Customers can use an ACE Elite pre-paid debit card in the same way they do a bank debit card; however, the ACE Elite card is not attached to a checking account. Customers often pay more in fees with a pre-paid debit than a bank debits, states Bankrate.
The fees banks charge for a checking account and debit card vary by bank. Many banks offer free checking with no monthly fee. Others offer accounts that earn interest on the money in the checking account. Bank accounts usually do not charge for each debit transaction, although they do charge overdraft fees.
Customers can choose from three ACE Elite options that have different fee schedules. As of 2015, the ACE pay-as-you-go does not charge a monthly fee, but customers pay $1 per transaction using a signature and $2 per transaction using a PIN. The fee-advantage plan costs $9.95 per month with no charge for transactions. Customers who set up direct deposit of at least $500 per month qualify for the direct deposit fee advantage plan that only costs $5 per month.
ACE Elite charges customers a fee of $2.50 for each ATM withdrawal. Most banks do not charge a withdrawal fee if the customer uses the bank's ATM. In addition, ACE Elite may charge customers a fee to load money onto the card. Banks allow customers to make free deposits into their checking accounts.