Netspend card options include the Netspend Visa® Prepaid Card and the Netspend® Prepaid Mastercard®. In addition, Netspend cards are compatible with PayPal and Western Union, allowing you to send money to friends and family and transfer funds between accounts as needed. Replenishing your Netspend balance is easy thanks to a variety of loading options (more on that below). Netspend cards are issued by The Bancorp Bank, MetaBank and Republic Bank. Otherwise, you can use a prepaid Netspend card as you would any other card to make purchases, pay bills, cash checks, receive deposits and withdraw money from ATMs.Ī Netspend card offers some of the same features as a traditional bank card, including on-the-go account management via mobile app, customizable text alerts, virtual account numbers to help protect against fraud and identity theft, zero liability and federal deposit insurance through the issuing bank. Netspend’s prepaid cards function similarly to debit cards, but with one crucial difference: they’re not tied to an existing bank account. Over the last 20-plus years, Netspend has grown to more than 5 million active accounts. What is Netspend?įounded in 1999, Netspend is a financial services company that specializes in reloadable prepaid debit cards for consumers who lack access to traditional banking or typically rely on “alternative financial services” such as check-cashing businesses or high-priced payday loans. Netspend is a provider of prepaid debit cards on the Visa and Mastercard networks – keep reading to learn more about how they work, their pros and cons and the fees you need to watch out for. Prepaid cards offer unbanked individuals in particular, many of whom don’t trust banks or earn too little money to open an account, an alternative way to manage their money. It’s how most of us get paid and otherwise conduct the business of day-to-day life: the quick grocery-store run when you realize you’re out of toilet paper, the swing by the drive-through to avoid having to actually make dinner.īut for roughly 63 million unbanked or underbanked adults, navigating an increasingly cashless society without full access to banks can render the simplest of tasks, such as paying bills or shopping online, difficult if not impossible. For a majority of American adults, it’s hard to imagine not having a bank account.
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