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Is this illegal to do with a prepaid debit card?
My debit card charges a monthly fee unless I deposit $500 each month. So what if I were to deposit $500 which is free to do then withdraw it which is also free to do and redeposit that same $500 every month to avoid paying a monthly fee?
Can they ban me for doing this?
6 Answers
- Anonymous4 weeks ago
There is nothing illegal about it. But if you are only using this account to deposit and withdraw this $500 what's the point?
You would need to also check their balance requirements. In addition to a minimum deposit some will also have a minimum balance requirement.
- Coffee DrinkerLv 74 weeks ago
Its not illegal, but the deposits might not satisfy the bank's requirements to avoid the fee. Usually those types of policies require a direct deposit from an employer - or - a minimum account balance. Basically they're trying to force you to use THEIR account as your primary everyday bank account.
Personally, I'd just go open an account at another bank. There is no reason to be paying account fees these days. Almost all banks offer some form of free checking/savings account and a debit card so you can spend money from the checking account.
- Anonymous4 weeks ago
I would read the fine print. They may require the deposit to be in the form of a direct deposit from an employer or the government. A deposit from you may not count.
- Anonymous4 weeks ago
No, it's not. You can do that.
