About Bank Freedom
Is Bank Freedom a Bank?
Bank Freedom is not a Bank. Bank Freedom is the Administrator of the Bank Freedom Prepaid MasterCard and is an organization that brings transparent marketing directives and straightforward pricing to consumers. The Bank Freedom Prepaid MasterCard is issued by The Bancorp Bank. The Bancorp Bank is an FDIC insured member institution.
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What is a Bank Freedom Prepaid MasterCard ?
Bank Freedom is a better way to Bank! No bank account or credit check required. As soon as you add funds to your prepaid MasterCard Card, you can begin using the card anywhere Debit MasterCard is accepted. You may use this card at any ATM that displays the MasterCard Acceptance Mark and anywhere you see the MasterCard®, Maestro®, or Cirrus® Acceptance Mark. Through Bank Freedom Pay Anybody Bill pay you can make electronic payments or send a paper check to anyone in the United States. The Bank Freedom Card is convenient and safer than cash, and your key to gaining financial freedom. Avoid waiting in long lines on payday as there is no waiting in line to get cash with your Bank Freedom Card. Get paid faster and save up to $25-$50 dollars each month in check cashing fees. Through Direct Deposit, have your Paycheck and your Federal Government & State Benefits checks Directly Deposited into your Card Account for FREE! You can also Add Cash through an approved Cash Retail Load Network. Your Bank Freedom Prepaid MasterCard can accept loads through MoneyGram®, Western Union®, & through the Green Dot® Financial Network.
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Does Guaranteed Approval mean I am always approved?
“Guaranteed Approval” is contingent upon successfully passing the mandatory identification confirmation. In order to receive a Bank Freedom Prepaid MasterCard, we must abide to the USA Patriot Act to confirm your identity. No chexsystems or credit check required.
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Is my Bank Freedom Prepaid MasterCard FDIC Insured?
Yes, the Bank Freedom Prepaid MasterCard is issued by the Bancorp Bank; Member FDIC.
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How it Works
How do I use my Bank Freedom Card?
The Bank Freedom Prepaid MasterCard is accepted at millions of locations worldwide wherever Debit MasterCard is accepted. What does that mean to you? Take your Card with you whenever you make purchases at retail locations, online, via telephone, catalog subscriptions, at gas stations, car & hotel reservations, booking airfare, and also to withdraw cash at millions of ATMs worldwide.
bullet.jpg) Retail Purchases – When making purchases at a retail store, simply hand the merchant your card, swipe it, sign for it and then you’re done. Using your Card is safer than cash. With your prepaid MasterCard Card you have MasterCard Zero Liability with your purchases. *Conditions and exceptions apply – see Cardholder Agreement.
Cash Back Purchases- If you select Debit at a terminal, you will be asked to enter your PIN.If the store allows cash back, it will give you the option to select cash back. There is no fee for selecting Cash Back and it is recommended for small Cash Withdrawals.
Online Purchases – You may use your Bank Freedom Prepaid MasterCard when making purchases over the Internet. For security, you should be asked to enter the CVC2Number (3 Digit Number on back side of Bank Freedom Card beneath the Magnetic Stripe) when making purchases online and whenever your card is not present.
Making Reservations – You may use the Bank Freedom Prepaid MasterCard to make reservations at hotels, car rentals, booking airfare and wherever Debit MasterCard is accepted. Some merchants accepting reservations may require additional funds on your Prepaid MasterCard Card as a deposit in case of additional spending. This is common for hotel and car rental reservations to cover any additional charges you may incur in addition to the fixed rental price. Bank Freedom reserves the right to place a 20% hold for Car Rentals, Hotels/Lodging, Restaurants, and Cruise Rentals. Your Card will be debited for the final purchase amount. When the merchant finalizes your purchase, you will be debited the final purchase amount and credited for the authorization and for the 20% transaction hold.
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How do I withdraw cash that I deposited to my Card?
You can get cash from your Bank Freedom Prepaid MasterCard at the store and at an ATM.
Cash at the Store – Some merchants allow Cash Back on POS PIN Purchases. If a merchant allows Cash Back, enter your Personal Identification Number (PIN) and select the amount of Cash you would like to receive from the merchant. Each merchant has their own limits to the amount of Cash Back you may receive per transaction.
Cash at an ATM – You can get up to $500 per day at any ATM displaying the MasterCard®, Maestro®, or Cirrus®Acceptance Mark. That's over a 1,000,000 ATM's worldwide. There is a fee of $2.50 per transaction plus any fee charged by the owner of the ATM machine.
Cash at a Bank Teller- You can get up to $2000 per day at a Bank Teller, called a Bank Teller Cash Advance, inside of a Bank Branch. Give your Card to the teller and tell them the amount of cash you request to remove from your Card. They will then give you Cash. There is a $5.00 fee for this service and is only recommended for larger cash withdrawals.
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Can I add cash to my Bank Freedom Card?
Adding cash to your Bank Freedom Prepaid MasterCard is simple and convenient. You may add cash at over 100,000 MoneyGram agent locations, at any Western Union Agent location, or by purchasing a Green Dot MoneyPakUniversal Reload package from any Green Dot Financial Network location.You may deposit up to $950 per day at one of our participating Cash Retail Load Locations. Cash Load Networks have their own fees for adding cash. Fees range from $3.00 up to $4.95 for adding cash at a participating Cash Retail Load Location. Visit our Add Cash Page to learn more about each individual Cash Retail Load Network.
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How do I remove cash from my Card?
