Consumer Financial Protection Bureau (CFPB)
It is evident that times have changed in terms of the mode of payment and money transfer globally. From the old system of sending of currency physically in letters, or even purchasing goods by paying money physically, to a later advancement of transferring or wiring money online and the introduction of using cards to acquire and send money.
The latest developments include the genesis of the prepaid card and the prepaid bank accounts, with the card holders having numerous benefits over the people using the normal bank accounts. All of these fall under the prepaid news. Many have always wondered what the prepaid card is, and how to distinguish between a prepaid card, credit card, and debit card. Below we are going to answer these and other questions you may be having, as well as informing you the latest prepaid news.
As the common adage goes, if you can’t beat them, join them. Similarly, the wave of advancement and the use of prepaid cards all over the U.S and developing countries has become the order of the day. Unlike the debit cards most people own, the prepaid card doesn’t have a link to your bank account, and generally, whenever you are using that prepaid card, you are using up money that has already been loaded up on the card.
In most of the cases, you can’t spend more money than you have on your prepaid card. Otherwise, spending more than you have will require you to repay a bank overdraft. In the current news, prepaid cards may have less consumer protection than the debit cards. These are such as the ones that apply if the card is stolen, lost, or when other unauthorized charges come up. What does this imply? Starting 1st of October 2017, the consumer financial protection bureau (CFPB) has issued a firm rule that requires all the prepaid cards to offer these protections.
Something else people tend to mistake or find contradictory is the credit card prepaid card relationship. Though performing one and the same task, and perhaps even having the same labeling, credit cards operate on the law of borrowing cash while prepaid cards involve using money that you already have, just as we said earlier.
With financial freedom and at fair prices, the visa prepaid card is one of the major modern banking advantages, as you can shop anywhere, with no bank account or credit check needed. As soon as you open up an account, quickly get the prepaid card after a short straightforward process, and enjoy free money withdrawals. The various types of trusted prepaid cards include; the ACE elite prepaid card, gold visa, and money pod.
Latest on the prepaid news-Thursday, various award winners who have been using prepaid services have been announced in several countries and it is truly worth using up the prepaid services every time you get the chance. With the assurance that nothing more than what you want to buy will be charged from your account, get your prepaid card, and subscribe for any prepaid news available.