It’s Time to Regulate Prepaid Cards as Bank Accounts
On its face, these trends appear both complementary and worrisome. People abandoned or poorly served by traditional banks often rely on alternative financial tools, like check-cashing services and pawn shops, notorious for high fees and gotcha penalties. And prepaid products have also for years been criticized for high fees and predatory marketing.
The above excerpt was originally published in American Banker. Click here to view the full article.
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Authors

Gadi Dechter
Managing Director

Joe Valenti
Director, Consumer Finance