Post # 1
I was about to file my taxes, and I noticed that Turbo Tax has a contest where you can win up to $5,000 if you get your return on their prepaid card. (I think if you win it’s actually just double whatever you put on your card)
So now I’m trying to decide if I should have them direct deposit the money into my account, or get the prepaid card. I’ve read good things about the card online, but it has a $6 monthly fee if you don’t do enough transactions.
Since the money from my return is paying our florist, I would probably just withdraw all the money from the card and put it into my account anyway to avoid the monthly fee.
So, I’m sort of leaning towards not getting it, but the idea of winning extra money *is* enticing.
Has anybody else gotten their return on the prepaid card? Thoughts?
Post # 3
use direct deposit. those debit cards are designed to make money for the card issuer through fees. it probably wouldn’t let you just do a cash withdrawal.
Post # 4
@kitzy: According to the website, it can be used at any ATM that offers MoneyPass for free, or at any other ATM for a fee.
But I do see what you’re saying, and that’s kind of how I feel about the fees, as well…
Post # 5
I second kitzy, use direct deposit. I was just reading an article about this card yesterday (http://consumerist.com/2011/03/prepaid-debit-cards-rack-up-fees-as-soon-as-you-even-think-about-getting-one.html) . The monthly fee kicks in one month after activation, but they don’t tell you that activation occurs the minute you submit your return, not when you get your card, so you’d have to be very careful about using the money up quickly.
Post # 6
@chexmixDC: OH! That’s shady!
Thanks for that… that certainly makes a difference, seeing as it will take them at least a week or so to get the card!
Direct Deposit for me 😀