Prepaid MasterCard® Defined
Information about the Prepaid MasterCard and Prepaid Debit Card Payroll Programs
Why you need a prepaid MasterCard?
You will get instant access to your pay first thing on payday, without having to stand in line. You will save money because you will not have to pay check cashing fees or even bank account charges. You can get your cash at low or no cost through thousands of MoneyPass ATMs or Cash-Back at most large retailers and grocery stores.
By using a pre-paid MasterCard, you can transfer funds and pay bills more safely and conveniently than you currently do. These cards are far safer than carrying cash and gives you a record of each transaction.
What are prepaid debit cards?
A pre-paid debit card is a new way of managing your money. It is also a new way to transfer money. The prepaid mastercard safely stores your money until you are ready to use it.
You can get your money easily at any ATM or use your paycard to make purchases at thousands of retailers or anywhere MasterCard is accepted.
What can prepaid debit cards do:
The PayCard is a pre paid card with your money on it, so you can use it to get cash or make purchases. You will access your funds by using you card and a Personal Identification Number (PIN). You can:
Use your pre-paid card to get cash at virtually any ATM in the U.S. and around the world. Plus Genpass offers surcharge-free withdrawals at any MoneyPass ATM.
Get cash at no additional cost by using the cash-back option at thousands of retailers including convenience stores, supermarkets and large retail chains.
Prepay debit cards allow you to make purchases wherever debit cards and MasterCard are accepted.
Transfer money instantaneously to another PayCard domestically or internationally.
Loading of prepaid debit cards:
There are two ways to put money on your PayCard.
Payroll Direct Deposit: Your employer can send your pay directly to your prepaid card every payday.
Money Transfer: You can transfer money between PayCards. Just get a second card for a family member and transfer money from one card to another.
How much does it cost to get a PayCard?
There's no charge to get the prepaid debit card. And there are no monthly or annual fees to pay.
Using prepaid cards to make a purchase or to get cash back at the point of sale is FREE; Using the Internet to check prepaid debit card balances or statements is FREE. ATM withdrawals are just $1.50 and electronic card-to-card transfers are just $.50 - NO MATTER HOW MUCH YOU ARE TRANSFERRING
The PayCard is issued by Elan Financial Services. MasterCard is a registered trademark of MasterCard International Incorporated. Used pursuant to license. Card is available to U.S. residents only. Prepaid debit card approval is subject to identity verification.
