Reviews daily news reports but goes deeper rearching and adding pertinant information from multiple sources
NJ Senate urges US Fed
Jan 7, 2009, Trenton:
NJ Senate asks Fed to better regulate pre-paid debit cards?
A 36-0 resolution in the NJ Senate calls on the Fed's board of governors to regulate pre-paid debit cards more closely. Requiring all issuers to clearly disclose fees.
Pre-paid debit marketers collect fees (often excessive and poorly disclosed) in various ways. The following are the key areas o concern for most regulators.
- Opening an account - Loading cash onto the card - Monthly maintenance fees. - Cash withdrawals from ATMs. - Over the limit fees - Poorer protections from theft or loss of cards or PIN numbers.
Pre-paid debit cards are most often used by the credit challenged or by students.
One relatively area where pre-paid debit cards appear to deliver real value is in the area of International payments because it allows payors in the US to deposit fees in cards used by freelancers abroad so that they can have access to funds immediately.
One area where pre-paid debit cards are often not accepted is for repeat purchasing transactions such as web hosting etc.
