No Cash Payments? Now What?

Whether it’s ordering take out from an app-based food delivery service or using a ride share app to get home, cash may not be an option for payment. More retailers are now acccepting cashless payments to reduce exposure to high touch surfaces. When you are used to paying with cash, this can be challenging.

Here are some of the options available to you other than cash or traditional credit and debit cards.

PREPAID CARDS A prepaid card allows you to use a card to make purchases at stores or to pay bills online without accessing a bank account or using a credit card. These cards usually are not linked to a checking or savings account, and require you to load money onto the card up front. You can find more information about FDIC deposit insurance and prepaid cards at https;//www.fdic.gov/consumer/news/september2019.html  

Here are some prepaid card types:

Reloadable prepaid cards allow you to add money later onto the card after your initial purchase. Some cards start out as non-loadable, but can be reloaded once you complete the issuer’s registration process. There are also prepaid cards, which are non-reloadable, meaning you can’t add more money onto them in the future.
We offer reloadable cards to our customers – just ask a CSR for details!

A payroll card is a prepaid card you get from your employer on which you can receive your paycheck or salary.

A government benefit card is a prepaid card used by some government agencies to provide certain government benefits, like unemployment insurance.

College ID cards are sometimes prepaid cards also. Some colleges offer a care that you can only use to pay for things on the school’s campus and possibly some nearby stores. Other schools offer a card the you can use at any retail locations that accept that network brand

Gift cards may have a network logo that allows you to use the card widely, or it may only be usable at certain retailers. While gift cards have some protections under federal law, they may not have the certain protections under the Consumer Financial Protection Bureau’s (CFPB) prepaid card rules.
We offer gift cards to our customers – visit with a CSR for details! 

Excerpt taken from FDIC June 22, 2020 Consumer News