ReliaCard is an electronic and cost-effective funds transfer solution particularly useful to the government agencies which have frequent disbursements. As most of the state government agencies stopped issuing paper checks, ReliaCard is the best option for receiving the unemployment and various kinds of insurance benefit program funds.
A ReliaCard is a reliable reloadable, prepaid card which works like a debit card and is acceptable everywhere like the general debit cards. This card is issued by U.S. Bank and if you are due a benefit payment that you have not requested to be deposited into your bank account, then the government agencies transfer the benefit payment funds to the card which you can use wherever you want to.
Very recently in 2011 U.S. Bank has partnered with Monitise Americas and FIS(TM) to provide a mobile application for the ReliaCard holders across 16 states in the United States.
Advantages:
A ReliaCard comes with loads of features and some of the major benefits are enlisted below:
Saves Time – Gone are the days where you had to stand in long queues and wait to either cash or deposit a check; Thanks to the government agencies who have stopped issuing paper checks. While you sit at the comfort of your home the funds get directly transferred to your ReliaCard and this saves a lot of time providing easy and quick access to your payments.
Convenient – You will be able to enjoy the privileges of a regular debit card holder using a ReliaCard. You can withdraw cash at ATMs 24 hours a day and make purchases everywhere including gas stations, grocery stores, restaurants, and pharmacies. The same ReliaCard can be used to make all kinds of payments including online transactions, phone, and mail order purchases.
Secure – As there will be no need to carry cash, you need not worry that your money might be stolen when you are alone.
Saves Money – Thanks to stopping the paper process; you need not weigh the burden of paying extra fees unnecessarily for the money orders or check cashing.
Tracks Spending – Carrying cash in hand unties your hands and mind and gives you the freedom to spend all your money without proper planning. But through a ReliaCard you might want to be really careful about how much is still loaded in the plastic card and there’s always the customer service 24 hours a day and online account information enabling you to track your funds.
Reliable – The best part of this ReliaCard is that you can completely rest assured that the money is going to get filled into your pockets where ever your card is. Earlier you might have had the worries about checks that could be lost, undelivered or even stolen.
Easy – You need not worry about your Credit History while availing a ReliaCard and also you need not have any previous banking experience. The best part of this card is that ReliaCard requires no minimum balance to open or maintain.
Safe – All the funds transferred by the government agencies are FDIC insured and are protected by Zero Liability Policy.
Disadvantages:
Credit History – While every approval of loan is linked to the Credit Reports and Credit History, the biggest drawback with ReliaCard is that the transactions and the regular bill payments are not recorded or reported to the Bureaus. So, if your Credit History is Null or Bad, there is no difference if you have been using a ReliaCard for 1 year or 3 years in a row.
Fees Associated – The ReliaCard seems to be a boon to the unemployed only up to a certain limits. You will be able to enjoy the card for free without any fees only and only if:
- You are making a purchase at a store that accepts Visa debit cards.
- You are making cash withdrawals only at a U.S. Bank ATM or MoneyPass ATM or from any financial institution’s teller that accepts Visa cards.
ReliaCard automatically becomes a money extractor if:
- You make an ATM transaction from non-U.S. Bank ATMs or non-MoneyPass ATMs; you are levied with $1.25 for every single transaction. This is not all. The non-U.S. Bank or non-MoneyPass owners may also charge you additionally with their own fees for every transaction.
- The account becomes inactive for 365 days; you will be charged at the rate of $2.00 per month until the account becomes active or the balance reaches $0.00.
- Never ever think about checking the balance at non-U.S. Bank ATMs or non-MoneyPass ATMs as you will be surprisingly charged by a fee even if you do not make a transaction. In such cases, when you need to check the balance you might want to hunt down a U.S. Bank ATM or MoneyPass ATM or even an internet café where there is no guarantee to the internet security, and you finally have to call the customer service and stand in the waiting virtual queue until you get your turn.
Initial Wait – A ReliaCard will be created and mailed only after you are found to be certified for your first payable week. And even after that it might take several days for the card to reach you.
No Add-on Cards – Almost every Credit & Debit Card in the world provides you with an additional card; sometimes for free or sometimes they might charge nominally or once a year. But with a ReliaCard only the person eligible to receive the insurance payments through the government agencies will receive the card.
No Holiday Card – If you are eagerly waiting for your funds to enjoy the festive season, beware! In the event of a federal or state holiday your payments may be delayed one business day. And when do business days come? Only after the festival is over!
Conclusion:
Last but not the least, you might have to learn that ReliaCard is not a Credit Card and even though it is a Debit Card you may not be able to use this card to add funds by other means. Only the government agencies that have helped you get a ReliaCard do have the complete control on the card and only they can deposit funds to the card.
U.S. Bank is the fifth largest commercial banks in the United States operating 3,082 banking offices in 25 states offering 5,238 ATMs. U.S. Bank was presented the 2011 Spirit of America Award by United Way. U.S. Bancorp, the parent company of U.S. Bank is head quartered in Minneapolis, Minnesota and if you interested to apply for a ReliaCard visit www.ReliaCard.com.