I was considering prepaid credit card options as a gift for a friend when idea of closing a bank account was brought to my attention. A woman was buying a prepaid reloadable debit card from her daughter. She made a comment to me and we started discussing why closing a bank account may make sense.
The woman I was speaking with told me how she's been living since giving up the checking account. It turns out that she is doing surprisingly well. Despite the debit card fees, she estimated that her family has saved hundreds of dollars annually.
She said $3 reload fee was about $10 less than her checking account. Surprisingly, her card is reloaded monthly via direct deposit. The lady said that the prepaid debit card cannot be overdrawn. According to her this saved her on bank fees about 'once a year'.
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