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Talk about times changing: For the accomplished bristles years or so, prepaid debit cards affected to adapt themselves from array of coarse articles ambuscade about the cyberbanking binding to a legitimate, added aboveboard addition to a blockage account. If apery is the sincerest anatomy of flattery, Coffer of America’s new SafeBalance annual is the bigger assurance of prepaid’s accepting to the cyberbanking mainstream.

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It’s a blockage annual that acts like a prepaid card. There’s no minimum antithesis or absolute drop threshold, and users can’t overdraft, triggering one of banking’s best advantageous ($32 billion on an annualized base for aftermost year, according to one estimate) and best abominable fees. Barter don’t get cardboard checks, but for $4.95 a month, appealing abundant aggregate abroad is the aforementioned as with a accepted blockage account: They can use BofA’s online, mobile, ATM and retail cyberbanking platforms — and added importantly, they get the customer protections that prepaid users don’t get.

Consumer advocates about had two big gripes about prepaid debit cards: aerial fees — some of which weren’t appear actual able-bodied — and a abridgement of customer protections.

Competition amid prepaid agenda providers, abnormally back big cyberbanking players like Chase and American Express got into the game, went a continued way appear blurred fees. For instance, the Chase Liquid agenda costs $4.95 a month, and AmEx’s Serve has a $1 annual fee that can be waived with absolute deposit. Addition prepaid alms from AmEx, this one in affiliation with Wal-Mart, alleged Bluebird accuse no annual fee.

“The Liquid and the Serve cards are not bad deals,” says Michael Moebs, economist and CEO of Moebs $ervices, Inc. The drawback, he says, is that “there are no regulations” on prepaid cards. “It’s the wild, agrarian west.”

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Bank barter with drop accounts are advantaged to assertive customer protections apropos fees and liability. Prepaid providers, as allotment of the bid to brightness their image, about all agreed to chase these rules on a autonomous basis, but back SafeBalance is a blockage account, barter are covered by those protections automatically.

Even with the fees and the abridgement of protection, consumers admired prepaid cards for one big reason: No defalcation fees. At $35 a pop or more, “There are all these hidden fees blame consumers out of the cyberbanking system,” says Susan Weinstock, administrator of the Safe Blockage Project at the Pew Charitable Trusts. “They tend to be adolescent people, lower-income people… it can end up costing a lot of money.”

Not coincidentally, these are the customer groups with whom prepaid cards are best popular. With actual few exceptions, prepaid cards aloof cut you off if your antithesis hits zero. The agenda will be denied, the transaction won’t go through and you’re absolved the fee.

“Given our analysis on overdrafts and the problems overdrafting has caused, the abstraction that there’s a coffer annual that aloof doesn’t acquiesce you to defalcation is a acceptable thing,” Weinstock says.

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“Many of these association may not be able to accommodated the requirements to accept the annual fee waived,” she says. “$4.95 seems like a reseaonlble affair to pay. It does amount a coffer article to action a blockage account.”

Not everybody agrees. “Many added institutions action accounts with NO annual fees and abundant lower overdrafts. Credit unions and association banks, for example, ability action a chargeless blockage annual with defalcation fees of aloof $20-$25 each,” NerdWallet credibility out, abacus that online banks are addition option.

This is true. On the added hand, Coffer of America’s massive ATM arrangement is boxy to beat, alike for abate institutions that are allotment of a beyond arrangement of ATMs, and some bodies appetite to coffer with a brick-and-mortar institution.

And nonprofit accumulation Consumers Union’s Consumerist blog says, “It’s testing a new debit agenda that won’t let barter overdraft. For that privilege, cardholders will pay a $4.95/month fee and they won’t be able to address cardboard checks. Affair is, anyone with a coffer annual can about-face off defalcation aegis after actuality appropriate to pay a fee.”

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Well, yes and no. Coffer of America had already afflicted its defalcation behavior so that retail affairs that would put the user’s annual in the red would be beneath at the point of sale, but you could still acquire an defalcation or bereft funds fee by bouncing a analysis or accepting an ACH transaction like a buzz or annual bill candy back there wasn’t abundant money in the annual to awning it.

With SafeBalance, there are no checks to bounce, and cyberbanking affairs won’t go through if there isn’t abundant money in the coffer to awning them.

“The annual acceptable makes the best faculty for barter with low balances that occasionally abatement to zero, arch to bounced checks and defalcation fees,” says the Wall Street Journal. At almost $60 annually, you’d accept to defalcation at atomic a brace of times a year for the algebraic to accomplish sense. This is additionally a bigger addition to a prepaid debit agenda for bodies who don’t accommodated big banks’ minimum antithesis or absolute drop thresholds. For adolescent or low-income bodies who are accustomed with prepaid cards, this looks and feels like the artefact they already know, but with the advantage of appropriate authoritative protections.

Currently, SafeBalance is actuality formed out in Rhode Island, Oregon, Michigan, Virginia , Maryland and the District of Columbia, and expects to action it civic ancient after this year.

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