Are Prepaid Debit Cards Better Than Cash?

More than 12 percent of Georgia households do not have a bank account.

According to a recent study, consumers could pay less in transactions costs if they used prepaid debit cards instead of relying on cash-based lifestyles. The study, conducted by Bretton Woods, Inc., a management consulting firm, compared prepaid debit card fees with the cost of transacting business with money orders and check cashing services. The average person who relies on money orders and check cashing companies spends between $9 and $48 each month, compared to a range of $8 to $20 per month for prepaid card users. More than 12 percent of Georgia households do not have a bank account, according to the FDIC’s 2009 National Survey of Unbanked and Underbanked Households. Nationally, the figure is 7.7 percent. Hispanics in Georgia are …

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