Ready Debit Card – Worst Idea Ever
Ready Debit Card – Worst Idea Ever.
Ready Debit Card – Worst Idea Ever
So here is my rant for the day. I wanted to see what options there were out there in regards to Loadable Debit Cards. The idea is to have this card which is separate from a banking account for emergency purposes. They give you the option to transfer money onto the card either through ATMs, in-store sales and direct deposits. If for some reason or another you can’t get a bank account or you just want a separate debit card and account than this would be ideal for you. At least that’s what I thought. I went ahead and Googled the Top best cards that offer these services and the Ready Debit card I believe was ranked #1 in its kind.
First lets discuss the Pros:
100% guaranteed approval
Receive the card in 5 – 7 Business Days
Secure your own Account & Routing number
Easy Bill Pay
Now the Cons:(The only way you find out these Cons is when it happens)
$9.95 monthly Fee for use of the card
Deposit at least $1,500 a month or you are charged a $3.95 Fee
Card issuance $9.95
Customer Service Call $2.00 each call
ATM Fee of $2.25 plus any charge from the ATM Branch (equivalent to $5.25)
Cash Advance at any $5.00
Withdrawal Limit of $500 per day
Special research and documentation Fee $50.00
Paper Statements $2.00
Replacement Card $10
Debit transaction $2.25
Check the Balance $0.50 each time
Money transfers take 5 Business Days
When you do try the Bill Pay option it states that the Account is Black Listed
Customer service might be the worst I ever worked with
This was hands down the worst decision I made financially. I asked myself before this all happened, how do these companies make money? The answers are listed above. So to sum it all up, when you are looking into something like this as I had be cautious of what you find and pursue. The answer might seem too good to be true and in this case it was horrible. Next time you try and find the Top options for anything consider the source and do your research!!!
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Published in: Personal Finance
stevetheblogger | Aug 3, 2012 | Reply
Wow great read and thanks for bringing this to light one card that I think I will stay clear of
Best Wishes
stevetheblogger
Matt Freeman | Aug 3, 2012 | Reply
Thank you for the comment!! The customer service is outsourced as well.
johnmariow | Aug 3, 2012 | Reply
I had a similar experience. I phoned the company and cancelled the debit card the day I purchased it!
Matt Freeman | Aug 3, 2012 | Reply
it makes me wonder why they would be ranked so high…I think the rankings are my how many hits on their site becuase it cannot be because of the service…NO WAY!!!
Jswana | Aug 3, 2012 | Reply
This is awful, fraudulent and the only thing these cards want to do is separate a person from as much money as they can. They are ruthless and sorry you had to experience this. thanks for well-written rant!
Lynn Proctor | Aug 4, 2012 | Reply
It never ceases to amaze me how many ways banks and businesses can devise ways to get more of our money. Some days I feel as if I am at the blood bank, watching my money drip away into someone else’s jar. Fees such as this are designed to “not aggravate” due to how small they are. Like mosquitoes, one is an annoyance, but many can cause problems. And, they know this full well, so they try to remain too small to fool with. But multiply those small fees by millions of people, and you have a major money draw, with little effort.
Matt Freeman | Aug 6, 2012 | Reply
They really do add up fast. The only way you could load money on this card besides a direct deposit is if you go to a Walmart and purchase a load card. you then give the load card to the cashier with the money you want to load and load it onto the card. Thank you for the comment!!
I post these findings to protect other people form falling into this trap.
lrdl3535 | Aug 8, 2012 | Reply
Thanks good to know