You have prepaid debit cards from American Express (Amex). Serve feature fee waivers, no credit checks, and online account access. One of the three available Serve cards can replace a checking account at a conventional brick-and-mortar bank, thanks to FDIC protection and additional features that help you manage your finances. When you load money onto your Serve card to make purchases, you can avoid accruing debt or overdraft fees because you are using your own money.
The Cards' Advantages
In addition to allowing you to make purchases, an FDIC-insured Serve account also offers free online bill payment, instant cash transfers, and free ATM withdrawals at more than 30,000 MoneyPass ATMs. Additionally, a Serve card provides free early direct deposit. Amex may credit your account one to two days before your scheduled payment date, giving you a few extra days to access your funds if your employer sends payroll data on time. If someone pays you with a check, you can deposit the money directly from your mobile device into your Serve account. There is no requirement to visit a bank or ATM. Another option is to set up direct deposit, which completely automates the procedure and lowers your fees. When you need money, you can get more cash out of a Walmart location than most ATMs allow in a single transaction. There will be fees associated with cash pickups, but you can also send money for someone else to pick up your money at their neighborhood Walmart.Ways to Add Money
Direct deposit, bank transfer, mobile deposit, or a cash deposit at a retailer are the four options for funding your Serve account. Employers can electronically transfer your check when you use direct deposit. The standard Serve card has a fee waiver for direct deposits, making it the best choice if you want to keep expenses to a minimum. You can also make free electronic transfers to your card from most banks. Supermarkets, convenience stores, and pharmacies all over the country participate in this program if you need to deposit cash. However, fees may apply depending on the Serve card type you use. Although mobile deposits are also practical, you might have to wait up to 10 days or pay a small fee before your money is available.Fees
Setting up a Serve account online is free, but doing so in person may cost you up to $3.95. It will cost $5 to get a new card if you need one. Unless you receive a direct deposit of at least $500 each month, the monthly fee is $6.95. You could be charged up to $2.50 in withdrawal fees and $0.75 for each declined ATM transaction if you can't find a MoneyPass ATM.Type of cards
The Serve standard card, the Serve FREE Reloads, and the Serve Cash Back are the three different types of Serve cards. The most well-known and familiar Serve card is a low-cost prepaid card used for bill payments, making purchases, and receiving payments. This might be the best choice for W-2 workers and independent contractors who are frequently paid by check or electronic deposit. For those who don't have a bank account and get paid primarily in cash, the Serve FREE card, which offers free cash deposits with a monthly fee of $6.95, makes sense. The monthly fee for the Cash Back card is $7.95, with an annual cap of 1 percent back on purchases. This is a unique offering because cash-back rewards are almost nonexistent with debit cards, especially prepaid cards. The Cash Back card might make sense for those who load and spend a lot. All the Serve card features are available on the FREE and Cash Back cards.Risks that could arise
Although serve cards are among the most cost-effective prepaid cards on the market and are brimming with useful features, they are not without drawbacks. Numerous brick-and-mortar and online merchants accept Amex cards, but some stores elect not to due to the transaction fees. You might occasionally need to find a different payment method. Traditional checking accounts do not typically have an expedition fee or a 10-day waiting period for mobile check deposits. Most banks release money quicker than that, so you might run into issues if you don't keep extra cash on hand.Frequently Asked Questions(FAQs)
With American Express Serve, how do you send money?
You can transfer money online by logging into your Serve account and visiting the "Money Out" section. You can transfer money there and link it to a bank account.With an American Express Serve card, which ATMs can I use?
With your Serve card, you can use an ATM, but a MoneyPass ATM will save you money. If not, you might be charged up to $2.50 in withdrawal fees.How can your American Express Serve card be canceled?
Transferring any money in your account is the first step to closing it. You can log into your account online, navigate to the settings section of your main account's home screen, and choose "close account" once your account balance is exactly $0. If you need help with this procedure, you can contact customer service.