Function

• A Green Dot card is like any other debit or credit card except that it is not associated with an account. Green Dot cards can be used anywhere debit and credit cards are accepted as well as online. You purchase Green Dot cards at any retail stores. The fee to purchase a Green Dot card will depend on the store you buy one at. The price can range from $4 to $8. If you sign up for direct deposit or cash your check at the store where you will reload the Green Dot card, there will be no fee to add money to it. However, if you just want to add $20 without cashing your pay check or using direct deposit, there will be a fee for adding money. Depending on where you buy your card, there may also be a monthly usage fee. The fee will usually be $1.95, but, again, it depends on where you purchase your card.
  
  

Considerations

• Consider the price and fees assocated with a Green Dot card. It is very important to read the fine print on the booklet that comes with it because it explains all of the fees for ATM withdrawals and reloading. Also, compare prices at different retailers to see which ones are the cheapest and if the fees are different. You should also go online to the Green Dot website to find out all of the information about the card before deciding to purchase one.
  
  

Benefits

• There are many benefits of using a Green Dot card. First of all, you can have all of your money loaded onto the Green Dot card when you cash your paycheck or use direct deposit. That way you won't have to worry about carrying all of that cash with you and losing it or taking the chance of someone stealing it. Green Dot cards can be used anywhere Visa and MasterCard is accepted, just like any other debit or credit card. You do not have to open a checking account to use a Green Dot card and there are no overdraft fees if you over draw on your Green Dot card.
  
  

Prevention/Solution

• To prevent any major fees when using your Green Dot card, make sure you know everything about it before purchasing or using it. At some Green Dot merchants, there are fees for adding money to the Green Dot card if you are not cashing your check there or not using direct deposit. Also, create a pin number that you can easily remember and that no one else can guess. Do not write this pin number on your card or in the purse or wallet in which you carry it.
  
  

History

• The Green Dot corporation was founded in 1999 by Steve Streit. Green Dot was formerly known as Next Estate Communications. The first debit card to be sold was I-GEN in the year 2000. It was geared toward teenagers and Internet users. In 2001 the first I-GEN MasterCard was sold at a Rite Aid in Virginia. In 2002 the first Green Dot debit cards were sold at more Rite Aid stores as well as CVS Pharmac, and Pantry Convenience stores. In 2003, the I-GEN card was sold in over 18,000 stores nationwide and geared toward adults. In the year 2004, I-GEN officially changed its name to Green Dot and started the first cash-accepting network for reloading the debit cards. In 2005, Green Dot created additional debit cards for everyone's needs. Finally, By May of 2006, Green Dot sold more than two million cards nationwide and opened more retailers to issue more cards internationally.