Comparing Wal-Mart Moneycard to Other Pre-paid Debit Cards

Recently I decided to purchase a re-loadable debit card. My bank had way too many fees. There were not any in the area that I moved to, and didn't want to use the ones that were available.

I did not research the Wal-Mart money card before purchase.

I paid almost 9 dollars for the re-loadable card, 3 dollars to cash my check and 4.95 to load my money onto the card. I was then charged the $4.95 monthly fee within days of having the card. There are way too many fees. More than my bank was charging me.

When reading the back of the card, it stated that you wouldn't have to pay the load fee as long as you cashed an approved payroll or government check. That is not true. I get charged every time I cash my check ($3) and also the $4.95 to load it.

The monthly fee will be waived if more than $1000 is loaded on any month. That was true. My monthly fee was then reduced to $3.00 a month. So I saved almost $2.00 a month in fees.

You cannot load more than $2500 in a day. You cannot exceed $3000 at any given time. I ran into that problem when cashing and trying to load my tax return.

The Wal-Mart money card will not allow you to use it for on-line gambling. Not that I gamble, but it is my money, yet they get last say.

If a card holder decides to use the ATM to check the balance, a fee of $1.00 will be charged on top of the $2.00 for any ATM withdrawal. That doesn't count the ATM owner's fee. One ATM withdrawal can cost up to $6.00. If the card holder needs cash without fees, card holder can get cash back from a debit purchase free.

When using your Wal-Mart money card, do not use it to pay for gas at a pump. You will automatically be charged $25.00 on top of what was purchased in gas. It takes up to 5 days to get that transaction back.

The Wal-mart money card does have fees. This card seems to have less than their competitors. The card does cause minor irritation, but it isn't as costly as some.

If you choose to buy a re-loadable card, research your options. There are many out there that are more convenient and less fees. Here are some that I recommend you stay away from. These cards either have high fees or ridiculous limits of use.

All-Access Visa Card: ( Pay-as-you-go )
Signature purchase fee $1.00
Pin purchase fee $2.00
Card Fufillment (S&H) $9.95

(Fee advantage customers)
No charge for signature or pin
Monthly service fee $9.95
Card Fulfillment (S&H) $9.95

General fees:
Account to account transfer via 1-800 number $4.95
Account maintenance Fee $5.95 a month
Check or statements $5.95
ATM fees $2.50 plus owners fees
ATM decline $1.00

Espreecard: Here are their fees.

ATM Transactions (Approved/Declined) $1.50
Espree Check Transactions: $1.50
Declined Transactions (POS) $ .50
ACH Debit Transactions $4.95
Card Account or Card Reactivation Fee $19.95
Special Research Fee (per hour, 1 hour min) $25.00
ACH Debit Return Fee $14.95
Non-Conforming Prepaid Card use Fee $14.95
Non-Conforming Espree check Fee $14.95
Espree Check Stop Payment/Re-Deposit Fee $19.95

Ready Debit

There are 2 different types that you can purchase: Basic and Select

Basic fees:
Card issuance $9.95
Monthly Service $4.95
Pin transactions $.95
ATM withdrawal $ 2.50
ATM balance inquiry $ .50
Live customer support 1 free call per month
then $2.00 each
Online bill pay $4.00
Bank teller cash advance $5.00

Select fees:
Card Issuance $9.95
Monthly Service $8.95
Secondary card $10.00
ATM Withdrawal $2.50
1 free live support call then $2.00 each
Bank teller cash advance $5.00

Other charges:
ACH Debit $2.25 per transaction (point of purchase transactions, direct deposits, paying any bills) So really the card holder gets hit twice. If you are paying a bill on-line you will be charged $4.00 then another $2.25. If you purchase a $3.00 gallon of milk you will spend $5.25 for that purchase. That make ZERO sense. IT would pretty much discourage anyone from using the debit card. This seems to be a scam card. Most people do not read the fine print. Once they pay the initial card fee and make a few transactions, they realize how much they are being screwed and never use it again. A great way to make a quick buck from people that are ignorant to this cards ridiculous fees.

Once the card holder realizes the copious amount of fees they can close the account. If the company has to send them a paper check for remaining balance there is a $15.00 charge.

So, if you decide to go with a re-loadable debit card, research the cardholder agreement or TOS. That way you will not be blindsided by all the fees that correspond to that specific card.