The number of Americans who have cut the cord with mainstream banking has risen by 821,000 households in just two years, a newly released survey finds. One in 12 households or 8.3% are unbanked, while another roughly 20% are what researchers call “underbanked.” We’re ostensibly well into economic recovery, so why are more of us telling …
Reloadable Prepaid Cards
Which Cost Less: Checking Accounts Or Prepaid Debit Cards?
Unless you’re a whiz at managing your money, a checking account is going to cost you more than a prepaid debit card, a new report concludes. And if you do a really poor job handling your personal finances, you could end up paying …
The Growing Debate Over Prepaid Debit Cards
At an event in Durham, N.C. on Wednesday, Consumer Financial Protection Bureau director Richard Cordray announced that the agency is “decid[ing] how we should go about regulating prepaid cards to better protect consumers and to provide clear rules for prepaid providers.”
The rapidly growing prepaid market is attracting both banks and …
Should Colleges Earn Money From Prepaid Student Debit Cards?
Prepaid debit cards are becoming the de facto debit cards for a growing number of people these days. This is partially because issuers are promoting the heck out of them and partially because people, especially younger people, view them as preferable to a traditional bank account. As a result, a small number of colleges are experimenting …
AmEx Gives Prepaid Card Users a Chance to ‘Graduate’ to a Regular Charge Card
Prepaid debit cards catch a lot of flak for being loaded with fees, but that’s not even our biggest beef with them: When people use prepaid debit in lieu of credit cards, they’re not building a credit history, which strands them on the fringes of the financial mainstream. When Suze Orman came out with her prepaid debit card, she said she …
Suze Orman’s New Prepaid Debit Card
Oprah pal Suze Orman never had much in common with reality TV‘s Kardashian sisters — until now. The personal finance personality debuted a prepaid debit card, the Approved Card. Prepaid cards are notorious for high fees — and …
4 Reasons a Prepaid Debit Card Can Cost You Big
The Los Angeles Times recently reported that a TSA worker was caught after stealing valuables from passenger luggage. Among the pilfered items was a prepaid debit card with $1,000 loaded on it. While having a debit card stolen is …
