Green Dot Corporation (NYSE: GDOT), a provider of widely distributed, low-cost banking and payment solutions, today announced that its Green Dot Gold Prepaid Visa Card has been named the Best Card for Alternative Checking Account by Card Hub’s 2012 Prepaid Cards Report.
The report states that consumers loaded $57 billion onto prepaid cards in 2011, a nearly 33% increase from 2010, according to the Mercator Advisory Group. Card Hub ultimately concluded Green Dot’s Gold Prepaid Visa is the clear choice for a checking account alternative because, according to the report, “its fee structure and large number of in-network ATMs allow its users to avoid all fees.” Card Hub commended Green Dot for its checking account-like features, including direct deposit, online bill pay, and a $10,000 balance limit.
“Our customers consistently tell us how our product has helped them control spending and manage their finances,” said Steve Streit, Chairman and CEO, Green Dot Corporation. “We’re pleased that our prepaid debit card has been independently recognized by Card Hub as the best checking account alternative.”
Green Dot designed its simple fee structure to give all its customers the opportunity to bypass fees. To use the card without fees, Green Dot customers simply need to make a minimum of 30 transactions or load at least $1,000 in any given month. Additionally, they can load their card via direct deposit with no fee and use any one of more than 20,000 in-network ATMs to get cash.
The Card Hub 2012 Prepaid Cards Report evaluated how useful 20 popular prepaid cards are based on their fees and features, looking at three primary applications for prepaid card use: 1) alternative to a checking account; 2) tool to give your child their allowance; 3) alternative check cashing tool.
The complete report can be found at http://www.cardhub.com/edu/prepaid-cards-report-2012/
About Green Dot
Green Dot is a publicly traded (NYSE:GDOT) bank holding company regulated by the Board of Governors of the Federal Reserve System. The Company provides widely distributed, low-cost banking and payment solutions to a broad base of U.S. consumers. Green Dot's products and services include its market leading category of General Purpose Reloadable (GPR) prepaid cards and its industry-leading cash transfer network which are available directly to consumers online and through a network of approximately 60,000 retail stores nationwide where 95% of Americans shop. Green Dot is headquartered in the greater Los Angeles area. For more details, visit www.greendot.com.