Have you heard of Money Network?
It is a simpler way of payment distribution that makes it easier for companies to deliver payroll and individual users to receive and manage their funds.
If you have heard of it, you may be wary as to what makes it different from other banking services, cards, and money transfer apps.
Its main distinguishing quality is that it can actually help save money you would otherwise spend when using a check cashing service or a basic checking account.
It is a very straightforward way of managing money, eliminating all of the unnecessary bells and whistles of traditional banking services.
In the ultimate guide to Money Network, we aim to explain how you can use it and benefit from it.
Who is Money Network for?
Money Network essentially aims to fill in the financial space left by conventional banks for people who do not have conventional banking accounts.
Its main idea is to provide these people with an opportunity to manage their funds as if they do.
There is actually a growing need for this kind of service.
In 2015, the Federal Deposit Insurance Corporation estimated that at least 9 million American households were unbanked.
In 2017, this number was lower, but it still constituted almost 7 per cent of the population.
Furthermore, an even greater number of households are underbanked according to the FDIC – 24.2 million households in 2017. (Underbanked here means they had a checking and savings account but also used financial services outside of the banking system.)
When it comes to organizations looking to simplify their payroll delivery, Money Network is also the answer.
According to the organization, it is a great service that can optimize payroll delivery and lessen administrative costs.
It is great for any organization relying on paper checks when distributing funds.
If you are only starting your business, finding an easy way to handle payroll can be really helpful.
How does it work?
Having a Money Network account allows you to send and receive money, conduct purchases as well as other online and on-site payments.
It eliminates many of the drawbacks of traditional banking.
Things like waiting in lines or making cash transactions are all in the past.
Once you open an account, you get a debit card, a set of checks, and a mobile app.
Let’s look at what each of these does for you one by one.
The debit card
A debit card looks the same as a credit card.
The main difference is that a debit card only lets you spend the money that is already on it.
However, as you will get an all-purpose prepaid debit card, you will be able to use it anywhere you would a conventional credit card.
Your funds will be limited to what is on it, but this will keep you from incurring fees from overdrawing.
The card will have a personalized identification number (PIN) that you will use to authorize payments or withdrawals.
You can use the card both on-site and online with the same ease, and even withdraw money from ATMs marked with a Money Network logo.
However, the ATM will charge a fee for this service.
Otherwise, your options are pretty unlimited.
You can use the card to pay for or buy pretty much anything.
If you are moving, it might be a good time to open a Money Network account.
If you hire movers like bestcrosscountrymovers.com, you will be able to pay them easily with your card.
Furthermore, it will eliminate the worry about carrying around all of your money in cash with you.
The set of checks you’ll get are linked to the same account as your debit card.
The Money Network checks can be used to pay bills or send money to someone.
However, beware that the amount on the checks is limited to a thousand dollars.
If you wish to mail a check, you will have to call customer service (they are available 24/7).
Customer service will give you an issuer and transaction number.
They will also withdraw the money from your account then.
The numbers are necessary for the check to be valid.
You can also cancel a check by calling customer service or order more checks free of charge.
You can easily get the Money Network mobile app on the app store for free.
Besides allowing you to manage your funds from any location at any time of day, the mobile app has many other options.
Firstly, it is useful in finding ATMs, check-cashing locations and reloading stations near you.
Secondly, the Piggy Bank option lets you set aside money for specific purposes.
It also lets you send money easily or check your balance without logging in.
It is very user-friendly and will be your one-stop-shop for all your financial needs.
What is more, it can even act as your starter personal finance software.
So far, we are sure that using Money Network seems pretty straightforward.
However, there are many bits and pieces that you should bear in mind.
One important detail is that you will not be able to have more than five thousand dollars in your account at one time.
While many transactions are free, there are still certain fees that using this system will incur.
For example, Money Network will charge you $1.95 as a monthly management fee for your account.
Reloading your account can also incur fees, but it is not always the case.
The app can help you find a place where you can do it for free.
Finally, you should be aware that not every plan is the same.
Depending on whether you got your card through your employer, you may receive some additional benefits.
All in all, getting an account would be a great financial tip for a young professional.