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Proposed Prepaid Rule Drawing Comments on Overdraft

Adam Rust's picture

Posted February 17, 2015

With a little over one month left for commenters to offer their opinion on the CFPB's proposed rule for prepaid cards, more than 150 comments have already been filed. The CFPB posed hundreds of questions in their 870-page ANPR. To date, one subject has provoked all but a few of the submissions: overdraft. 

Significantly, many of the comments are the same. In 41 of them, comments included this exact language: 

I choose/chose to have overdraft protection on my prepaid card. I believe I should have the right to choose to use services like overdraft. Please make sure the CFPB rules allow me to choose the features best for me.

More than three-quarters of the overdraft-related comments were received in the period from February 5th to February 7th.