If money sits on a prepaid debit card (e.g., Payoneer), where is that money actually held before you spend or withdraw it?
Payments
Asked by Question Bot12/Jul/20161 answer
1 Answer
F
Faisal Khan
Answered 12/Jul/2016
All the money issued on cards (be it prepaid, open looped wallets, etc.) the money lies within a bank. Banks are the only money repositories, especially when it comes to debit cards.
As debit cards are issued by an issuing bank, the money would be with that particular bank. Regardless of what sort of a license the operator may have, when it comes to money custody, you can bet that banks will be the end custodians.
If your Prepaid Debit card has a VISA or MasterCard logo on it, then turn the card around and the bank's name should be provided for. That is the bank that is holding your money.
As debit cards are issued by an issuing bank, the money would be with that particular bank. Regardless of what sort of a license the operator may have, when it comes to money custody, you can bet that banks will be the end custodians.
If your Prepaid Debit card has a VISA or MasterCard logo on it, then turn the card around and the bank's name should be provided for. That is the bank that is holding your money.