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!
- You’ll notice that if you deposit $500 a month on your Regions Now VISA Card, that the next month there is no maintenance fee. There are no fees for purchases, and all Regions ATMs are free, too.
- With Akimbo and MoCaFi, there is no monthly fee. You will pay 99 cents for each of the first five times you use it at the point-of-sale, but only when you enter a PIN. But you can avoid that simply by asking the cashier to run your payment as "credit" and not as "debit." You will know that it was done for free if you are asked to sign for your purchase. As long as you do so, transactions at MoCaFi and Akimbo are free. While both do charge for ATM withdrawals, cardholders should remember that they can get cash at the point-of-sale.
- With VaroMoney, our new bank account, there are no maintenance or transaction fees.
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.
But how many cards come with Apple Pay? Well, all of the WiseWage cards have this option. How many cards are set up to facilitate P2P payments? Isn’t it great when you can deposit your check with a smartphone? The MoCaFi card provides free access to your credit reports. You can buy cell phone minutes at a discount. With the Regions Now Card, a consumer can receive a free review of his or her finances from a professional advisor. The Akimbo Card offers up to 5 sub-accounts. These accounts do some many great things!
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?