Arvest now offering "spending cards" - no checking account needed - KSWO 7News | Breaking News, Weather and Sports

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.
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