The Global Cash Card is a prepaid debit card. It was created to increase efficiency in the payroll process for both the employees and employers.
Instead of employers issuing paychecks, the money is directly deposited onto the Global Prepaid Visa or MasterCard. The Global Cash Card does not have an annual fee or a monthly fee.
There is guaranteed approval and you can have family members issued additional cards without any charge. The big picture idea behind the Global Cash Card is to cut down on cost with payroll.
When employers use the cash card system they will essentially be directly depositing all of their employees paychecks, instead of issuing paper checks. The Global Card is issued as a Visa and MasterCard.
It is accepted online, and over the phone. You can use these debit cards just like any Visa or MasterCard. You can make purchases at retail locations and even worldwide. One of the best features of the Global Cash Card is you are given access to 40,000 ATM locations without paying a surcharge.
In other words, if you withdraw cash at these select 40,000 ATM locations you will not have to pay any fees. You can also withdraw cash at an additional 1 million ATM locations, however you will be assessed a fee at these ATM’s.
Another option to access your cash is to request cash back when you visit retail stores, this will not cost you a dime. The money on your Global Cash Card will be covered under a $0 liability policy by Visa or MasterCard, depending on which one you have. Your account will also be FDIC insured.
Note Of Caution With The Global Prepay Cash Card
We must mention that it appears the Global Cash Card is a more ideal solution for employers rather than employees and cardholders. This is because it looks like cardholders will have to pay some additional fees to access their paychecks.
It is unclear from the website if cardholders are responsible or not for transaction fees. Additionally it appears that you will be subject to over the limit fees and decline fees which sound like overdraft charges to us. With typical prepaid debit cards there is no possibility of overdraft, decline, or over the limit fees.
That is the idea behind a prepaid debit card, until we saw the Global Cash Card. It would be nice if there was some transparency with the Global Card liability policy. According to their website you have to meet certain conditions in order for your claim a fraudulent transaction. One of these conditions is that the transaction had to have taken place in the United States.
If you reported to Global Cash Card that your debit card number was stolen and purchases were made fraudulently. If and only if those fraudulent purchases were made in the United States and your account met a number of other conditions including “reasonable care in safeguarding the card” then you would not be held responsible for the fraudulent transactions.
We are concerned because the conditions you have to meet sound like they are up for interpretation, what is reasonable care with your credit card? The truth is credit card fraud is one of the biggest and fastest growing crimes worldwide, and we don’t want anyone to lose their hard earned money!
For this reason we would advise anyone looking to get a Global Cash Card to instead get a traditional prepaid debit card. The Global Cash Card simply does not provide enough information to get our seal of approval. Nor does it provide enough benefits for you to use them, instead of an established and trusted online prepaid debit card.
Many of these prepaid cards will also give you free direct deposit and similar features. You can get low fee prepaid Visa or MasterCard with a trusted brand name like Capital One Prepaid or American Express.
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