Debit cards and prepaid debit cards available to college students have plenty of room for improvement. That is the overriding conclusion of a recent report issued by the U.S. Government Accountability Office, or GAO, the investigative arm of the U.S. Congress. The GAO opted to scrutinize student debit cards because the number of universities and… Continue reading U.S. Government Urges Changes To Student Debit Cards
Tag: prepaid cards
Prepaid Card Popularity Continues To Rise
The meteoric rise in prepaid card popularity is continuing. According to a recent statement by Fitch Ratings, a Chicago-based rating agency, the use of prepaid cards is also likely to continue well into the future, fueled by changing consumer behaviors and banking industry dynamics that have made debit cards less appealing. Fitch says the combined… Continue reading Prepaid Card Popularity Continues To Rise
Study: Consumer Debit Card Use Declines As Prepaid Grows
Instead of debit card usage, Mercator’s researchers found that consumers are relying on what have often been considered fringe financial services. For instance, largely forsaking the services provided by banks and credit unions, half of consumers surveyed said they were using check cashing, bill payment, money transfers, short-term loans and rent-to-own arrangements to take care of their financial needs.
Pew: Best Prepaid Cards More Affordable Than Checking Accounts
Other improvements for prepaid cardholders noted by the study’s authors include much better disclosure. For instance, nearly all of the cardholder agreements examined by Pew included language explicitly stating that customer funds would be covered by Federal Deposit Insurance Corporation (FDIC) insurance.
For Prepaid Cards, Choose EMV Chip Cards, A Smart Card All Around
By Curtis Arnold Besides the thieves themselves, the main culprit to emerge from the recent heist of personal information from over 100 million Target and Neiman Marcus shoppers isn’t human at all. Rather, the unlikely villain is a decades old piece of technology known simply as the magstripe, or magnetic stripe, that graces the backs… Continue reading For Prepaid Cards, Choose EMV Chip Cards, A Smart Card All Around
Banks Sponsor Prepaid Debit Cards
The recent announcement about wireless carrier T-Mobile’s new prepaid debit card has highlighted the popularity of this still relatively new financial product among banks. According to a recent article in The Washington Post, banks are increasingly excited about the prospect of teaming up with retailers like T-Mobile to offer prepaid debit cards. The reason? Money,… Continue reading Banks Sponsor Prepaid Debit Cards