Comments on how the CFPB should approach general-purpose-reloadable prepaid debit cards closed on July 23rd. The comments are available for the public to read on the CFPB's web site.
It appears that NetSpend customers were aware of the opportunity to comment. At least one referenced an
email that she received from NetSpend which brought up the CFPB's entreaty.
To save time for my readers, I am going to re-publish the full text of those comments:
- Joette Ortiz: "I just received email the that the CFPD is wanting to regulate prepaid cards and not let them have overdraft. I think that is so unfare since I have had my account I have had no issue on fees nor issue on getting my thing paid for. When I recived the option for overdraft that even maid the card more valuable to me and it just give me peace of mind if even I need it just for a day it is there and with banks it is all about the fees this is so unfare for the people who are working for hard for the money and the banks alway take it even if you are short by a few cents. why does anything have to change if nothing is broken what needs to be fixed. It like taken money away from the poor for the rich get richer and the poor get poor when all we want is to get ahead. So unfare what the CFPB want to do."
- B. Kinney: "Hi I am a faithful Netspend customer since 2008. I enjoy the many benefits that Netspend has to offer. I am please with any time alerts as well as the overdraft protection. That is offered once you reach a specific level. It would be a inconvenience if these features where to be abolished. Netspend offers are very much appreciated."
- Steve Brown: "i have had a pre paid visa card for four years now,and have no complaints with the company Netspend at all.The over-draft protection is optional,with a 48 hr. grace period,plus if you do overdraw the account the charge is only $15.00. Compared to a bank that always charged me $30.00!!!Since i am on a tight budget this really is convienant and a reasonable fee.Also you can only overdraw the account $85.00.Please leave my personal financial buisness alone!I can presume this special committee,must be the work of special interest groups such as the "Payday Loan Sharks or the almighty banking industry!!! Thank you S Brow"
- Bernard Burke: "I have a pre-paid card with direct deposit, I find that banking fees are just plan crazy. Banks just rip people off then come up with law to protect there racketeering, and loan sharking ways. It's legal !! So I went to a pre-paid card not only how they handle the overdraft fees (25 dollars less) but it was easy to transfer funds, see what my balance is and have a text message of my daily balance, even if banks offer the same as for the fees they will not come down off of them.To be honest banks are becoming a place just for the rich not for everyday people. I can do just about everything that I would with a big bank ,except for the fees of a big bank. with direct deposit it's there every time. no problems. I firm these types of non-banking institution, can help people with little income and help put people back on track with there finical health. "
- Tamara Fields: "Over draft protection is very important, also savings account paying interest."
- Leslie Perrizo: "Please don't make any changes to the prepaid visa card program. I use my card for everything from Internet shopping to ATM services to eating out. I have direct deposit which is very helpful for easy access to my money. I love the alerts that I get from my provider so I have up to the minute balances. I don't think I can express what a godsend this is to me. When you can't get a regular checking account this is the next best thing. I don't feel like a second class citizen with out a debit card. Have I used the overdraft protection -of course. And instead of the large over draft fee from a bank, these fees are manageable. And don't put you farther behind like the bank fees do. Please let me keep this little bit of dignity in my life. "
- Shauree Atkins: "I love my prepaid debit card. Please leave it alone. It makes my life so much easier. I dont have to worry about ridiculous bank fees or standing in lines and i know exactly how much is available on my card. I love my overdraft protection it really helps me out. I am a single mom with three kids and it is hard just trying to keep food on the table. My ODP does that for me. NetSpend is one of the best prepaid cards on the market and i would not change it for anything and i hope just for the sake of a few bucks you will not change it either. Thank You."
- Jospeh Mangiameli: "I have used my pre-paid card for over 4 years now and have enjoyed the benefits it gives me, I have my SSDI check sent directly to the institution (NetSpend Pre-Paid Card) being on a limited income (SSDI) I need to manage my money tightly, this card gives me that ability, plus I enjoy the overdraft protection they have given me, sometimes towards the end of the month I need it to buy food , medication ect. and i'm just days away from my SSDI check this feature it is a Godsent. I'm sure that my financial well being would not be as well off if I had to stop useing this card. Please consider the fact that there are many other like me, depending on this finacial tool to make their lives more manageable. Thank You for listening to me."
- Samantha Nichols: "I think it should be left up to the card holder I get my ssi benfits on my Netspend prepaid visa card and I sometimes use overdraft protection I like that option and use it to me it is a help would be like getting a payday loan only not what you can't afford so leave netspend prepaid visa cards alone and up to card holder thank you."
