This might not be important for all consumers, but having and maintaining a relationship with a bank

Fox News frames prepaid cards as a threat to banks , as more consumers choose prepaid in lieu of their bank accounts and debit cards.   Business Week declares  Walmart s New Prepaid Card May be the Best Deal Yet”  with its low fees and added features.
While it is true that the Bluebird card will have some of the lowest fees in the prepaid card market, student travel discounts and provides convenience features to its users that aren’t available to many bank customers- like the ability to take a picture of your check to make a deposit- there are some key attributes that still make the Bluebird card inferior to a debit card tied to a traditional student travel discounts bank or credit union account.  NPR s recent story summarizes some of these points here .
This might not be important student travel discounts for all consumers, but having and maintaining a relationship with a bank remains a critical to establishing your financial well-being.  Bank customers will be able to point to an ongoing relationship when they need to obtain a loan.  Bluebird prepaid cardholders won’t have this access.   Credit Union Times further highlights this gap.
The industry and credit bureaus have been trying to determine whether or not prepaid card activity can be used to build or rebuild credit.   Suze Orman s the Approved Card s Credit Project is one approach at making this happen, but results are not in.
Funds loaded onto Bluebird prepaid cards are likely not held in a bank on behalf of the cardholders.  Adam Rust at BankTalk  makes an important point.  “Everyone seems to have forgotten an important thing about American Express prepaid student travel discounts debit cards. They cannot accept a federal benefits payment.” The Deparment of Treasury found FDIC insurance important enough to make a requirement that federal benefit disbursements to prepaid cards can only be made to those with FDIC insurance.
student travel discounts Bottom line:  there have been many accolades as to the pricing of the new Bluebird card and the features the card will provide, but there are still some fundamental differences that sets this prepaid card apart that make it an inferior product overall compared to a traditional debit card tied to a bank account.
I went to the ATM at the Walmart tonight to get my money out and the damn thing printed a receipt saying ‘Declined. Reason: Bank Unavailable.” So I called the Customer service hotline, was told, yea, they were experiencing difficulties and updating the system. BUT… two minutes later, I went to check my account and it said it approved my transaction. WHAT THE HELL? I loved this card because it had no fees, but this is the second time this month, “systems have been experiencing problems” and I was unable to get my freaking money I was trying to withdraw. Walmart couldn’t give me the money because they didn’t have a record in their system showing any transactions were made on that ATM at that time. Even though I had the receipt, showing them my online account showing it was approved, I have NADA! Nothing! Zilch! My money is gone. I had to put it in dispute to get my money back. It will go into affect in two days. And then there is no guarantee that they can give me my money back. I have no money for my son’s medicine. No money for my husband to put gas in his truck. No money to even buy toiletries that are necessary. If my dispute comes out in my favor or not, I will never use this card again. If anyone ever ask me about the card, I will tell them this story. And yes, you may find this online elsewhere too because I am going to make people aware that my money was stolen from Bluebird, NOT Walmart. I just want my effing money back. That’s it. I want to pay bills and get my son his medicine.
You will not receive interest or any other earnings on funds in your Account or Sub-Account. Funds in your Account or Sub-Account are NOT insured by the Federal Deposit Insurance Corporation. American Express Travel Related Services Company, Inc. is licensed as a money services business in most U.S. states and subject to regulatory oversight by licensing authorities.
this is by far the worst business ive had with a card. i bought three cards, 100 dollars student travel discounts each, for my aging parents and i cannot register not one, either due to tech. diff. or service isnt up at the time. i call cust. serv. and they are no better, when i was in line purching the cards, some guy waz commenting on it negativly, im thinkin hes just being an a** about it .wish i had of listened
Recent Comments Hanna on Sick of Unfair Overdraft Fees? Tell Us About It! Sam on Sick of Unfair Overdraft Fees? Tell Us About It! Nicole student travel discounts on Sick of Unfair Overdraft Fees? Tell Us About It! Josh Our on Sick of Unfair Overdraft Fees? Tell Us About It! BradF on Sick of Unfair Overdraft Fees? Tell Us About It! Categories