Netspend cards are prepaid debit cards that allow cardholders to make purchases worldwide using the pre-funded money deposited into their accounts .
- Netspend offers prepaid debit card users overdraft protection when their account balance goes under -$10.01.
- Customers must enroll and have at least one direct deposit of $200 or more every 30 days.
- Netspend charges $15 per overdraft transaction up to a maximum of three transactions each month.
- The service is canceled if the customer has a negative balance for more than 30 days three times or for more than 60 days at one time.
How Netspend ‘s Overdraft Protection Service Works
once enrolled in its overdraft service, Netspend offers a detached purchase cushion or overdraft buff of $ 10. That means the cardholder will not immediately incur the typical overdraft consign of $ 20 if they go over the measure on his poster .
It ‘s not a permanent loose exceed, however. The cardholder has a grace time period of 24 hours to repay the negative libra before incurring an overdraft tip. For overdraft amounts over $ 10, the cardholder would incur a charge of $ 20 per happening, but that ‘s capped to a utmost issue of five fees in a calendar month .
This does not mean that Netspend will authorize every overdraft. Netspend ‘s terms and conditions indicate that the company entirely pays overdrafts at its own delicacy and does not guarantee requital of every overdraft transaction. unauthorized transactions are charged nobelium more than $ 50 if Netspend is notified within two business days .
activation and eligibility
To activate Netspend overdraft protection, a customer must provide a valid e-mail cover and agree to Netspend ‘s electronic delivery of disclosures and amended terms to the contract associated with signing up for overdraft protective covering. additionally, a Netspend customer must receive deposits of $ 200 or more every 30 days to qualify for overdraft protection .
If a customer overdraws his account proportion by more than $ 10, Netspend sends a presentment about the overdraft. The customer has 24 hours to replenish the bill to restore its balance to more than $ 10. If a customer fails to act on the notice, Netspend charges an overdraft protection service fee of $ 20 .
Overdraft Protection Deactivation
If a customer fails to receive deposits of at least $ 200 every 30 days, Netspend cancels the overdraft security, meaning the customer must go through the application steps again. however, if a circuit board score has a veto counterweight for more than 30 days three times or for more than 60 days at one time, the overdraft security will be permanently canceled .
Netspend customers should be careful not to delete their electronic mail addresses or withdraw accept to receive electronic disclosures because their Netspend overdraft protective covering is mechanically deactivated .
How Netspend Cards work
Founded in 1999, Netspend offers reloadable prepay cards : Mastercard and Visa. The company does not do a credit check on applicants, but it does require them to furnish proofread of identity .
Netspend cards have no activation fees or require minimum balances. Because they are not a credit rating card that allows you to carry a poise, there are no interest charges or former fees The company offers three plans, two of which charge monthly fees. The basic Pay-as-You-Go plan does not, but cardholders are then charged transaction fees on individual purchases ; the other two plans allow for fee-free purchases. There is besides a chancellor plan that charges a lower monthly history tip and allows for outright purchases, but it requires a minimum amount in monthly direct deposits .
Funds can be added to Netspend accounts through direct deposit, bank account transfers, Netspend menu account transfers, or through NetSpend recharge network locations. Paychecks, Social Security benefits, and even Internal Revenue Service ( IRS ) income tax refunds can be deposited directly into Netspend accounts and onto cards .
Netspend menu accounts are insured by the Federal Deposit Insurance Corporation ( FDIC ) up to the current coverage limit and the cards can be used at any site or venue that accepts MasterCard and Visa debit cards for transactions, including ATMs .