Take action: Urge the CFPB to act immediately to protect consumers so that prepaid cards are safe and transparent
A general purpose reloadable prepaid card is a relatively new consumer financial product that is growing in popularity: a debit card that is not attached to a traditional checking account. Prepaid cards have become increasingly accessible for consumers and in many instances are now more affordable than basic checking accounts.
Research by The Pew Charitable Trusts also shows that although prepaid cards offer many benefits, protections lag far behind other banking products. No federal laws or regulations protect consumers from hidden fees, unauthorized transactions, or loss of funds.
The Consumer Financial Protection Bureau (CFPB) is mandated by Congress to make financial products safe and transparent. Sign the petition and ask the CFPB to write new rules to make these prepaid cards fair for consumers and ensure that providers disclose the terms, conditions, and fees associated with prepaid cards in a simple and easy-to-understand format.
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