Offered by MetaBank, the FasterMoney Visa prepaid debit card is an easy way to manage your finances without including a traditional checking account. You can have your direct deposit applied to this card, have checks added through the Ingo Money app, or add money at your local participating grocery or drug store.
There are no overdraft fees and your balance is protected by Visa’s Zero Liability Policy.
What Are the Benefits of the FasterMoney Visa?
MetaBank is part of the MoneyPass Network. This allows users to access their cash through an ATM with their FasterMoney Visa without paying an additional fee. Some third-party fees, however, may still apply.
ATMs outside of the network incur a $1.99 fee, which is still lower than most other prepaid debit cards.
Users can also sign up to receive deposit alerts with their new prepaid debit card. This makes it easier to track deposits because of text or email alerts that go out whenever new money is added to the card balance. For many cardholders, they can receive their money up to 2 days faster when compared to similar programs.
It may take up to two full pay periods for a direct deposit to take effect. This card does provide FDIC insurance on your balance, up to whatever maximums are currently allowed by law.
Are There Monthly Fees with the FasterMoney Visa?
MetaBank charges cardholders a $3.95 monthly fee with the FasterMoney card. For accounts that have at least $500 contributed through direct deposit, this monthly fee will be waived. The deposits must go through, however, so the monthly fee may apply during the first month, even if the paperwork for the ongoing deposits has already gone through.
Pre-authorizations are allowed with the FasterMoney prepaid card. These authorizations will place a hold on the balance that the card has, which can limit cash access for several days until the authorization cancels out. For car rentals, some fuel pay-at-the-pump transactions, and some hotel transactions, an alternative form of payment is recommended by the card issuer.
There is a maximum $2,500 point of sale limit. There are also caps in place for ATM withdrawals, cash deposits, and direct deposits.
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