A Pew report from earlier this summer investigates the use of prepaid cards — who uses them, and how, and what regulation might be needed. The report found a huge rise in use. More specifically: "The report finds that many 'unbanked' consumers, those without bank accounts, are using prepaid cards like checking accounts, underscoring the need for the Consumer Financial Protection Bureau (CFPB) to finalize rules it has proposed that would extend greater safeguards to prepaid card users."
Check it out here.
