Federal Agency Looking At Prepaid Cards

May 24, 2012

A federal agency is looking to better regulate prepaid cards. The Consumer Financial Protection Bureau held a meeting in Durham yesterday.

Gurnal Scott: The CFSB says people who put money on prepaid cards don't know about charges to withdraw money or even get information on their accounts. The cards aren't attached to any bank. Durham resident Amy Matthews found out after trying to get to the money she put on a card.

Amy Matthews: I mean every time you want to use your money they want to charge you to use your money. If you want to get a hold of your money they charge you for your money.

That's why the CFSB is working to put stronger rules on prepaid cards. State Attorney General Roy Cooper says a changing economy requires it.

Roy Cooper: Many vendors don't take cash anymore, so many consumers don't have the option without that card.

The agency is listening to comments and personal stories. It hopes to have new prepaid card rules drafted by late next year.