Mike C asked in Business & FinanceCredit · 3 weeks ago

What's a good bank account for direct deposit of VA benefits/pension?  Received my DD today, but I cannot withdraw without my pre-paid card.?

I currently bank with American Express Serve(pre-paid credit card) and Wells Fargo(checking). Direct deposit(DD) at Wells Fargo pays me on the 1st of every month. American Express Serve pays me on, or around the 25th. My DD is currently going onto my Amex pre-paid card. I like getting paid on the 25th because of bills that are due before the 1st. I had to report my Amex card stolen. New card has not arrived yet. I received my DD today, but I have no way of making a withdraw without my "pre-paid" card. Transferring money from Amex to Wells takes 2-5 business days. I cannot send money to myself or others via Walmart without the 3 digits security code on the back of the card, which I have not received yet!! I am going to keep my Wells Fargo checking account. But Amex Serve is NO GOOD!! However, pre-paid cards have early paydays, which I like. I want that "early payday" that comes before the 1st of the month. So please tell me; Whats a good bank account for my VA pension. FYI: I live in Weaverville, NC.

3 Answers

Relevance
  • 3 weeks ago
    Favorite Answer

    No matter what prepaid card you would use this would have happened once you reported the card lost. Too bad you don't know the 3 digit security code. It's not Amex's fault though.. it's for your own protection.

    • Mike C3 weeks agoReport

      Beverlys answer made me relax by letting me know that it’s not AMEX fault and that this happens with all pre-paid cards. But for now on I plan to use a local branch.

    • Login to reply the answers
  • P
    Lv 7
    3 weeks ago

    The VA isn't actually transfering the money until the 1st.   Amex is giving you a payday advance as a perk.   Bank's don't normally give payday advances.   If you want better access in situations like this then you should just be using the Wells Fargo account, and deal with the 1st deposit date.  

    • Login to reply the answers
  • 3 weeks ago

    You are confusing the difference of a stand alone credit/debit card and an actual bank account.  They are not the same thing and do not function the same way. 

    - a pre-paid card does not have "early" paydays... they are just giving you an ADVANCE of your own money.

    Your options are to continue to deal with the limitations of the pre-paid cards for the benefit that you see.  Or go with a full service bank...

    I'd recommend going with a full-service bank = that way you are not locked out of your own money, the way you are now. 

    • Mike C3 weeks agoReport

      Thank you. I will go with a full service bank.

    • Login to reply the answers
Still have questions? Get your answers by asking now.