Prepaid debit card users and people looking for ways to share money with friends or family who may live in another state have a couple of alternatives to the expense of wire transfers.
The first method is to get a prepaid card that offers a “companion card” or second card tied to the card account. At MiCash we call this the Maestro card. This second card can be loaded with money that is transferred from the primary prepaid card account it is connected to. These transfers can be done online by logging into your card account or by calling customer service. The charge is $2 to transfer money from a MiCash card onto the Maestro companion card. Once the MiCash Maestro companion card is loaded with money, it can be used for purchases wherever Maestro cards are accepted throughout MasterCard®’s debit card network (but please note that it won’t have the MasterCard logo printed on the face of the card). Any applicable transaction fees will also apply for each use of the Maestro card. The Maestro card can be used until it is exhausted of funds (but it can also be reloaded with more funds).
Another equally convenient way to share funds is to have your family member simply get a MiCash MasterCard, and then you can help them out by adding money to the card using Greendot MoneyPaks®. Here’s how it works. Let’s say you want to put money on your college student’s credit card only they can’t get a credit card due to the recent changes in credit card laws, so they have a prepaid card instead. What you do is go to any CVS, Walgreens, K-Mart, Wal-Mart, 7-Eleven, or other outlet that sells Greendot MoneyPaks. At the checkout register add any amount of cash from $20 to $500 to the card. A $4.95 service fee will be added to your total. Your Greendot MoneyPak will have a unique card number identifier. Next, you can call the toll free number on the Greendot MoneyPak or visit www.moneypak.com and transfer the money from the card (identified by its unique number) to your MiCash Card, identified by its unique account number. Within just a few minutes, the money transferred using this Greendot Moneypak method will appear on your MiCash card, ready to use.
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