Banks' New Money Machine: Prepaid Cards

Gus Artiles used to wait anxiously for the mail carrier on Friday afternoons, hoping his California state disability insurance check would arrive before his bank closed for the day. Now Artiles, 54, doesn't worry about the the mail. By Friday morning, Bank of America (BAC) automatically loads his funds onto a prepaid card, which Artiles uses to buy groceries and gas like a regular debit card. "It's a beautiful thing," he says. "It's more convenient, and you get your money a lot faster."

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• Credit Report
• Secured Credit Card Applicants
• Prepaid Mastercard