Western Union Prepaid Card

In addition to all of the other monetary services that Western Union provides, consumers can now obtain the Western Union prepaid card, which works like a debit card without an attached bank account.

The Western Union prepaid card has a MasterCard logo and can be used just like any MasterCard debit card. It can be used for purchases and at ATM’s, and can be reloaded at any of the Western Union storefronts located throughout the U.S.

This, however, is not a credit card, and cannot be used unless there are funds to cover the cost of whatever purchase you intend to make. There is a $30 account minimum balance and a $2,500 limit on balances. No more than $995 can be added to a Western Union prepaid card at one time, and balances can only be increased at Western Union locations. ATM cash withdrawals are subject to a $2.00 transaction fee - depending upon the type of ATM - and there is a $25 overdraft fee for purchases that exceed your balance.

The Western Union prepaid card is easy to use, which makes it an attractive alternative to a regular bank account. Balances can be checked online or by phone, and the card is accepted wherever cards with the MasterCard logo are accepted.

Benefits

The Western Union prepaid card offers a host of benefits to cardholders. First, the card can be used like a debit card, and offers convenience to those who have only a checking account. Paychecks can also be direct deposited into your Western Union card account, as long as you obtain the direct deposit information from your employer.

Western Union also offers fast solutions for consumers whose cards are lost or stolen. They send a replacement card within three business days, and the consumer is not liable for fraudulent charges. The Western Union prepaid card can be used for any purchase where MasterCard is accepted, and monthly statements are distributed on cards with a balance of $40 or more.

Balances can be checked easily by signing into the account online or by calling a dedicated 800 number.

Drawbacks

The Western Union prepaid card is subject to all Western Union fees. There is a $9.95 usage fee that is required each time you load your card, and paper statements cost an extra $2.00. There is also a limit to the balance a Western Union prepaid card can carry ($2,000) so it cannot be used for extremely large purchases. Further, if you wish to remove funds from the card and cancel the account, you will be charged a $10.00 liquidation fee and a check will be mailed within 30 business days.

It is also difficult for those who do not live within a reasonable distance from a Western Union storefront, as balances can only be increased at one of these stores. Additionally, there is a $2.00 fee (in addition to the regular ATM fees) for withdrawals from automatic teller machines nationwide.

As with any prepaid card, consumers should carefully read the terms and conditions for the Western Union prepaid card before deciding to obtain one for themselves.