The money on a prepaid debit card is not held in a bank account with your name.
Judgment creditors would love to be able to garnish a Visa prepaid card – but they can’t.
A creditor won’t be able to locate and garnish it.
Prepaid debit cards are a relatively new concept.
Can prepaid cards be garnished?
Prepaid debit cards are traceable to an individual. A bank account exists behind the scenes of a pre-paid debit card. These accounts are typically FDIC insured. Although it is possible to garnish pre-paid debit cards, and garnishments have occurred, the risk of garnishment is relatively low.14 Jan 2014
Can the IRS levy my prepaid debit card?
You can put your cash onto a prepaid Visa debit card. Once the levy is in place, the IRS can only take the funds that are in your account at the time of the levy, if you get another deposit, that money is accessible. IRS levies are serious business.9 Aug 2011
Are prepaid cards Anonymous?
So are privacy-friendly cryptocurrencies. But prepaid cards don’t cut it. The seller can easily be reported to the network and banished. The last drawback of non-reloadable prepaid debit cards is that they can’t be used to make anonymous person-to-person payments.31 Mar 2019
Are Green Dot cards traceable?
Like wire transfers, money sent through MoneyPaks is not traceable and Green Dot is not responsible if consumers are defrauded, he said. Green Dot products are sold at many major retailers, including large discount store chains and drug stores.9 Jul 2012