Green Dot Prepaid MasterCard from CoinStar

[TwoAndAHalfCents]

Has anyone here tried the Green Dot Prepaid MasterCard option when using CoinStar? It's only at selected locations. I saw it at a CoinStar machine nearby but I haven't tried it yet.

http://www.coinstarinc.com/us/WebDocs/A1-0-3-2

As I understand it, the prepaid card must be purchased first ($4.95) and then Green Dot charges a monthly fee just to have the card ($5.95/mo) but you can waive the fee each month by making 30 transactions or loading up at least $1000.

https://www.greendot.com/greendot/about-our-products

I think CoinStar also charges a fee ($4.95) when you load the card from one of their machines. If the volume is high enough maybe these fees work out to a much lower percentage than the normal percentage they charge. But then again may it isn't really the best option out there. I likely won't try it myself but I was just wondering if anyone else has considered it.

[HoardCopperByTheTon]

All those fees certainly would keep me from using it. I seem to remember something unfavorable about green dot when it was first introduced also.

Normal banks will give you a prepaid card.. called a debit card. You just put the amount of money you want to use in the bank. Then, except for BofA and a few selected others.. you use the card as much as you want with no fees.

[TXBullion]

I remember needing to use green dot for one time for something to do with paypal, i do remember needing to give my SS somewhere for something.....

[ed_vantage17]

Green Dot is marketed towards those who, due to previous bad choices, are no longer allowed the privilege of having a checking account. That's why it advertises during Jerry Springer.

[moparal7]

Green Dot is marketed towards those who, due to previous bad choices, are no longer allowed the privilege of having a checking account. That's why it advertises during Jerry Springer.

wHY You watch jerry springer?

[everything]

He just said they advertise during, nothing about watching, half the time the commercials are as good as today's TV content. Myself, I don't watch much TV but really get a kick out of current commercialism.

[HoardCopperByTheTon]

You know that stuff on Jerry is fake, don't you?

[TheJonasCollegeFund]

You know that stuff on Jerry is fake, don't you?

Ah...most of it is...but a fellow classmate of mine's sister was on there. So, believe it or not, some of that stuff is so true! My buddy spent alot of time inside after the show air because of his dingbat sister.

[Kurr]

Not everyplace has the coinstar with the reload option.

That was my scenario. So I devised a work around if I had to go that way.

Get the CVS Gift Card. Dump 500.00 minimum to keep fee percentage lowest. (1% or less because the greendot is roughly 5.00) Then go to CVS and buy the greendot card, and CVS sells the "Loads" for the greendot, have the balance placed on the greendot.

Next dump, you already have the card, get the CVS gift cert, then buy the reload. As long as you dump quantity, youre not fee'd to death. Even if the reload cost 5.00 thats still 1% and a good 8.9% lower than the coinstar fee, and you dont have to deal with no fickle banks about large dumps. But coinstar is slooooow.

After the card is loaded, find an fee free atm or bank for that card, lol. Or even a walmart has worked for me with paypal card, candy bar and 100.00 cash back, cola and 100.00 cashback, can of snuff 100.00 cash back all seperate, then off to the next bank with my snacks and wad of penny buying cash!

[JerrySpringer]

Not everyplace has the coinstar with the reload option.

That was my scenario. So I devised a work around if I had to go that way.

Get the CVS Gift Card. Dump 500.00 minimum to keep fee percentage lowest. (1% or less because the greendot is roughly 5.00) Then go to CVS and buy the greendot card, and CVS sells the "Loads" for the greendot, have the balance placed on the greendot.

Next dump, you already have the card, get the CVS gift cert, then buy the reload. As long as you dump quantity, youre not fee'd to death. Even if the reload cost 5.00 thats still 1% and a good 8.9% lower than the coinstar fee, and you dont have to deal with no fickle banks about large dumps. But coinstar is slooooow.

After the card is loaded, find an fee free atm or bank for that card, lol. Or even a walmart has worked for me with paypal card, candy bar and 100.00 cash back, cola and 100.00 cashback, can of snuff 100.00 cash back all seperate, then off to the next bank with my snacks and wad of penny buying cash!

So your are saying that you can pay a one-time fee of $5 and get a green dot card and reload with CVS gift certificates at a CVS ? And then rinse and repeat with the CVS gift certificate option each time you use the Coin Star. You get the physical cash by cash backing at a grocery store POS terminal after buying something you'd want anyway. I would want to know what fees are incurred by using cash back, etc. If CVS will let you recharge the green dot card without a fee by using their gift certificate, then what you have there is along the lines of when people were ordering tons of dollar coins and getting the rewards points accrued without the US Mint batting an eye.

[TXBullion]

Not sure if anyone will notice but they were talking about the Jerry springer show and now we have jerrynspringer here

[JerrySpringer]

Not sure if anyone will notice but they were talking about the Jerry springer show and now we have jerrynspringer here

Take care of yourselves.

[Rodebaugh]

Take Care of Yourselves

[wbeck]

Now that's not a half bad way of going about it at all. With the percentage that low you could even "profitably" dumb silver. Even if you take the $5 loading fee, it works out a good bit cheaper than paying coinstar fees assuming you pump enough through to skate on the monthly fee... Not that even with that it would be a horrible idea. As a mere novice at this, I really like the idea of not having to hassle banks with the dumping.

[TheJonasCollegeFund]

Did we get Steve yet?

[Kurr]

I'm a Steve, that count? Happy to break apart fights, escort keynsians to the door etc.

I do have a bit more hair though.

And yes if you can pull it off, and keep the percentages low, potentially every bank is a buy bank then, less cut offs than dumping.

[TheJonasCollegeFund]

Steve...Steve...Steve...Steve...Steve...Steve...Steve...Steve...Steve...Steve...Steve...Steve...!

[xpred558]

interesting