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Prepaid Cards

Prepaid cards are the newest plastic payment cards. They look like debit cards with a logo from a major card network. Consumers are likely to purchase these cards for a fee, and often pay additional fees to use the prepaid funds loaded onto the card to make purchases or pay bills. These cards function much like a debit card linked to a bank account, but do not have the same guaranteed consumer protections. Gift cards issued by a retailer have different laws. Click here to learn more.

Publications

Press Releases

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Blog Posts

  • Prepaid Card or Pawn Complaint? The CFPB Is Ready to Help

    Since it began accepting consumer complaints in July 2011, the Consumer Financial Protection Bureau (CFPB) has helped hundreds of thousands of consumers resolve issues with loans, bank accounts, and other financial products. Now, it’s ready to help consumers with prepaid cards and non-bank financial products, such as pawn and car title loans, and credit repair Continue Reading

  • Let the Consumer Financial Protection Bureau Continue To Do Its Job

    (Cross-posted from Consumer Reports Online in an article by Stephen Saltzman) On July 21, the Consumer Financial Protection Bureau will mark its fourth anniversary. The consumer financial watchdog, created by Congress in the wake of the financial crisis caused by shady mortgage lenders and Wall Street abuses, has done a lot for consumers in just Continue Reading

  • Suze Orman’s Prepaid Card Is Going Away July 1, 2014

    What Cardholders Should Do Now Launched to great, um, fanfare, not more than 36 months ago, Suze Orman’s prepaid card, the Approved Card, is closing up shop. While the personal finance guru has been silent about this development, cardholders report receiving letters that say that the Approved Card will no longer work after July 1, Continue Reading

  • Data Breaches Driving You Crazy? California DMV gives consumers new reason to worry.

    Uh, oh. It’s happened again: another data breach. Consumers who used the California Department of Motor Vehicles (DMV) online credit card payment system may find their credit card information is at risk. The California DMV’s Public Information Officer, Armando Botello, says that the DMV was “alerted by law enforcement authorities to a potential security issue Continue Reading

  • A Selfie for Your Checks? What You Should Know about Remote Deposit Capture

    by guest blogger Caitlin Watkins  Too busy to go to the bank? Hate waiting in lines? I sure do. That’s why I tried Mobile Remote Deposit Capture (mRDC), which is basically like taking a selfie of all of your checks to be deposited straight to your bank account or prepaid card.  Awesome, right? Even the Continue Reading

  • THINK GLOBAL, SPEND LOCAL: CITIES OFFERING NEW FINANCIAL PRODUCTS

    Thanks to J.B. Wogan over at Governing magazine, we’ve heard about a new product: a municipal gift card. According to Mr. Wogan’s story,  New Haven, Connecticut, is launching the “New Haven Shop-Dine-Park” gift card. Gift cards are different from the city-backed prepaid cards we’ve written about here. With the exception of gift cards for time at Continue Reading

  • Why The CFPB Is The Best Thing To Happen To Americans Since J.Law

    Jennifer Lawrence is pretty awesome, right? For several years now she’s excelled at playing characters that excite the American imagination- they’re young, vibrant, and struggle against difficult odds or crafty opponents.  The Consumer Finance Protection Bureau (CFPB) is also young, rather vibrant, and also goes to battle with powerful forces but, despite all this, the Continue Reading

  • Transaction Monitoring and Credit Monitoring in Light of the Target Breach

    Target has begun to offer security breach victims free credit monitoring for a year now that approximately 110 million Americans may have had their data compromised due to a security breach. We’ve advised consumers to conduct regular transaction monitoring to prevent fraud, and now some consumers have been asking us, “What’s the difference between transaction Continue Reading

  • Scam Watch: MoneyPak Scams Draining Consumers’ Wallets

    by guest blogger Caitlin Watkins Warning: there are a number of different scams out there that utilize Green Dot MoneyPaks. MoneyPaks, found at corner stores and big retailers alike, are commonly used to reload prepaid cards, add money to Serve or PayPal accounts, or pay bills. Scammers have caught on to these relatively anonymous payment Continue Reading

  • Best Prepaid Cards Are Versatile, Safe, Transparent & Reasonable

    A prepaid card is a plastic card that you “load” with money. Prepaid cards are available online, in stories and even from banks. Some prepaid cards can be expensive to use and not all prepaid cards have the same functionality. To help sort things out, we’ve rated prepaid cards for Value, Convenience, Safety and Fee Transparency. The overall best Continue Reading

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