In this day and age, smartphones and mobile apps are the “in” thing. That’s why MetaBank has also introduced an app that solely focuses on their Card Premium Bank Account. In this Card Premium Bank Account by MetaBank and Visa Debit Card review, I’ll list all of its features and benefits so you can decide if it is the right bank account and debit card for you.
The Card Premium Bank Account by MetaBank is a checking account launched by MetaBank, N.A. It was introduced along with its corresponding Premium Visa Debit Card. It also has a mobile app that you can download via Google Play Store or Apple App Store.
Read on to learn more about the Card Premium Bank Account by MetaBank and Visa Debit Card, their features, benefits, and pros and cons.
About Card Premium Bank Account by Metabank and Visa Debit Card
The Card Premium Bank Account by MetaBank refers to a checking account introduced by MetaBank, N.A. It was released along with its corresponding Premium Visa Debit Card. It also has a mobile app that you can download via the Apple App Store or the Google Play Store.
MetaBank, N.A. is a member of the Federal Deposit Insurance Corporation (FDIC). It is also licensed to partner with Visa U.S.A. Inc. This then allows Card Premium Bank Account holders to use their debit card anywhere Visa cards are accepted.
Upon opening a Card Premium Bank Account, the Visa Debit Card you’ll get is available in different designs. You have more than 12,000 card design options, and you can get them without any monthly fee.
However, other types of fees are associated with using the Card Premium Bank Account and the Visa Debit Card. You can access all details about transaction fees, costs, terms, and conditions in the Accountholder Agreement.
Card Premium Bank Account by Metabank Features
You can enjoy several premium banking features if you have a Card Premium Bank Account by MetaBank. These include the following:
- FDIC-protected Funds
- QuickPay Feature
- Use of Fee-free MoneyPass ATMs
- Compatible with Various Mobile Payment Service Providers
- No Maintaining Balance and Credit Check
- Savings Account with round Ups
- Overdraft Protection
Let’s discuss each one of these premium banking features:
1. FDIC-protected Funds
Once you open a Card Premium Bank Account by MetaBank, your money automatically becomes FDIC insured. However, it’s essential to note that insurance coverage has limitations and restrictions following FDIC rules and regulations.
2. QuickPay Feature
MetaBank’s Premium Bank Account has a QuickPay Feature. It allows you to get faster access to your money than when you open an account from banks with traditional banking policies.
Deposits are made electronically, which makes the process more efficient. However, earlier availability of your money and direct deposits also depends on the payer’s efficient coordination. The payer has to support the feature and make funding available on time.
3. Use of Fee-free MoneyPass ATMs
Once you open a Card Premium Bank Account by MetaBank, you will also get a Visa Debit Card. Use this card to withdraw cash from a MoneyPass Automated Teller Machine (A.T.M.) without any fee. MoneyPass ATMs may be found in more than 30,000 convenient locations throughout the United States.
4. Compatible with Various Mobile Payment Service Providers
You can link your Card Premium Bank Account or your Visa Debit Card to your digital wallet or several mobile payment service providers, including:
- Google Play, and
- Apple Pay.
5. No Maintaining Balance and Credit Check
Unlike your other bank accounts, the Card Premium Bank Account by MetaBank doesn’t require you any minimum balance. This means that even if you leave a low balance in your account, you will not be charged any fee for that.
It’s convenient to get this bank account and debit card because a credit check is not required. The way you use your card is also not reported to credit bureaus mainly because it’s a debit and not a credit card.
6. Savings Account With Round Ups
You may link your Card Premium Bank Account to a savings account established by MetaBank, N.A. Whatever your balance is, there will be an interest rate of 0.0499% and an annual percentage yield (APY) of 0.05%. These rates were, however, released last August 17, 2020. Both the interest rate and APY can change without prior notice.
You must be able to meet several requirements to be able to open a savings account. One of which is that you must deposit at least $10 to open an account. If you are interested in the APY, you must have at least $10 or more in your account. It is also required to receive at least one payroll or government benefits direct deposit to be entitled to a savings account.
To withdraw funds from your savings account, use your Premium Bank Account. There are, however, transaction fees that could minimize the interest you might have already earned on your savings account.
