Are prepaid charge cards assisting or hurting customers?

By |December 1st, 2020|

Are prepaid charge cards assisting or hurting customers? The middle for Responsible Lending is really a research that is non-profit policy company specialized in protecting home-ownership and household wide range. Let us start out with the premise that is following when it comes to technology and therefore key item expenses, basic function reloadable prepaid cards are indistinguishable from debit cards connected with checkless checking reports. Both prepaid and debit cards must keep a database of specific account documents; both access the exact same repayments system via a bank person in a funds transfer community such as for instance Visa or MasterCard. Both prepaid and debit cards have actually a requirement to “know your client” considering that the reports must move across a bank to get into the re payments system. […]