We support reforms to the financial marketplace to curb bad practices by banks and lenders.
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.
Blog Posts
- Is my money safe?
Bank accounts are insured for $250,000 under federal deposit insurance, and most brokerage investments are protected by a private scheme for losses of up to $500,000, but your money might not be protected if you have money on a retailer gift card or this month’s paycheck on a prepaid card.
- CU Urges Fed To Protect Payroll Card Users
The Federal Reserve Board should protect workers who are paid with electronic payroll cards by providing needed safeguards in the event such cards are stolen or money is withdrawn fraudulently, a group of consumer, community reinvestment, and labor organizations said today.
- Protect Wages on Payroll Cards
Consumer, labor, community reinvestment and community development organizations ask the Federal Reserve Board to issue an interpretation of federal Regulation E to apply its consumer protections to stored value cards, particularly for payroll cards.
Worried about retirement?
The stock market has been unusually volatile, plunging hundreds of points, creeping back, only to plunge again. It is hard to stay disciplined about saving when every dime you’ve invested can evaporate in a day.
What is your biggest concern about your own retirement? We want to hear from you.
Where to complain
Online, by mail, phone or fax... Agencies need to hear from you!