Your prepaid card has a set ATM withdrawal limit of $500 per day for a maximum of 5 ATM Withdrawals. Some ATM's have their own limits to the amount of cash you may withdraw in one ATM transaction. You may also withdraw cash from your Bank Freedom Card by visiting a Bank Branch and performing an Over-the-Counter Cash Withdrawal. Hand the Bank Teller your prepaid MasterCard card and then sign for your purchase to withdraw up to $2,000 per day. Many retail stores that accept POS Debit Purchases allow cash back. You may select to receive cash back by entering the amount you would like in cash. Stores have their own limits to the amount of cash you can receive by selecting Cash Back. All transactions are subject to the daily spending limit of $2,000.00. You can view all of the limits to purchases and deposits by viewing our Limits.
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Is Direct Deposit really FREE?
Direct deposit is always free, fast, and the most convenient way to add funds to your Bank Freedom Card. When you receive your card in the mail, be sure to complete the Direct Deposit Form and give it to your payroll department. You may print additional Direct Deposit Forms to give to your Government or State Benefits Provider by viewing the Direct Deposit form on the Bank Freedom Website. You may also view your Direct Deposit Information by accessing your Online Account.
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Fees: and How to Avoid Them
Does my Bank Freedom Card have a Monthly Fee?
The Bank Freedom Prepaid MasterCard has a Monthly Maintenance Fee of $5.00 per month. However, having no Monthly Maintenance Fee is very simple and easy! For each month that you deposit at least $500, we will waive your Monthly Maintenance Fee. You will see a transaction on your statement called Monthly Fee and a Second Transaction called Waive Monthly Maintenance Fee which reverses the Monthly Maintenance Fee transaction. Remember, you must deposit at least $500 per month to avoid a Monthly Maintenance Fee. A deposit includes adding money with Direct Deposit, or by adding money at one of our approved Cash Retail Load Locations.
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Are there fees for removing cash from my Card?
There is a $2.50 ATM Withdrawal Fee for withdrawing cash at an ATM in addition to any surcharge that the ATM Owner has. To avoid ATM Owner Fees, find one of the over 18,000 MoneyPass location near you that are surcharge-free and have no ATM Owner Fees. There is a $5.00 Fee for each Bank Teller Cash Advance you make by going to a Bank Teller to get cash using your Bank Freedom Card. For smaller cash withdrawals, we recommend that you get Cash Back at retail stores that allow Cash Back. There is no Fee for Cash Back on POS PIN Purchases.
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Are there fees with closing my Bank Freedom Card?
Request Personal Check- There is a Card Closure fee of $25.00 if you request Bank Freedom to send you a check for the remaining funds in your account. However, there are 2 other ways to close your account that avoid a Card Closure Fee.
Bank Freedom Pay Anybody Bill Pay – You may make a Bill Payment to send yourself a personal check for remaining funds on your account. There is a fee of $1.00 for each Bill Payment transaction. You can make Bill Payment transactions by logging into your Online Account. After you receive the check for the remaining funds, you must call us at (877)237-6262 and we will then close your account and you will not receive a Card Closure Fee.
Spend Remaining Balance- You may spend down the remaining funds on your prepaid MasterCardcCard. Once you spend down the remaining funds on your Card, you must call us at (877)237-6262 and we will then close your prepaid card and you will not receive a Card Closure Fee.
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How Card Works
How do I pay at the pump for gasoline?
To pay at the pump you can swipe your prepaid card at the pump and then purchase gasoline. Pay at the Pump purchases have a $100 authorization hold on your card and you must have at least $100 available on your Card to purchase gas at the pump. To avoid the $100 authorization hold, we recommend you prepay for the gasoline inside of the gas station. When the gas station finalizes your purchase, you will be charged the amount of the purchase and the $100 authorization hold will be removed.
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I've moved, how do I update my address with Bank Freedom?
By accessing your Online Account, you may update your address one time. If you need to update your address more than once, you must call Customer Service at 877-237-6262 to receive a copy of the Change of Address request form.
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Can I have my tax refund put on my Bank Freedom Card account?
Yes, get your tax refund faster by having your tax refund direct deposited to your Bank Freedom Card account for free and avoid costly check cashing fees.
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Why did the restaurant place a hold on my purchase?
Bank Freedom reserves the right to place a 20% authorization hold on restaurant purchases. Some restaurants will place additional holds in addition to Bank Freedom to ensure that you have enough funds to cover any additional gratuity that you add to the overall restaurant authorization. Once the restaurant finalizes your purchase, you will be charged the amount of the purchase and the 20% authorization hold will be removed.
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Why is there an extra hold on my rental reservation?
Bank Freedom reserves the right to place a 20% authorization hold on hotel/lodging, car rentals and airfare/cruise reservations. When the hotel/lodging, car rental or airfare/cruise purchase is finalized, you will be charged the amount of the purchase and the 20% authorization hold will be removed.
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What is a Companion Card and how does it work?
A Companion Card is a convenient and cost effective way to share money and empower family members with the ability to make purchases with their own personalized prepaid MasterCard card. Primary Bank Freedom Card accounts can get up to to three Companion Cards for their family members. There is a Second Card Fee of $5.00 for each card. Each Companion Card has a maximum card account balance of $2,000. Funding your Companion Cards can only be done through a card-to-card transfer from the Primary Card account to your Companion Card accounts. There is no monthly maintenance fee for your Companion Cards. Call the number on the back of your card to request a Companion Card for a family member.
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BANK FREEDOM FREQUENTLY ASKED QUESTIONS
