WiseWage promises to offer best-in-class bank accounts to unbanked workers.
But how have we done that? How did we pick these cards? We look for inexpensive accounts that offer lots of useful features.
First, we look at the price.
We’ve picked cards that, if used carefully, can be your full-time account and cost you very little or even nothing at all.
We’re also open to accounts that will charge for a few things, as long as the overall cost is low and the companies are upfront about the pricing. We recognize that a good card account could still have a few fees. After all, we’re looking at the big picture. If a card account does charge for a few of its services, it could still be a good option nonetheless if it has a lot of great features.
We like to see transparent pricing as well. Have you ever been hit with a “gotcha fee?” While some of the big bank checking accounts look free, they turn out not to be for many people. All too often, some checking accounts ending up costing way too much. “Surprise fees” appear on the statement. Surprise fees include overdraft fees and monthly minimum balance fees. Many banks now charge more than $35 for each overdraft. We’d rather have an upfront relationships with our banks. We don’t like surprises. We’re of the opinion that no bank should say that an account is free when an account holder might end up paying $70 in charges in one month!
It is the same with our payroll cards.
With Solepay accounts, transactions cost nothing, there is no monthly maintenance fee, and you can take money out at the point-of-sale for free. At Brinks, consumers pay nothing to have an account and nothing when they buy something with their card. They also give cardholders access to the 55,000 ATM fee-free Allpoint ATM network.
It isn’t enough for an account to be free or low-cost. To be a WiseWage account, it should improve how you manage your finances.
We like cards that are flexible. To us, a card should be more than something you use to buy things in a store. It should let you transact as you feel most comfortable. Any prepaid card will let add funds by loading cash. Likewise, any account will accept direct deposit.
You may have noticed that several of our accounts are designed for banking primarily with your smartphone. This is the future. We embrace it.
We also like when a card account helps you to advance. When a card lets you set aside some money for savings, that is a plus. All of our prepaid debit and bank accounts have this feature. When an account helps you with tools for budgeting, that is fantastic!
At WiseWage, we believe that banking shouldn’t cost a fortune. Buying groceries and paying rent is already tough – why should you pay to pay?
In fact, we now have the Empower VISA debit card. It offers 1 per cent cash back on the first $1,000 in swipe purchases at the point of sale and online.