Arvest now offering "spending cards" - no checking account needed - KSWO, Lawton, OK- Wichita Falls, TX: News, Weather, Sports. ABC, 24/7, Telemundo -

Arvest now offering "spending cards" - no checking account needed

Lawton_For some time now, convenience stores have been offering a combined credit card known as and debit card - a spending card - for some time, and now banks say its time for them to jump on the bandwagon.  They say the spending cards will help families budget their money easier, monitor where they spend that money, and give them an increased sense of security.

There is no need for a checking account because, unlike a debit or credit card, there are no penalties or possibilities of an overdraft.  The spending card stops spending at a pre-set limit, so spending no longer must be followed by paranoia. 

Arvest Bank Sales Manager Teresa Warner says that unlike a check card, money on the spending card isn't pulled from a checking account.  "It's a lot safer for people," she said.  "You can have your payroll direct deposited into it, so it can happen automatically, or you can come into a bank branch and make a cash deposit - or load as we call it - onto the card." 

Once money loaded onto the cards is spent, it's gone.  There's no room for budgeting incorrectly, and no tacked on penalties.  "If there was someone who just really didn't have a proper handle on their [checking] account, it could be a few hundred dollars a month [in penalties]," said Warner. 

And, these cards aren't only for adults!  Just last month Tonya Depasquale got her son a spending card.  She says she wants her 10-year-old son to learn a sense of responsibility while he is still young.  "He's been asking me about allowance and things like that," she said.  "He's not really good with money.  If I gave him ten dollars in cash, he's come home with ten dollars in candy bars."

Even though the card isn't a debit card, it does have one of its benefits.  Money placed on the card - up to $5,000 - is FDIC insured.  Bankers say the card is extremely simple and flexible.  Unlike a prepaid card purchased at a convenience store or discount store, the consumer can manage the spending card through their bank or online.
  • Local NewsNewsMore>>

  • Tax package would ease hit to residents of high-tax states

    Tax package would ease hit to residents of high-tax states

    Tuesday, December 12 2017 3:44 AM EST2017-12-12 08:44:43 GMT
    Tuesday, December 12 2017 2:34 PM EST2017-12-12 19:34:52 GMT

    Public polling shows many Americans are unhappy with the proposal. The separate bills recently passed by the House and Senate combine steep tax cuts for corporations with more modest reductions for most individuals.

    Public polling shows many Americans are unhappy with the proposal. The separate bills recently passed by the House and Senate combine steep tax cuts for corporations with more modest reductions for most individuals.

  • Ash falls like snow as celebrities flee California community

    Ash falls like snow as celebrities flee California community

    Monday, December 11 2017 3:13 AM EST2017-12-11 08:13:18 GMT
    Tuesday, December 12 2017 1:16 PM EST2017-12-12 18:16:33 GMT

    Officials say the largest, most destructive wildfire burning in Southern California is expected to grow as it enters its second week.

    Officials say the largest, most destructive wildfire burning in Southern California is expected to grow as it enters its second week.

  • After bitter campaign, Alabama Senate race goes to voters

    After bitter campaign, Alabama Senate race goes to voters

    Tuesday, December 12 2017 4:07 AM EST2017-12-12 09:07:39 GMT
    Tuesday, December 12 2017 2:27 PM EST2017-12-12 19:27:05 GMT

    An internationally watched Senate election is down to voters in Alabama who will choose between Republican Roy Moore and Democrat Doug Jones.

    An internationally watched Senate election is down to voters in Alabama who will choose between Republican Roy Moore and Democrat Doug Jones.

Powered by Frankly