March 23, 2022
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 Netspend Review [Legit or Fraud]

Are you here to learn a little about facts associated with your Netspend Prepaid Mastercard or Visacard and what the details are all about for your account protection or wondering what number to call and how to use your Netspend Prepaid Mastercard or Visacard to the best extent possible, then perfect! You have found the right article.

In this article, I’m going to give you all the Netspend Prepaid Mastercard or Visacard facts about details that you need to know about to help you out with using your card to benefit you the most.

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About Netspend

Netspend was founded in 1999 with Visa and MasterCard and commercial prepaid cards that service and provide solutions for over 10 million USA customers. The Netspend Visa Prepaid Card is owned by Global Payments and issued by The Bancorp Bank, MetaBank.

MetaBank has its headquarters in Sioux Falls, South Dakota, operating the Payments and Banking industries with Meta Financial Group, Inc., as the holding company.

MetaBank issues the Netspend Prepaid Mastercard, The Bancorp Bank, Axos Bank, and Republic Bank & Trust Company, and all are members of the FDIC. You can look on the back of your Netspend Prepaid Card for its issuing bank.

The FDIC  insures all transactions made using Netspend cards. Deposit Insurance Corporation (FDIC) up to the current coverage limit, and the Netspend prepaid cards can be used anywhere Debit MasterCard and Visa debit cards are accepted.

Consumers use their Netspend prepaid cards just like a regular debit card when they shop, pay bills, or need cash from the ATM.

What Is A Netspend Prepaid Card?

Netspend prepaid MasterCard and Visa cards are popular prepaid debit cards requiring no minimum balance, no annual fees to pay, and no credit check. 

This Netspend Prepaid Mastercard or Visacard is not linked to any credit or debit account, instead, customers load the prepaid card to use in many ways for their daily transactions. 

You can choose either a Netspend Prepaid Mastercard or Visacard and load with Social Security, pensions, direct deposit from their paychecks, tax refunds, and other benefits.

Netspend cards are not a scam. You can purchase your Netspend prepaid cards at local retailers or large chains such as 7-Eleven, Walgreens, CVS Pharmacy, and Dollar General, or you can call 1-866-387-7363 to make an inquiry.

NetSpend’s Account Opening Requirements 

The Netspend Prepaid Mastercard or Visacard application requires your name, address, and email address. You may also ask for your government I.D. to verify your identity for enrollment on the Netspend website, which complies with the U.S. Patriot Act, but no credit check is required.

Next, you can safely create your new username, password, and security question to receive your new Netspend Prepaid Mastercard or Visacard in the mail within 7-10 business days. 

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Once you receive your card, you will need to verify your identity to activate it. You can do this online or by calling 1-877-973-1223 or by using the Netspend Mobile app and can then immediately start to load and start using your new prepaid card.

Deposits To Netspend Account

Enrolling in a direct deposit into your Netspend card account will allow you to be able to have your funds available in your account up to two days earlier than a paper check.

Accepted deposits include:

  • Work paychecks
  • Tax refunds
  • Social Security benefits
  • Defense Finance and Accounting Service payments (DFAS)
  • Government disability benefits-SSDI or workers’ compensation (varies by state)
  • Pensions
  • Veteran benefits
  • Railroad Retirement Benefits (RRB)
  • SSI (Supplemental Security Income)
  • State unemployment benefits (varies by state)

Stimulus Checks And Netspend 

Suppose you are receiving Social Security, SSI, or Railroad Retirement funds on your Netspend Card Account. In that case, the IRS will deposit your Economic Impact Payment into the same account you would normally receive your federal benefits.

Netspend Withdrawal Limit 

Netspend allows you to withdraw up to $940 from an ATM or $325 up to 6 times per day during 24 hours.

Netspend Loading Details

There are over 130,000 reload locations all over the USA for Netspend to load your card.  

Load your Netspend card with up to $2,500 as a maximum cumulative amount of in-store cash value loads over any 24 hours. 

Direct deposits and ACH (automated clearing house) deposits to your Netspend account are $15,000, and a maximum load of $7,500 per day is allowed.

The Netspend Mobile Check Load feature is an easy way to load checks to your card if you take a picture of the check with your phone and simply sending to your account.

Netspend Mobile App

The Netspend Mobile App enables you to manage your account, deposit checks, transfer funds, or even apply for your new account if you don’t have one.

Your Netspend account numbers and routing numbers are available online or on your mobile app, by texting Anytime Alerts or by calling the Netspend Customer Service number.

There is no fee using your Netspend Mobile app for paper check services or direct deposits. 

There are no fees for direct deposit or paper check services if you use Netspend’s mobile app, and bill payment fees vary. 

If you don’t currently have the mobile app, you can download the Netspend Mobile App by clicking here and then choosing Apple or Google Play for your Ios or Android smartphone.

Access is easy with your Netspend mobile app.

  • Viewing balances and recent transactions
  • Load and transfer funds
  • Find Netspend reload locations
  • Load checks

Netspend Fees

There is no activation fee for your new Netspend account. After you have loaded your Netspend Prepaid Mastercard or Visacard, the company will then charge any fees to your account.

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There are two plans to choose from the pay-as-you-go plan charges per transaction, or you can select a monthly reduced rate plan. The Netspend monthly rate is $9.95, and a reduced rate is available for $5 if you get a payroll check or government benefits deposit of at least $500 every month.

