Beginning in March 2013, nearly all federal payments, including Social Security, will be made electronically. Instead of paper checks, most recipients without bank accounts and direct deposit will receive their benefits on a government-issued prepaid card. This is part of a broader trend. Prepaid card use has already grown rapidly for payroll purposes, distributing state and local benefits, and as a transaction tool for people without bank accounts. Why are prepaid cards becoming so popular? What is the potential for these cards to build financial stability as an alternative to bank accounts? What are the pitfalls? Should prepaid cards and bank accounts have common regulations? Please join the Center for American Progress for a lively discussion of these issues with our distinguished panel.
Featured panelists:
Melissa Koide, Deputy Assistant Secretary for Consumer Policy, U.S. Department of Treasury
Jeanne Hogarth, Vice President of Policy, Center for Financial Services Innovation
David Rothstein, Policy Director, Policy Matters Ohio
Moderated by:
Joe Valenti, Director of Asset Building, Center for American Progress