Pre-loaded prepaid card in the mail, catch?

G

Gauss_sl

shitlord
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0
I got one of those prepaid Visa cards in the mail a few days ago, and it claims to have $180 on it. There's an immediate red flag in my mind because they seem to market prepaid cards to poor people.

The issuer is some bank called MetaBank. It has my name on it, as well as an indication that a former company that I interned at supplied my info. The ATM withdrawal fee is $2.50, so I don't see what's stopping me from activating the card, withdrawing $177.50 at my local bank, and cutting up the card. Maybe there's some sort of long and arduous process to cancel the card? I read through the info they supplied, and didn't see any catches other than the numerous fees while it is active.
 
C

Corndog

Lord Nagafen Raider
517
113
It could be a prepaid "secured" card. Which would mean you would have to pay back whatever you spent on that card.
 
S

Soriak_sl

shitlord
783
0
Does it say why you received the card? I'd call and follow up on this.

Some companies use prepaid cards to pay employees who don't have a bank account. Since you said they got your information from a company you interned at, is there a chance they're reimbursing some expense or making a payment and did not have your bank account information?

Also, you may want to check if there is a limit on ATM withdrawals per day. You could use the card to buy an Amazon gift card for $180, if you shop there regularly, and avoid both the limit and the fee.

I don't think it's a secured credit card... I can't imagine it'd be legal for them to open a credit account for you without your authorization.
 
McCheese

McCheese

SW: Sean, CW: Crone, GW: Wizardhawk
6,890
4,248
My first thought is that, like Soriak said, it's some kind of payment for something you did.

I got a $100 prepaid card about a month ago and I had no idea why until it was pointed out that it's a bonus my work offers. It didn't have any kind of letter or explaination attached; just a card in an envelope with the usual terms and conditions.
 
G

Gauss_sl

shitlord
59
0
Ah yeah that makes sense; thanks! I asked around at my old work and that's apparently they way they handle per diems for interviews rather than doing reimbursements (I just came back from an interview)
 
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