can then use your prepaid credit card to make purchases. This card can be used over the phone and online.
If you need cash your card can be used at ATM’s to access funds. Many of these cards can even be used to rent cars and reserve hotel rooms.
In addition most cards offer another feature called bill pay. This is where you can use your card to pay bills. This will save you more money by not having to purchase money orders.
This card also offers free credit builder. This is a service that will make a record of the payments you make using bill pay and report that information to a credit reporting agency. This can be used to show future creditors your credit worthiness.
These cards give guaranteed approval. There is no credit check or chex systems verification. This card is just like a checking account.
There will never be any late fees, over the credit fees, or overdraft charges. You also can have free activation when you sign up with direct deposit.
If you are in chex systems or just have bad credit, we do suggest a direct deposit debit card. It gives you all the features of a checking account, while saving you money on money orders and check cashing fees.
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