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Payments

There are many different ways to pay, including gift cards, prepaid cards, or even with your mobile phone. But you don’t get the same consumer protections with each payment choice. We’re working to expose bad practices and to enact strong protections no matter how you pay.

Subtopics of Payments


Publications

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Press Releases

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Blog Posts

  • Watch Out for Payday Providers’ Prepaid Cards

    Gotcha fees and harmful practices make payday prepaid cards a bad deal for consumers                                         Prepaid cards provided by payday lenders for their customers to receive the proceeds of a payday loan are dangerous traps for Continue Reading

  • Bitcoin Curious? The FTC Has Some Advice for You

    People who have made purchases with the virtual currency bitcoin have run into trouble one of two ways, according to the Federal Trade Commission (FTC): Online merchants who don’t deliver the product on time or at all; and Merchants who give refunds in store credit, rather than currency. And that’s not the only thing to Continue Reading

  • Who Uses Prepaid Cards? Studies Say Millennials

    The largest generation appears to be using prepaid cards. A spring survey by TD Bank found that one in three millennials uses a prepaid card, echoing the findings of an earlier study by the Federal Reserve Bank of Philadelphia. Prepaid cards look and work much like traditional debit cards, but aren’t linked to a traditional Continue Reading

  • A Quick and Dirty Payroll Card Primer

    Many workers – maybe you – get paid by electronically. If you have a bank account, your pay probably gets direct deposited to your account. But for folks who don’t have bank accounts, a payroll card, a type of prepaid card, may be an option. Payroll cards look and work much like debit cards, but Continue Reading

  • PayPal Behaving Badly?

    CFPB Files Complaint Alleging Unfair, Deceptive and Abusive Practices   PayPal enrolled people in its credit program, known as Pay Pal Credit (formerly Bill Me Later), without their permission,  forced customers to use PayPal Credit even when they indicated they wanted to pay another way, failed to properly process payments, refused to honor and apply Continue Reading

  • A Better Day for Mobile Pay? Google Wallet Adds FDIC Insurance

                  Good news for consumers who store funds directly in a Google Wallet: your funds are will soon be protected by Federal Deposit Insurance Corporation (FDIC) Insurance, according to press reports. In general terms, deposit insurance makes sure that consumers don’t lose money if the bank where their money Continue Reading

  • Your Wallet on Four Wheels?

    Could the ultimate mobile payment device be your car? Payments Source reports that financial technology providers, payment card networks, banks, car manufacturers and retailers are all thinking about ways to turn cars into wallets. For example, you could – maybe, someday – use your car to order a pizza from Pizza Hut and pay via Visa Checkout. Or Continue Reading

  • Alert: Facebook’s New P2P Terms of Service Say You’re On Your Own If Things Don’t Work Out

    In March, Facebook announced the launch of a payments feature for its Messenger application. It allows users to send each other money with just a message, just like this image from Facebook’s press release about this new service: In order for the transaction to go through, of course, you have to have money available to Continue Reading

  • Bitcoin Exchange Hack Highlights Virtual Currency Risks

    Not again?! It appears that another Bitcoin exchange has suffered a hack. Bitstamp apparently lost about 19,000 bitcoins, according to news reports  – that’s around $5 million – and is temporarily shutdown as of this writing (see screenshot for what we found when we went to Bitstamp’s website today). In light of this news, now Continue Reading

  • Zero Balance: What to Do If You Encounter Gift Card Problems

    After the holidays, people everywhere are eager to spend the gift cards they received from friends and family. However, some consumers may get a nasty shock in the checkout lane: the gift cards they expected to be loaded with cash turn out to be empty. Empty gift cards were a big problem in 2014; thankfully, Continue Reading

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