A Consumer Financial Protection Bureau mandate kicked in this week, compelling prepaid card issuers to offer the same basic protections and services that users of bank debit cards receive. A simple fee chart will disclose how much prepaid customers pay for using ATMs and reloading their cards; and they also will be protected from fraud, unauthorized charges, and errors. “Now there is little difference between prepaid cards and bank checking accounts as far as the laws are concerned,” says Sue Brown with Mercator Advisory Group. The regulation comes as the payment option gains momentum in the United States. The volume of funds loaded onto general-use prepaid cards surged from $208 billion in 2012 to $324 billion in 2017 and could hit $428 billion by 2021, according to Mercator.
Similar Posts
Experian study finds most millennials need to improve borrowing behaviors before homebuying
Experian®, the world’s leading information services company, released a study today that highlights the borrowing…
Attention shoppers: Price hikes are ahead, but consumer companies hope you won’t notice
Inflation is coming. Look no further than Coca-Cola and Procter & Gamble sharing plans this week to raise prices to offset…
17% of Americans Hit by Fraudulent Bank Account Activity
As many as 17% of consumers experienced fraudulent bank account activity in 2017, up moderately…
Millennials Not So Keen About Credit Cards
People age 29 and younger are 93 percent more likely to have a negative opinion…
Americans Are Increasingly Obsessed With Their Credit Scores
An increasing share of Americans say they know the three-digit number that influences their ability…
Why women notoriously have more credit card debt than men
It’s no surprise that Americans love their credit cards. So much so, that outstanding credit…