The traditional checking account is, by and large, the most popular banking option among American consumers. However, there’s another tool gaining popularity — the prepaid debit card.
American consumers loaded approximately $65 billion onto reloadable, prepaid debit cards in 2012—an amount expected to grow by 42% each year.
It was the fees that finally drove Joel Lawton away from his traditional bank account.
A Dallas area mortgage loan officer, Lawton’s income is entirely commission-based, meaning it can vary greatly from month to month and week to week. He makes a good income—around $50,000 total in most years—but the way that most banks determine their fees and billing schedules never really worked for his personal financial situation.
