@ma-barker Correction for Go Bank. If you had the card before they started the monthly fee, you still have no monthly fee. New customers have a monthly fee unless they meet transaction requirements.

@tjtv I’ve also looked at this as the ultimate bargain for an employer. Instead of all the costs in providing traditional pensions, just add 5% to employee salaries for 401k matches, with no other costs or liabilities.

In adding, many of these prepaid cards start out free, but after a period of time the issuers change their terms and add fees. Two that come to mind are Go Bank and BBVA Clearspend. Now they’re only free if you meet a transaction/direct deposit requirement. I’m guessing the issuers plan this all along or start to go bonkers after they see tons of inactive accounts with small balances.