Online Financial Tips

You could get a Visa prepaid debit card with the Visa logo in your mailbox, ready to be activated in 48 hours flat. No credit checks, no ChexSystems, none of the other common hassles that come with opening a traditional checking account. A prepaid Visa debit card, plain and simple. Are online checking and prepaid debit cards ‘The New’ checking account?

First of all, as we all now, brand name matters. Unless you have an ATM card with a Mastercard or Visa logo on it, it’s basically another card taking up valuable space in your wallet. I use Visa prepaid cards myself, I find they are accepted in more places that I shop. Whether from the mailbox or your bank manager, brand name is a must. the best prepaid debit card, Visa or Mastercard is up to you.

Second, and more to the point: Does anybody actually write checks anymore? Everything is online checking, account updates, instant debit, instant charge to your Visa card. So, is a paper check still relevant? It’s a personal choice of course. As for myself, I love simplicity.

Third, do Visa prepaid debit cards offer direct deposit like most traditional bank accounts do? The answer is Yes! Most prepaid debit cards, Visa or Mastercard, do offer direct deposit credited directly to their online checking account, credited to their debit card balance. In fact, most ‘free checking account’ require direct deposit to keep the account ‘free’. So once again, not much difference between prepaid cards and checking accounts, just no actual paper checks.

And last, what about credit checks? How about ChexSystems? A bank account can be denied because of bad credit, or a Chex Systems flag. A potentially embarassing situation. But with many Visa prepaid debit cards have no credit checks and are affiliated banks that don’t use ChexSystems. Just free activation and a deposit, 100% approved. Again, Visa prepaid comes out on top.

Visa prepaid debit card = 4

‘Traditional Checking Account’ = 0

In closing, whether you decide to go the traditional route or sign up with one of the many Visa certified debit cards available with online checking, that’s a decision that’s your’s to make. No credit checks, non Chex Systems, direct deposit, that’s the way to go. Clearly, prepaid and 100% approval debit cards are the clear winner for me!

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