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Kicking the tires of the new Bluebird prepaid card
Like any true payments geek, I revel in a chance to get under the hood of new payment offerings and take them for a test drive. So when American Express announced that its new prepaid card, called Bluebird, was available exclusively at Wal-Mart Stores, I drove to the nearest megastore, purchased a $1 Bluebird starter kit and went home to set it up.
» First impressions: The packaging is rather striking, but more so are the hefty promises it makes. Positioned as "a checking and debit alternative," the card offers direct deposits, surcharge-free ATM access through the MoneyPass network, bill payment and simplified online account management.
But that's not all: The card features American Express member service and allows you to deposit checks via your smartphone, purchase protection (replacing merchandise accidentally damaged or stolen within 90 days of a purchase by a Bluebird card) and even establish subaccounts for family members. There are added benefits, too, such as roadside assistance (pay as you go), entertainment assistance (i.e., event booking) and fraud protection (offered on most bank-issued credit and debit cards).
» Second impressions: The fees are reasonable. There is no annual or monthly fee and no fees for most services-overdrafts, direct deposit, deposits/reloads via smartphone, billpay, foreign exchange, dormancy and customer service, to be exact. That's certainly an attention-grabber. In fact, the only published fees are for adding money at a Wal-Mart ($1) or through a debit card ($2, loading from a card, such as a Green Dot Moneypack card that costs $5), and for out-of-network ATM transactions ($2, not...