As earlier mentioned, your funds are protected and insured per FDIC rules and regulations. Currently, the FDIC coverage limit amounts to $250,000.
7. Overdraft Protection
As a Card Premium Bank Account holder, you have the option to get the Overdraft Protection (ODP) feature. Once enrolled in this feature, you will be subject to pay $15 for every transaction that overdraws your bank account by over $10. There is, however, a limit of four fees per month.
Avoid Fee by Bringing Back Your Account to a Positive Balance
You can also avoid that fee by bringing back your account to a positive balance within 24 hours from the time the overdraft occurred. It is important to note too that overdraft fees apply only to signature and P.I.N. purchase transactions. The coverage does not apply to A.T.M. and Automated Clearing House (A.C.H.) debit transactions.
Pay in Less Than 30 Days, If You Have a Negative Balance
In the event of a negative balance, you must repay it in less than 30 days from the time the overdraft occurred. MetaBank has the discretion to authorize or not authorize an overdraft. They also have the right not to pay.
MetaBank Does Not Pay Overdrafts If Clients Fail to Meet Eligibility Requirements
Generally, MetaBank does not pay overdrafts if clients fail to meet their eligibility requirements. Also, MetaBank doesn’t pay if clients attempt to make several transactions that eventually create large overdrafts.
Costly Overdraft Feature
The ODP feature is highly advantageous, but it may be costly too. So, if you’re interested in getting this feature, make sure to do thorough research first before deciding to enroll. Once you’re enrolled, you still have the option to unenroll too.
To know more about this feature, you may read the terms and conditions published on the Online Account Center. You may also contact its Customer Service Team if you have inquiries.
Again, what does the Card Premium Bank Account by MetaBank offer? The Card Premium Bank Account is a checking account from MetaBank, N.A. MetaBank also released the Premium Visa Debit Card that goes along with it. You can download this card’s mobile app thru the Apple App Store or the Google Play Store.
How to Open a Card Premium Bank Account by MetaBank
Here are the step-by-step instructions on how to open a Card Premium Bank Account by MetaBank:
- Visit the Card Premium Bank Account by MetaBank website
- Click “Choose Your Card”
- Click the card design of your choice then click “Sign up”
- Type your basic information such as your First Name, Last Name, and E-Mail
- Click the “Next” button
- Read the E-Sign Agreement and click “I Agree” if you conform with the terms and conditions
- Type your mobile phone number and click “Next”
- Enter the 6-digit security code sent to your registered mobile phone
- In case you don’t receive any, click “Resend Text”
- If you prefer to receive the security code via email, click “Send me an email instead”
- Enter the 6-digit security code sent to your email address
- Click “Next”
- Answer additional questions such as your expected monthly deposits, employment classification, and source of funds
- Click “Next”
- Type your Home Address including your state and zip code
- Click “Next”
- Enter your Date of Birth and your Social Security Number
- Click “Create Account”
- Create and confirm your password
- Click “Set Password”
Once you created an account, it will inform you that your account is now active. Click “Email Me Instructions” if you want the instructions emailed to you. If you wish to do this at a later time, click “Skip for now.”
The following web page will ask you to download the Card Premium Bank Account by MetaBank mobile app. To proceed, you have to request the link either by text or by scanning the Q.R. code.
Card Premium Bank Account by MetaBank and Visa Debit Card Pros and Cons
Here are the pros and cons of opening a Card Premium Bank Account by MetaBank and getting its Visa Debit Card:
- No monthly fees
- Several card designs to choose from
- Highly rated mobile app
- Limited number of branch locations
Conclusion – Card Premium Bank Account by MetaBank and Visa Debit Card
The Card Premium Bank Account by MetaBank is a checking account launched by MetaBank, N.A. It was released along with its corresponding Premium Visa Debit Card. It also has a mobile app that you can download via Google Play Store or Apple App Store.
Interestingly, MetaBank charges lower fees and offers better rates compared to other popular banks. The Card Premium Bank Account by MetaBank is perfect for basic banking needs. It is user-friendly and straightforward.
If there is any downside to it, it’s probably the fact that there are only a few MetaBank branches in the United States.