New CFPB tool helps consumers compare prepaid card fees

Monday, October 21, 2019

 

The Consumer Financial Protection Bureau’s (CFPB) new prepaid product agreements database allows consumers to find and download the user agreements for over 2,000 prepaid products. User agreements include information on a product’s various fees, terms and conditions (like overdraft fees, withdrawal limits and spending limits). The prepaid card database is searchable by product name, card issuer or keyword.

New fee disclosure rules that took effect in April require prepaid card companies to submit their fees, terms and conditions to the CFPB. The database is updated nightly with any submitted agreement changes.

The following prepaid products are included in the database:

  • Digital wallet/P2P
  • Government benefits
  • GPR (General Purpose Reloadable)
  • Payroll
  • Prison release
  • Refunds
  • Student
  • Tax
  • Travel

For more information on the CFPB’s new prepaid product agreements database, visit the agency’s website.

For more information on choosing a prepaid product, check out Consumer Action's free publication Questions and Answers about Choosing and Using Prepaid Cards. The manual can help answer many questions about reloadable prepaid cards, on everything from loading and using a card to card policies and protections.

 

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