How Safe Are Prepaid Cards? CFPB Seeks to Find Out


0  Updated at 8:15 am, May 23rd, 2012 By: ABC Digital
Share This Story

Hemera/Thinkstock(NEW YORK) — Prepaid cards may face new federal regulations.

The Consumer Financial Protection Bureau has taken the first step Wednesday morning, asking for comments on how to make sure prepaid cards are safe and come with transparent terms.

Bureau Director Richard Cordray says the cards have fewer protections than bank accounts and debit cards.

Banks have been criticized for the expensive fees that come with prepaid cards.

Copyright 2012 ABC News Radio

Stories You May Be Interested In:

EAST IDAHO NEWSMAKERS: The owners of Fin Fun

21 May 2017

Nate Eaton,

Pachangas restaurant moving to new location

22 May 2017

Paul Menser, BizMojo Idaho