A free bank account designed for US Hispanic immigrants.PoderCard is a digital bank account built specifically for the Hispanic community. It has no hidden fees or minimum deposit requirements. Plus, the mobile app has a bilingual interface that lets you switch between Spanish and English. But PoderCard doesn’t support joint accounts.
Minimum deposit to open
Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.
Expert reviewPoderCard is closing the banking gap by providing a free digital account to underserved populations and the unbanked. It has early direct deposits and no monthly fees or minimum deposit requirements, but you can’t open a joint account with a friend or family member.
And you’ll pay fees if you use an out-of-network ATM, need a new debit card or deposit cash at a retail location.
What are the benefits of the PoderCard account?
The PoderCard is built in partnership with Green Dot. It’s FDIC-insured, comes with mobile banking and online bill pay and has these features:
- Minimal fees. You won’t pay for monthly maintenance fees, minimum balance fees or overdrafts with PoderCard.
- ASAP direct deposit. Get direct deposit paychecks and government benefits up to two days earlier than you would with a standard bank account.
- Large ATM network. Withdraw cash for free at over 46,000 AllPoint ATMs nationwide.
- Financial wellness library. Stay in control of your finances with a free library of personal finance resources.
What should I look out for?
While the PoderCard account has its benefits, it has potential drawbacks:
- No joint accounts. PoderCard only offers individual accounts.
- ATM restrictions. You can’t withdraw more than $500 daily or $3,000 monthly from ATMs. Plus, you’ll pay a $3 fee if you use an out-of-network ATM.
- Miscellaneous fees. Expect to pay $5 for replacement debit cards, 3% for foreign transactions and $2.50 if you withdraw cash with a bank teller.
- New account. PoderCard is new and doesn’t have any other accounts, so it may not be a good option for those who want to keep their banking under one roof.
If you were hoping to open a checking and savings account at the same bank, you’ll want to keep looking. As always compare your options when considering a digital bank account.
Compare PoderCard to other digital bank accounts
How do I open a PoderCard account?
Follow these steps to open a PoderCard account online:
- Download the official PoderCard app from the Apple Store or Google Play Store.
- Open the app, select whether you wish to view it in Spanish or English and click Next.
- Create your username and password and click Setup App Login.
- Create and confirm your four-digit mobile unlock code.
- Enter your phone number and click Next.
- Enter the code that was sent to your phone and click Confirm Mobile Number.
- Type in your Social Security number, ITIN or Matricula Consular photo ID.
- Follow the prompts to verify your identity and request your debit card.
Once your account is set up, you’ll receive your PoderCard debit card in the mail within seven business days.
Anyone who meets these requirements can open a PoderCard account:
- At least 18 years old
- Valid Social Security number, Individual Taxpayer Identification Number (ITIN) or Matricula Consular photo ID
- Full name
- Date of birth
- Phone number
- Social Security number, ITIN or Matricula Consular photo ID
- Driver’s license or other identifying documents
How do I deposit or withdraw my money?PoderCard gives you several ways to deposit and withdraw money from your account:
- Direct deposit
- Transfer from another bank
- Cash deposits at a Green Dot location
- At an ATM
- Cash back at a retailer
- Transfer to another bank