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With Unemployment Rise Reliacard Visa Demand Grows

Alberto's picture

The times are tough and unemployment is on the rise; as a result spending tendencies are changing. “Pre-paid” is becoming the new must have selling term as consumers run from idea of a monthly contract. This niche is even affecting credit card companies. As a result the U.S. bank has released the Reliacard Visa.

The Reliacard Visa is a reloadable prepaid card issued by the U.S. bank for consumers who apply for unemployment insurance. This card is accessible through the Department of labor, who use the card as a means to electronically deposit unemployment insurance payments directly to the user’s accounts.

The Reliacard functions as a debit card and can be used anywhere that Visa is accepted. Consumers receive their funds directly to the card and avoid most of the common credit card fees. There is little risk of over-extending yourself because the funds go only so far as the money that you’ve allocated, though in some cases a charge may slip through and a $20 fee will be given; as long as customers utilize U.S. Bank ATM’s there are no fee’s for balance inquiries or cash withdrawals; and the monthly fee of $2 only applies if the account is left inactive for more than 180 consecutive days.

Unfortunately users cannot add additional funds to the account as it is strictly for the depositing of unemployment insurance. Only the state can deposit funds to the Reliacard Visa. Also, in order to reduce fraud, U.S. Bank places daily limits on the amount of money that can be withdrawn from the card. If a consumer has to withdraw a large sum of money they will have to go straight to a bank teller.

Although the card does have a number of benefits for those who apply one aspect that may not appeal to consumers considering the Visa is that funds within the account do not accrue interest. Also, more than one card cannot be requested even for close family members. Still in an unstable economy and with unemployment topping 7.2 percent in December the Reliacard Visa may be an option worth exploring.

By: Alberto Ramos Cordero

For more information log onto U.S. Bank Reliacard

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