Why would you pay to spend your own money? Seems like common sense that you wouldn’t, right? Wrong. If you’re carrying a prepaid card, you’re most likely paying at least a few fees, and in many cases, some pretty big ones for services you can get for free elsewhere. A new survey by Bankrate
reveals just how damaging prepaid cards can be to your wallet, supporting HLN Money Expert Clark Howard
’s unfavorable attitude toward the prepaid card in general.
Clark usually uses some harsh words when he refers to prepaid cards, and new data shows that the fees associated with these types of cards can also be pretty harsh for consumers. Bankrate, the financial rate aggregator site, recently surveyed 18 popular prepaid debit cards and found that all of them incorporate fees. And these fees can add up quickly. By including charges for things like calling customer service, out-of-network ATM withdrawals, balance inquiries at the ATM and other services, some of these cards could cost you more than $20 a month.