How can consumers lose?
Consumers need to know that multi-purpose SVCs are often laden with excessive fees. Usually there are no fees to put money onto the card or to check your balance on-line. The fees start when you want to use your money. There is a one-time activation or set-up fee, which can range from $5.95 to $140. Annual and monthly maintenance fees can range from nothing, if you keep a minimum balance or bring 10 or more referrals to the card program, to $99.95. A convenience fee is charged to each purchase, ranging from $1 to $2. To get cash from an ATM can cost $1.50 to $3.75. Checking your balance at an ATM may cost $1. To speak with a customer service representative will also cost $1. There are fees for additional cards, lost or stolen replacement cards, returned checks and overdrafts. Consider how easy it would be to lose track of the amount on the card, then have to pay an overdraft fee of $29. Other potential charges to watch for include transaction limit fees, bill payment fees, phone or onl
