The Consumer Financial Protection Bureau said Wednesday it is considering new consumer protections for the cards. Director Richard Cordray said he plans to bring more "safety and transparency" to the industry. The agency will seek comment from experts and the public on how fees are disclosed and on protection from unauthorized transactions.
Prepaid cards often come with fees associated with everything from calling customer service to using an ATM — users reported paying an average of about $2 every time they wanted to reload money on their cards, according to a study by Javelin Strategy and Research. That is significant for a product that is most popular among Millennials and consumers who make less than $15,000 a year, says Javelin President Jim Van Dyke.
Read Full News
Resources for YOU:
No comments:
Post a Comment