What is the maximum balance that can be placed on a prepaid card?
This question is sometimes asked, especially at tax time, when tax refunds may be placed on a prepaid debit card (sometimes mistakenly called a prepaid credit card). Typically, a maximum might be $5,000. Some cards have maximums as high as $10,000. Now, that’s a lot of money in anyone’s book. However, if your refund is even higher, you can call MiCash’s customer support line to find out if you can get an even higher balance accepted on your card. Of course, as when you apply for a card (there is no charge to apply, only activate), you will have to have your identity checked, because the Patriot Act and other financial rules require banks to confirm your identity.
What happens when you try to put more money on your card than the limit allows? Simply put, you will be told about the credit limit, either when you check your account online or when you call.
The other thing people worry about is a minimum balance. In other words, do you have to keep a minimum balance. The answer with the MiCash prepaid MasterCard is no. If you run out of funds on the card, the card can’t be used until you put more money on it. So, there is no danger of becoming overdrawn or racking up overdraft fees. What can happen with any prepaid card, is that if you have a zero balance and accrue a monthly fee, that month can be deducted from the next deposit you make on the card (because you owe the fee), so if you don’t want the card anymore, it is best to cancel it outright. Of course, you can also just never use it again, and you aren’t liable for any accrued fees. It’s pretty simple.
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