Retail locations will charge $9.95 for your new Netspend Prepaid Mastercard or Visacard. 

Summary of Main Fees:

As for purchase transaction fees, the pay-as-you-go plan has a $1.50 fee for PIN and signature transactions, whereas the monthly plan doesn’t charge any.

Netspend’s service fees include:

  • ATM withdrawals: $2.95
  • ATM balance inquiries: 50 cents
  • Cash reloads: $3.95 Using Mobile Check Load will incur a 2 to 5 percent (or $5, whichever is greater) fee to expedite your check load based on the check type.
  • A charge for an over-the-counter cash withdrawal fee is 2.75% of the total receipt or $4.00, whichever amount is greater.
  • A charge for account-to-account transfers is: $4.95 if an agent does it.

Some fees can be waived if you have a FeeAdvantage Plan or Netspend Premier FeeAdvantage Plan; each debit purchase has a fee of $2 per transaction. Each credit transaction is $1. 

Other Fees:

Netspend Pros And Cons 

Pros

Free ATM for Netspend

If you have a MoneyPass Netspend ATM card, you can then withdraw for free at MoneyPass ATMs. You can use the ATM locater in your app to find the closest ATM point.

Netspend offers:

  • Free Check Deposits.
  • Early Paydays with your direct deposit enrolled into your Netspend Prepaid Mastercard or Visacard, and you can get your money up to 2days early deposited into your account.
  • Cashback Rewards.
  • High-yield Savings Account offering a 5.00% APY savings account on balances of up to $1,000, and 0.50% APY on any amount above.
  • Netspend has easy access to adding and withdrawing cash within a network of retailers.
  • Netspend offers an overdraft grace period or courtesy cushion available with optional overdraft coverage.
  • Online bill payment is free unless the payment is denied, then a $1 fee would be charged.
  • Withdraw at any location that accepts Visa and Mastercard as long as you have funds in the account.

Cons

  • Netspend has no network for free withdrawals, or cash reloads without a MoneyPass Netspend ATM card.
  • A $5.95 fee called an Inactivity fee would be charged to your account if you stop using the card for 90 days.
  • Overdraft service is $20 for each overdraft and charged up to 5 times a month, or you can enroll in a protection plan that covers overdrafts up to $10. 
  • Unless you have the Netspend Premier Card that saves you 50%, the Netspend Monthly Plan fee is $9.95, higher than the normal $5.95-$7.95 range.
  • A $2.50 Fee is charged to Withdraw at credit unions and ATMs.
  • Fee for Online bill pay. An account-to-account transfer fee via customer service agent is $4.95. 
  • A $5.95 cancellation fee is charged because of the final check sent to you to close your account.
  • Netspend cards have a $0-liability for fraud protection just in case someone uses your card fraudulently. 
  • Except at Check’ n Go, you will have a fee to pay each time you load of up to $3.95. 
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*See Chart below for the $0 fee and other available rated locations.

ADD Screenshot Loading Fees Locations

FTC Complaints

The whole idea or purpose of having a prepaid card for most people is to have immediate access to their money, especially when the type of people with prepaid cards need this access since most don’t have a traditional bank account.

The FTC has shown that NetSpend Corporation promised their consumers that they would have immediate access to their money and no waiting or holds. But according to an FTC complaint in 2016, Netspends’ claims were deceptive.

Marketing claims, the complaint, and practices by NetSpend’s business were also not up to par where consumers were to have a “guaranteed approval,” which is misleading to consumers,

Netspend And Your Credit History

A Netspend Prepaid Mastercard or Visacard is a prepaid card with only money that was loaded, can be used by the consumer, and doesn’t extend any credit; therefore, it will not build or hurt a cardholders’ credit.

This means that any activity on a prepaid card is not reported to Experian, Equifax, and TransUnion to not help or maintain any credit score whatsoever.

Credit reporting bureaus maintain credit reports specifically through Social Security Numbers. NetSpend never requires cardholders to supply this information, and it can’t forward any credit bureaus’ information.

A reportable offense would be rare since the cardholder’s own funds prepay NetSpend accounts.

Prepaid Cards And IRS

Netspend Prepaid Mastercard or Visacard is a prepaid debit card and is traceable to an individual because of the bank account and FDIC insured. The IRS can search for your prepaid bank accounts by your (SSN) Social Security Number as opposed to a private creditor is unlikely to ever be able to locate a prepaid card account.

NetSpend And Loans 

Netspend doesn’t directly loan money or payday advances, but some lenders offer prepaid debit card loans on your Netspend card. You can still deposit loan proceeds from other companies into your Netspend account.

Netspend Customer Service

By Phone:

Contact Netspend Customer Service by calling 1-866-387-7363.

Available hours: 

Mon – Fri: 8am-10pm.

Sat -Sun: 8am-8pm CST.

[Best time to call: 8:15am].

Online click here.

Netspend Mobile app. If you don’t have a Netspend Mobile app then click here.

By Mail:

Netspend Corporation

 5800 Airport Blvd

 Austin, TX 78752

By Email:

customerservice@netspend.com

Quickest Way To Get To A Netspend Live Person: 

  1. First, call 1-86-NetSpend. (1-866-387-7363)
  2. Next, enter your 16-digit Netspend card number. 
  3. Then, you will enter your 4 digit PIN or your Social Security Number. This is the security verification process.
  4. Next, you can then press option 5 and then option 4. 

This will route you directly to a live Customer Service agent.