We support reforms to the financial marketplace to curb bad practices by banks and lenders.
Dennis of Palo Alto, CA
My 16-year-old son was headed to Spain for a month-long cultural program. We wanted a secure way to send with him at least some of his spending money plus an easy way to transfer more to him, if needed. We found a couple of cards marketed specifically for parents to use to help teach children about money management (VisaBucks?) As you describe, the fees were ridiculous and ever-present. About the only way to avoid some of the initial fees was to have a pre-existing relationship (an account) with the bank selling the card. So we backed away from this apparent rip-off that seemed worse than just “nickel and diming.”