Netspend is a United States business that provides re-loadable prepaid cards and other financial services. It is a great option for those who do not want to use traditional banking methods or do not have access to a bank. It is available to virtually every person living in the United States.
Netspend was developed in 1999 and currently serves an estimated 68 million people in the United States. Netspend’s prepaid cards can be found in check cashing locations, convenience stores, grocery stores, tax preparer facilities, and pharmacies. It has more than 70,000 distribution locations and about 130,000 locations where customers can reload their prepaid cards.
The prepaid cards that Netspend offers are issued by Visa and Mastercard through regulated financial institutions. These cards have many of the same features that a customer would expect from a bank, such as free direct deposit, mobile and online account center, and rewards. They even offer budgeting tools and the option to set up savings accounts with interest rates as high as 5%. Netspend also has a gift card option that functions in the same way as regular Netspend prepaid cards.
Although Netspend is not focused on online gambling and gaming, this payment method can be used for this purpose as if it were a regular debit or credit card.
Depositing with Netspend
Because Netspend is focused on prepaid cards, customers must actually obtain a prepaid card. Provide Netspend with the cardholder’s name and address, and it will send a card within 7 to 10 business days. The cards can also be obtained at one of Netspend’s distribution locations. There is no credit check or fees associated with obtaining the card. Activate the card when it is received. Once the card is activated, visit one of the 130,000 reloads locations to add money to the card.
To reload. Reloading requires either purchasing a reload card or depositing checks or other money with the reload center. A reload card has a code on it that will need to be added to the Netspend account online. Depositing checks and cash directly will put the money on the card immediately. Some locations charge reload fees, so shop around for the lowest fee in the area. Account to account transfers and bank transfers are generally free.
Fees. Netspend charges users either monthly or per transaction. Most transactions will cost between $1.00 and $2.00. Fees are higher to withdraw cash from an automated teller machine. The account will also be charged a monthly maintenance fee if the card is not in use.
Using Netspend on an online gambling or gaming website is relatively easy because it is used just like a credit or debit card. However, users may want to make larger deposits to avoid transaction fees.
Pros and cons of NetSpend
Advantages. For online gamers and gamblers, this payment method is easy because most online casinos accept this form of payment just as they would a debit or credit card. It can also be used for daily expenses such as gas, the grocery store, or any other expense where the purchaser would normally use a debit or credit card. Any store that accepts Visa or Mastercard will accept a Netspend card.
Netspend allows users to deposit paychecks directly to the account without any additional processes, which may be a convenient option for serious gamers who may want to keep a portion of household funds out of the family bank account. These cards are also a good option for those who do not have access to a regular bank account.
Disadvantages. Because of its relatively unique method to obtain the card and reload it, this payment method is generally restricted to those who live in the United States. There is no option to instantly transfer funds online unless a bank account is used, and even then the service is only available with a fee. Free bank transfers may take several days.
The transaction fees are perhaps the most negative aspect of this payment method. Online gamers do not have the ability to make small payments or deposits if they want to avoid transaction fees.
UPDATE: Netspend is no longer a viable deposit payment solution for online casinos. We recommend prepaid cards as an alternative.
Click to visit Netspend official website