Select a Topic:
Why cash is not the best solution?
What's the best way to save?
What is direct deposit?
Do I need a budget?
How do I know how much money I have available on a prepaid Card?
What is a credit card?

Questions about money

Why cash is not the best solution?

Cash doesn't work in every instance. For example, if you want to buy something online, you can't use cash. Also, you can't use cash to rent a car or reserve a hotel room. These days, Prepaid, Debit and Credit Cards let you do more transactions than cash. The added benefit of using a Prepaid Card is that you won’t go into debt. Plus, carrying cash is not always safe, since it can be lost or stolen and you rarely get your cash back.

 

What's the best way to save?

It seems simple, but we know it’s hard: You have to spend less than what you earn. Write down your earnings and your expenses, and think of ways to reduce the amount you spend. A Prepaid Card can help you save. One way a Prepaid Card can help is by limiting how much you can spend, because you can only spend the money that’s on your Card.  That way you won’t get in debt, and you won’t get hit with interest charges or overdraft fees.

What is direct deposit?

Direct Deposit is a service that allows for all or part of your salary, or any other regular check payment, to be added to a Prepaid Card. It's safe, quick and more practical than receiving paper checks. And it saves you the hassles and expenses associated with cashing a check or carrying cash.

Direct Deposit is an electronic funds transfer in which your employer transfers payments they owe you directly to a bank account or Prepaid Card Account.

Once this is set up, the same amount will be added to your designated account each payment period. It has many advantages over paper checks, for both you and your employer or payer:

• It saves you a trip to the check cashing store to make the deposit, enabling you to access your money more quickly. If the scheduled payday falls on a holiday, Direct Deposit often makes your money available the day prior. If something unexpected happens, or you are ill or out of town, your money still gets deposited.
• You can set up Direct Deposit so that it channels money into more than one account, including a savings account or brokerage account. Set up this way, Direct Deposit can help you save and invest money by automating the process.
• Direct Deposit is more secure than the mail and provides fewer opportunities for theft or loss.
• Direct Deposit can be arranged for most financial distributions, including payroll, tax returns, Social Security payments, pensions, annuities, IRAs, and 401(k)s.

Do I need a budget?

Everyone can use a budget. First write down how much money you earn in a month. Then write down your fixed monthly expenses, or what you have to spend every month to survive. Finally, write down what you spend for pleasure. If your expenses are greater than your earnings, then you have to balance it out. Balancing your income and expenses is how you make and keep a budget.

How do I know how much money I have available on a prepaid Card?

There are many ways: if you subscribe to an alert service, the Prepaid Card will send your balance in a text message to your cell phone. You can also check your balance 24 hours a day on the Internet or by calling a toll-free number.

 

 

What is a credit card?

It is a card that allows you to purchase products and services by borrowing money. Credit Cards are issued by banks, savings and loans, retail stores, and other businesses. What you buy with a Credit Card does not have to be fully paid at the end of the month, but you will have to pay interest charges on the balance you do not pay.