An analysis of 10 prepaid debit cards found that seven failed to meet standards on disclosures that the federal government has proposed.
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The Consumer Financial Protection Bureau wants prepaid card users to have financial protections similar to those enjoyed by consumers who have bank accounts and credit cards.
These cards have lower fees and better terms than they did a few years ago, but they do have drawbacks.
Parents like to use these cards to give allowances or emergency cash to older kids, but they have other uses that probably haven’t occurred to you.
Prepaid cards are known for coming with a lot of fees — but some aren’t so bad, Consumer Reports says.
Prepaid payroll cards can make money for banks, and save money for the employers who use them, but they come with heavy fees for employees, many of whom are already earning low wages.
One of the most sophisticated cybercrime attacks ever was pulled off with the help of ‘cashing crews’ that accessed massive numbers of ATMs.