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prepaid debit cards
If a way to make people with prepaid cards decide to save money remains an unsolved mystery, then perhaps one solution might be to bring the reward that could come from savings into the sightlines of those individuals.
The logic behind PiggyMojo, a small company whose new savings program is
When CEOs or prepaid card companies act to counter the voices of critics that call their products "second-tier bank accounts," one oft-cited defense has been that these cards have FDIC insurance. American Express' BlueBird card - otherwise a functional and affordable product - remains the lone holdout among major prepaid cards.
Any prepaid debit card can come with FDIC insurance as long as funds are placed into a bank account held in the name of the depositor. There is a cost, which the FDIC assesses based on the sum of deposits as well as the
In a sector where the pace of change is moving quickly, both in the makeup of the products that it offers and with the regulatory system that governs it, it goes without saying that things will look different one year from now. The question is not "if," but how.
Five questions that could be answered in 2013:
Consumers can get a lot from their prepaid debit card, but one exception to that rule is good customer service. With almost every instance, calling a prepaid card company is a difficult exercise.
I call customer service regularly. For me, it's a good way to ask basic questions about new products. While it
The National Council of La Raza has released a new study which offers some interesting insights into the use of prepaid debit cards by low-income Latinos. La Raza conducted a survey of 279 Latino tax filers at VITA sites in five cities in April 2010.
- Top reason to get a prepaid card: "It seemed convenient."
- Best place to buy a prepaid card: Wal-Mart
- Top reasons to use a prepaid card: Pay bills, shop online, buy basic household items, or save money for an
On April 27th, the FDIC shuttered Palm Desert National Bank and arranged through a mix of government subsidy and private investment that the bank's operations would be assumed by Pacific Premier Bank. This presented perhaps the closest call to date for an event that might test the ability of the FDIC to deliver on its promise to repay depositors of a failed bank.
Prepaid deposits will not be in danger this time. Moreover, the current location of those
The amount of dollars loaded on to prepaid cards by US consumers continues to show no signs of slowing down. One consulting group says that prepaid card users put more than $57 billion in loads on to their cards in 2011.
The sum of loads is yet to plateau. In 2010, prepaid card holders put almost $41 billion on to
Maintenance fees are a small portion of costs for active card users: When you focus on the slice of cardholders that really use these cards to their maximum capacity, then most of the fees are driven not by monthly maintenance costs but instead by things like fees for using an ATM or buying something at the