By: Lorillia Brown-Phillips, The Money Mentor, Your Black World
I have always respected Suze Orman’s advice and her brand awareness in the area of personal finance, so I want to begin that this is not a Suze Orman bashing article. But it is an article to bring awareness, to the exorbitant fees associated with her newly issued Approved Prepaid MasterCard. The Approved Prepaid MasterCard a campaign that is targeted to the unbanked or under banked consumers, which consist of approximately 9 million Americas according to the FDIC. The Approved Prepaid MasterCard card is being promoted along with Suze Orman’s newly released book America’s Money Class. The America’s Money Class is also a television show that premiered January 9, 2012 at 9pm on the OWN network.
According to the card’s website http://www.approvedcard.com, the card is advertised as a “smarter way to be debt-free”, but consumers who may find this card as a solution to their money problems will still be financially poor. Prepaid debit cards do not educate or encourage consumers to be fiscally empowered or responsible. Relying on prepaid debit cards, check cashing stores or tax refund loans shows that there is an urgent need for financial literacy, not a saturated market of predatory financial products.
What are the fees associated with this card? There are 20 fees that total $145.95 that a consumer should be aware of if they plan to use the Approved Prepaid MasterCard. The Approved Prepaid MasterCard fees are as follows:
- Card Purchase Fee 3.00
- Monthly Account Maintenance Fee 3.00
- Allpoint ATM Withdrawal Fee – Domestic 2.00
- Non-Allpoint ATM Withdrawal Fee – Domestic 2.00
- Domestic ATM Balance Inquiry Fee 1.00
- Domestic ATM Declined Fee 1.00
- International ATM Withdrawal Fee 2.00
- International ATM Balance Inquiry Fee 1.00
- International ATM Declined Fee 1.00
- Over-the-Counter Cash Withdrawal Fee 2.00
- Live Agent Customer Service Call Fee (English & Spanish) 2.00
- Card Replacement Issuance Fee 3.00
- Express Card Delivery Shipping Fee 20.00
- Paper Statement Fee 2.00
- Bill Payment Fee – Paper Check 1.00
- Bill Payment Fee – Expedited/Same Day Payment 9.95
- Bill Payment Fee – Check Re-Issue 15.00
- Bill Payment Fee – Payment Inquiry 30.00
- Bill Payment Fee – Postal Reject 25.00
- Bill Payment Fee – Check Copy 20.00
About the Author:
Lorillia Brown-Phillips is a Financial Advisor and Author of “Jump Start Your Credit: How to Negotiate and Settled Your Debts in 10 Steps”, she can be reached at admin@brownassocllc.com or http://www.brownassocllc.com
With all due respect, all of these fees are listed on Suze Orman’s website. She gives full disclosure about these fees, as well as a video clip of herself suggesting ways to minimize the fees imposed. Also, the correct website is TheApprovedCard.com, but for a more comprehensive understanding of the card, Suze’s website is the best place to go.
Anonymous, thanks for sharing the website.
I don’t have either card, but how does these card fee compare to the Rush Card?
B Lindsey, there both bad, Suze’s have more fees.
Its the same exploitation that Blacks are getting everywhere else.She has been giving bad advice for years, and no one has called her on it.
In every black family, there is someone that has achieved a level of significant education that can give great advice or knows a “TRUSTED” PROFESSIONAL IN THE COMMUNITY”. The problem: Blacks have a natural suspicion inbred toward each other. Until Trust, love of self, and pride become natural, there will be no integrity or leadership to expose this type of………….FRAUD
You are right on the money, Mr. Davis…Not bragging but I’m one of the significant ones in my family. I’ve always tried to share any valuable information I had to my family to help them get out of debt or get financially ahead. They would just look at me like I had 3 heads and keep on doing what they’re doing and come back later to ask for money. One day I just decided I have to let people be themselves and I do me. The energy required to help someone see the truth is exhausting.
Karen, your right don’t bother. People don’t appreciate free advice. It’s worth what they paid for it, nada.
Unbelievable, and I thought I was the only one. Let Go and Let GOD!!! That’s what I had to do.
This is the SAME Suze Orman that said the fall of the real estate market and the near collapse of our country was caused by MINORITIES (African Americans) buying more house than they can afford. I watched her spue this */%#$)@t on OPRA and was appalled that Opra did not check her on it! I felt Opra was afraid to call her on it! I welcome any researcher to search the archives of the Opra Show when Suze Orman was a guest. Please find it. Don’t believe the hype! I can’t stand Suze Orman — the way she talks to people in such a condescending way. There is no need for that. Yes, you can be stern without being condescending. So what it will be reported to the credit agencies — to me it means absolutely nothing — it’s your money anyway! Stop making these people rich by hanging on to their every word and money making endeavor!
I love Suze but I don’t like any of the prepaid cards. Unlike credit cards, which charge you interest, the only way for prepaid cards companies to make any money is to charge fees and a lot of them. I know that there are ways to get around these fees but realistically who is really going to do it. You just get used to the fees, which what they want. I don’t understand why there are so many people. Without a bank account. There are hundreds of small banks and credit unions practically begging for your business. Want to make the prepaid cards go away….open a bank account.
There is a way, when there is a WILL!!! To get around interest on credit cards, charge only what you can afford to pay in full within that month. Stop blaming the economy and everything/everybody else. One thing is for sure the economy DO NOT affect Me!!!
There is a sucker born every minute……
Where are the articles on Tom Joyner’s Reach Card– he and Suze compared their respective cards on his show just a few days ago– No suprise they are TWINS, and Rush is not better. Rich white women, rich black guys, show me the difference !
LVick
I agree L.Vick there is no difference just two cards preying on the same population of people the unbanked and underbanked.