The bank said that the account is designed for individuals who do not qualify for a traditional checking account. It has a flat monthly fee of $10 that can be reduced to $5 with monthly deposits totaling $1,000 or more.
The account holder of MoneyAccount can only spend funds that have been deposited, helping them to manage their finances and eliminate the risk of overdraft fees.
Scott Qualls from BB&T said that nearly 60 million Americans do not have a bank account today or they are underbanked. The BB&T MoneyAccount is a prepaid solution that provides clients with a secure and easy way to access their funds. It also features a simple, transparent fee structure.
According to the BB&T, the MoneyAccount features include: free PIN and Signature purchases anywhere Visa debit is accepted worldwide; free BB&T ATM cash withdrawals and inquiries; free direct deposit; free transfers to/from other BB&T accounts; free mobile banking and alerts; and BB&T Complete Client Protection for unauthorized purchases if the card is lost or stolen.
Visa head of Global Prepaid Products Brian Triplett said that the BB&T MoneyAccount opens the door for more consumers to enter the financial mainstream and enjoy the convenience and security of electronic payments.
