After a great deal of speculation, on November 13 the Consumer Financial Protection Bureau (CFPB) unveiled its proposed rules to govern the fast-growing prepaid debit card market. The proposed rules, which are open for public comment for 90 days, are an acknowledgment that more and more Americans utilize the cards to do their everyday banking.… Continue reading CFPB Proposes Prepaid Card Rules
Tag: Fee
Visa Attacks Prepaid Fee Confusion
It’s getting harder and harder for prepaid card issuers to be sneaky about their fees. Earlier this year the Pew Charitable Trusts issued a report detailing the lack of uniformity when it comes to prepaid fee disclosures and proposed a model disclosure box to make it easy for consumers to compare the fees associated with… Continue reading Visa Attacks Prepaid Fee Confusion
The Comeback Card – Secured credit cards offer a helpful route to the real thing
The horror stories about credit cards are real. Far too many people have used them irresponsibly and dug themselves a deep, deep financial hole that takes years or decades to get out of. But those unfortunate tales shouldn’t overshadow the very real fact that credit cards have revolutionized how we live, arguably doing for commerce… Continue reading The Comeback Card – Secured credit cards offer a helpful route to the real thing
Bankrate Surveys Prepaid Cards
One indication of the mainstreaming of prepaid debit cards is the amount of attention these once fringe financial products are attracting from the media. The most recent example of that is an in-depth survey of the fee structures of 30 prepaid cards by Bankrate.com, a leading personal finance website. Released on April 7th, Bankrate’s analysis… Continue reading Bankrate Surveys Prepaid Cards
Chase Liquid Adopts Disclosure Recommendations
Chase has adopted consumer-friendly disclosure recommendations for its Chase Liquid prepaid card. At the same time that the Pew Charitable Trusts unveiled detailed suggestions about the types of fees and other disclosures all prepaid debit card issuers should make available to consumers, Chase announced that it would do exactly what Pew advised. The popular Chase… Continue reading Chase Liquid Adopts Disclosure Recommendations
Walmart MoneyCard Prepaid Visa Debit Card
The Walmart MoneyCard prepaid Visa debit card is one of the cards that have the most attractive features on the market. Normally what attracts a person to a prepaid debit card is not its physical look but its usable features. The Walmart reloadable prepaid Visa debit card is not lacking in these either. The first… Continue reading Walmart MoneyCard Prepaid Visa Debit Card