Avoid Skylight Visa for Direct Deposit or it will cost you!
Skylight Visa was recommended by my employer last year, as they were trying to convert to only electronic payroll. You could choose your own bank, and if you did not have a bank or preferred to get you paycheck deposited elsewhere, Skylight was given as an option. I have a checking account, but prefer to keep my payroll separate, so I chose Skylight. Big mistake! Skylight is a prepaid debit card that makes it's money from fees. If you make more than 1 ATM withdrawal per pay period, it's going to cost you $2 (on top of what the ATM is going to charge). Need gas? You better make sure you have not only the amount that you're putting in gas, but whatever amount the gas station uses to authorize the transaction (usually $75-$100). If you only have the $30 you were planning to put in gas, your card will get declined & you will have to pay $1.50 fee. All of these fees seem pretty normal, but when you combine the horrible customer service when you call to inquire about these fees, plus no list of fees before or after they are incurred, and it seems like they can charge you whatever they please.
The breaking point for me was when I visited a "free of charge" ATM that was listed on their website. I was making a $120 withdrawal when the ATM malfunctioned & did not dispense any cash. A frustrating situation for sure. I called the company that owns the ATM who told me to contact my "bank" and have then file a Regulation E form. The CSR I spoke to could see that the ATM did indeed malfunction.
When I called Skylight Visa I was rudely told that I had to fax in basic information, and if the investigation showed that I had not received any cash, I MAY receive a provisional credit in 10 business days! They were so rude about it, and it seemed to me they were insinuating I was being dishonest by their attitude. I have had to file disputes 2 times with 2 different (real) banks, and they were always courteous & professional. Not with Skylight. All I can do now is wait & close my account after I get my money back...if I get my money back. I realize that these things must be investigated, but when you are being treated poorly while being told to wait, it makes a huge difference.
$120 is not much, but in these tough times, $120 could mean the difference between eating this week or not. Luckily $120 isn't breaking me, but I know it would mean a lot to some people. Especially to the consumer that prepaid cards target.
It's just shady business, especially when it seems like the 2 companies are in cohorts, when Skylight recommends you use this particular ATM to avoid fees. Yeah, right. It just cost me $120.b05ce49