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Wednesday, April 7, 2010 as of 11:14 AM ET

Overdraft Fees

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Three Reasons Prepaid Cards May Be Right for You

The Plus Side of Prepaid CardsDon't believe everything you hear when it comes to prepaid cards.

Taking advantage of customer outrage over new monthly fees at some of the nation's largest banks, many providers of general purpose reloadable cards have been touting them as a low-cost alternative to a traditional checking account.But despite aggressive marketing to promote them, Bankrate's Prepaid Debit Cards Survey found many prepaid debit cards carry a fusillade of fees that make them pricier overall than traditional checking, says Greg McBride, CFA, senior financial analyst at Bankrate.com."Two-thirds do in fact have a monthly fee, and that's not the only fee they charge. So they can very quickly eclipse the cost of a low-cost checking account," McBride says. "A lot of people who may be confronting fees on their checking accounts for the first time would be better served by looking to credit unions, community banks and online banks, many of which still offer free checking accounts or ac...

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