When you have a debit card tied to a traditional bank account and the bank goes out of business, the federal government guarantees you up to $250,000 of the money that you have in your account through mandatory FDIC insurance. “FDIC insurance is an important financial protection,” says Lauren Saunders, managing attorney of the National… Continue reading FDIC Insurance And Prepaid Debit Cards
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Prepaid Cards For Wisconsin Employees
Earlier this summer there were a series of negative media stories about the practice some companies were embracing of paying employees using prepaid debit cards. A frequently cited story in The New York Times described how companies like McDonald’s, Walgreens and Wal-Mart were eschewing paper checks and direct deposit in favor of prepaid debit cards… Continue reading Prepaid Cards For Wisconsin Employees
Oakland Issues Hybrid ID – Prepaid Debit Cards
According to the article by J.B. Wogan, the reason Oakland chose to do this is because of a desire to encourage more low-income residents – typically the segment of the population that does not already have an ID – to have access to traditional banking services. Often, citizens who don’t have bank accounts rely on expensive cash-checking and payday lenders for their financial service needs.
Occupy Prepaid Debit Card No Slam Dunk
Good intentions and plenty of publicity aside, the Occupy Cooperative faces a tough road ahead. That’s the message of a recent article in Time Magazine entitled “5 Hurdles an “Occupy”-Branded Banking Product Must Clear.” In the story, reporter Martha White identifies a number of challenges Ross and his colleagues will face as they begin their crusade to upend the financial services industry.
Changes To American Express Serve Accounts
Cardholders will now be able to withdraw cash without incurring a fee from more than 22,000 ATMs in the MoneyPass network worldwide. Outside of the MoneyPass network, Serve will charge $2 per withdrawal, which is in addition to any fee levied by the ATM operator. Perhaps the most important of the recent changes announced by American Express has to do with Federal Deposit Insurance Corporation (FDIC) insurance.
American Express Joins Forces With Video Game Maker
American Express announced a partnership with the developer of League of Legends, Riot Games, to release a line of prepaid debit cards geared specifically towards the game’s many devoted fans. According to a report in The New York Times, the collaboration is a way for American Express to capture the much- coveted attention of the mostly male, 18 to 24-year-old players while providing Riot Games with the kind of financial resources it needs to expand.