Minnesota Star-Tribune on Whether the CFPB Will Regulate Prepaid Cards

Here.  One concern is that fees are not described uniformly, and apparently that makes it hard to comparison shop for such cards.  Excerpt:

“It’s like the Wild West in terms of the different fees and policies,” said Odysseas Papadimitriou, CEO of CardHub.com. “The card issuers have a million different fees and everyone calls it something else. Consumers are completely confused about them.”

But the article discusses other issues as well.  Such cards, along with mobile payments, may represent the frontier in consumer payments.

Leave a Reply

Your email address will not be published. Required fields are marked *