Pasadena-based Green Dot Corporation continues to take serious heat over its MoneyPak product and its widespread facilitation of consumer fraud. However, Green Dot has decided to retire the 14-digit MoneyPak product.
Green Dot expects in the first quarter of 2015 to enable stores to be able to let consumers add money directly onto an existing prepaid card. The new system is already operational at Walmart stores. The service will render obsolete the kind of access codes presently on the back of every MoneyPak card. The new electronic cash-transfer system is being installed in 92,000 retail stores that sell its products will ultimately replace the MoneyPak altogether.
Meanwhile, the Green Dot Everyday Prepaid Card has been named the best card for the Alternative Checking Account category. CardHub’s 2014 Prepaid Cards Report says the Green Dot Everyday Prepaid Card was named “Best Card” in three award categories, including Alternative Checking Account, Alternative Check Cashing Tool and Access to Electronic Transactions.
CardHub’s report measured the total cost and eligibility of 26 prepaid cards, based on their features and fees. The cards were evaluated using four scenarios that represented the primary usage patterns of prepaid cards: 1) An alternative to a checking account; 2) A tool to give your child their allowance; 3) An alternative check cashing tool and 4) To provide access to electronic transactions.
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