If you don’t have a bank account, you may be wondering how to manage your money. Managing your money is necessary, or it will manage you. Good thing there is Money Network for that!
Money Network is a way for people who don’t have traditional banking accounts to manage their money in almost the same way. It’s like having a bank account without actually having one. What can you do with it?
The company gives you a card you can use like a debit card. This is important. It means you don’t have to carry around cash everywhere you go, so it’s automatically safer. You deposit your cash into your Money Network account and you get that debit card, a set of personal checks, and a mobile app to manage your money and pay bills online.
The debit card looks just like a regular debit card and has a PIN number, but it only works as a prepaid card. You cannot overcharge, or spend more money than what you have put into the account. It’s important to note that there is a maximum limit on how much cash you can deposit into your account. This limit is $5k.
You can use your card to withdraw cash from an ATM. Be mindful that there are applicable fees. You can also make online purchases with your card.
The checks are linked to the same Money Network account as your prepaid debit card, and the money comes from your account like a regular check. However, all checks written on accounts have a $1000.00 limit. This limit applies even if you have more than that in your account. You also are required to call the company’s customer service before sending a check. The rep will give you a transaction and issuer number that will be linked to your check. It will not cash any check that has not been previously issued these numbers.
The Money Network mobile app gives you the freedom to manage your money from anywhere. Pay your bills online, deposit your money, and pay bills through the mobile app. It’s really pretty convenient!
If you are someone who does not have a regular bank account, you can still take charge of your money with Money Network.