- Jeffrey Eichler: "i am a disabled veteran and i depend on my card...i have had banks in the past and they never work out...after my divorce i had to get a different bank and couldnt because my ex messed up our old account and all the banks work on the same system...with netspend i have been a member since 1998 and never once had an issue with them...i have direct deposit which is required for my pay, overdraft protection which comes in handy close to the end of the month when my money has run out and i need a little more food to feed me and my kids, life insurance which isnt a lot but its nice to know my kids will get something if anything were to happen to me in my bad health, also i can pay my bills without having to hop a bus and go all over town or buy a ton of stamps and mailing supplies, i also dont have to carry any cash and be afraid to get robbed i have had that done and dont want it again, i also get text alerts which help me know if there is any activity on my account, not to mention the option for a savings account that im able to put a few dollars away each month...if banks were more like the prepaid card people wouldnt be so upset as much...and then there is the fee you are charged every month...at only $7 a month plus the fee you get from the atm i still save a bundle on what i used to pay at a bank...seems the only ones that might not like a prepaid would be a big bank...there are drawbacks like renting a car or moving truck but i can do almost as much on a prepaid as i can a real credit card...as a matter of fact i have one but dont use it because it cost too much and with my disability i need every dollar i could get to support my family...oh yeah and customer support is great especially on netspend...not only can i call and talk to a real person but i can use the online tools...this veteran depends on my card as i cant get a real bank because of my divorce messing up that option but my credit as well..please dont mess with a good thing...have a great day..."
- Shantay Phillips: "My prepaid card makes my life wonderfully easy, especially on the days when our checks are late and we can use the overdraft protections. Overdraft protection is a wonderful feature to have available on a prepaid card. Making decisions about someones personal financial life without hearing the positves Pros of having a prepaid card isn't professional. My prepaid cards gives me the option to have real time alerts on the card, Do you know how wonderful it is to be able to know when someone else is using your card without your permssion? it gives us the opportunity as a customer to call netspend and cancel the card without having extra charges."
- Windale Bafford: "The prepaid card makes my life easier by offering real time alerts about your balance (which most banks don't even offer), optional overdraft protection or Savings Accounts that pay you interest. It is a great way to help me eliminate credit cards usage which creates more debt on an individual or family. I have only little debt to go before i am financially free!"
- Angelica Thomas: "My prepaid card is wonderful,convient and very secure I want to vontuine to use my card from netspend it"s the best and I recommend all my family and friends to get one, I dont know wgat I would do or be without them thanks netspend for a secure life and financial planning."
- Katrina McClary: "I love netspend it allows me to be protected it allows me to save money in a saving acct.when im short it allow me to over draft."
- Rebecca Egley: "There are far too many regulations on debit cards through banks which is the main reason that I primarily use my prepaid card to make payments and other typical transactions. The prepaid card makes my life easier becuase it's quicker to go to the prepaid store to load and withdraw money, make payments through them. It also is better for me and my family because they don't require a minimum balance as many banks do with regular debit cards and in this economy, living paycheck to paycheck is the only option for us. It is more convenient for us becuase they offer real time alerts about my balance unlike many banks, they also offer optional overdraft protection that help you get through that last day before pay day. The best part about this card is that they still offer a savings account that you can move money to an from and have the chance to earn interest on the money you enter into the account. We do not abuse the card and are lower class people who are trying to find the best way to be able to pay our bills and have easy access to the money that we earn and save. This prepaid card is the option we have chosen to go with for the last 3 years because of the simplicity and ease of using this card compared to other options that are offered at multi million dollar bank companies. Putting these restrictions on these prepaid cards will simply prevent normal hard working people from being able to do what is necessary in order to work and provide for their families. "
- William Ravens: "Dear Congress, Keep your hands off our prepaid cards!!! These banks are crooks. I love the conveince of my Netspend card. I have never had a problem With them that they didn't resolve, unlike the Banks I've dealt with before. So there again I say Leave the prepaid card industry alone they are doing just fine without you all messing them up Too!!!! Thank you William Ravens"
- Gloria Harrison: "Having my prepaid card has made my life extremely easier; I don't have good credit and having this card has made it easy to pay my bills, keep track of my spending, and having the Overdraft protection services have been very important. Also having a savings account has also been wonderful. I have had my prepaid card for over 5 years and I DON'T WANT ANYTHING TO CHANGE....IT'S MY MONEY AND THEY PROTECT IT WITH NO UNNECESSARY FRILLS!!"