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For others it’s simply a distrust of the banking system or frustration with limited hours or the hoops one has to jump through to get service.
Whatever the reason, the unbanked often turned to expensive check cashing stores to cash their weekly paychecks.
The top prepaid cards can be used to pay bills online.
Just like a bank account, you can have funds transferred from a prepaid credit card to pay car loans, the mortgage, utilities, or just about any other monthly expense.
The weekly trip to a check cashing store takes time and gas.
For those that can’t get a checking account or simply don’t want one, there is a no cost, convenient, and safe alternative to check cashing stores–a prepaid credit card with no fees or low fees.
Because of this, a no fee prepaid credit card is about as close to a bank account as you can get, without getting a bank account.
This term is derived from the Old Aryan pe'ku , hence Sanskrit pacu , "cattle"; so also Lat. pecunia ); Old High German fehu, fihu , "cattle", "property", "money"; Old Frisian fia ; Old Saxon fehu ; Old English feoh, fioh, feo, fee .
In addition to high cost, check cashing stores present several other problems to consumers. Taking your paycheck to a check cashing store and walking out with hundreds of dollars in cash is like wearing a bulls eye on your back.
Second, there is simply the question of inconvenience.
There are several prepaid cards that will waive all fees if you have your paycheck direct deposited to the card.
With direct deposit, your paycheck will be added to your card on payday.