There have been reports of several prepaid debit products that you can buy online (free, with free shipping) and that you can then load online with a debit or credit card. These cards are associated with non-profit organizations around the country and are supposed to help these organizations advance their mission within their community.
They’re branded cards issued by Metabank for Boys & Girls Clubs of Delaware,Goodwill Delaware, Joshua Harvest Church, , AMHI JF, and others non-profit organizations.
While several blogs are reporting this as a breaking news, these cards have been around for while and have been frequently discussed in other underground MS boards.
According to the card member agreements, you can load up to $250 per week onto the card with a debit/credit cards.
Below is the schedule of fees and other important info:
- $3.95 monthly service fee, waived when you load $800 or more to the card each month
- $2.95 for loading the card by credit card
- $2.50 ATM cash withdrawal fee (in addition to fees charged by an out of network ATM)
- $0.50 Bill pay fee
- no hard pull when applying
- card allows online bill pay
The load fee is quite high since the allowed loading is only $250 making it uneconomic and significant effort for each $2.95 fee. However reports are that in fact $2500 loading per day are permitted. So $2500 charged to your card for a $2.95 fee, once per week per card, or $10,000 per week.
Among the organizations named above, the cards issued to AMHSI JNF allow NO- MONTHLY FEE for two months.
Here is the application to that card: https://www.getdebitcard.net/a3
We view this as a limited opportunity for MS purposes. Since these cards are issued by Metabank, I expect the daily loading limits of $250 to be strictly enforced once they notice the high number of applications. Any abuse might lead to shutdowns, so proceed with caution.
