Do you trust prepaid debit cards to deposit a large sum of money?

eloy7

Prepaid debit cards such as pockit and weswap provide a good low-fee service for everyday purchases (particularly online shopping).

Are they reliable enough to keep a large sum of money (I mean thousands of pounds) in these cards?

Although, they are regulated financial institutions, they are not as big as banks. Do you trust them to keep your money with them?

HappyMJ

eloy7 wrote: »

Prepaid debit cards such as pockit and weswap provide a good low-fee service for everyday purchases (particularly online shopping).

Are they reliable enough to keep a large sum of money (I mean thousands of pounds) in these cards?

Although, they are regulated financial institutions, they are not as big as banks. Do you trust them to keep your money with them?

No and NO!! £100 maybe and spent very quickly i.e within a few weeks but certainly not thousands.

grumbler

eloy7 wrote: »

Are they reliable enough to keep a large sum of money (I mean thousands of pounds) in these cards?

Although, they are regulated financial institutions, they are not as big as banks. Do you trust them to keep your money with them?

Is there any difference between "are they reliable enough to keep" and "do you trust them to keep"?

I don't see any difference, and the answer to this question is NO.
Why would anyone want to *keep* £1000s in a prepaid card?

agrinnall

grumbler wrote: »

Why would anyone want to *keep* £1000s in a prepaid card?

Could be the same people who will keep thousands in a current account that pays no interest - I know we don't, but we (the denizens of MSE) are not the general population.

The big difference is that Pockit (the only one I've checked) is not covered by the FSCS so if the company goes down the drain with all the money that was loaded on it that's the last you'll see of it.

Anthorn

eloy7 wrote: »

Prepaid debit cards such as pockit and weswap provide a good low-fee service for everyday purchases (particularly online shopping).

Are they reliable enough to keep a large sum of money (I mean thousands of pounds) in these cards?

Although, they are regulated financial institutions, they are not as big as banks. Do you trust them to keep your money with them?

Short answer:No.

Long answer, depends.

Secure Trust Bank is a bank with FSCS protection and respected as far as any bank is respected but its only current account is prepaid. The difference is that money is kept in the protected current account, and transferred to the unprotected prepaid card as needed to spend. Most of the services expected from a bank including DDs
£12.50p setup and £12.50p per month

A credit union account with an ABCUL prepaid VISA card works in the same way as the STB prepaid current account but is free. Most credit unions have FSCS protection. No DDs but jam-jar accounts serve as standing orders.
http://www.abcul.org/home

Tealblue

eloy7 wrote: »

Prepaid debit cards such as pockit and weswap provide a good low-fee service for everyday purchases (particularly online shopping).

Are they reliable enough to keep a large sum of money (I mean thousands of pounds) in these cards?

Not if you lose the card of have it stolen.