Pew about Prepaid Cards Research Project

USA Today: Be Wary of Prepaid Card Protection

Policymakers can -- and should -- require prepaid card issuers to acquire FDIC insurance.

Infographic: Risky Refunds

What are the risks when consumers receive their tax refund on a prepaid card? The use of general purpose reloadable prepaid cards has grown 600 percent since 2010, and Americans are expected to load over $200 billion on them this year, according to the Mercator Advisory Group.

Washington Post: American Express Prepaid Debit Cards Get FDIC Insurance

American Express announced Tuesday that its prepaid debit cards will now be backed by the Federal Deposit Insurance Corp., the latest indication that a market once shunned by established financial institutions is gaining ground. The use of reloadable prepaid cards

Imperfect Protection

General purpose reloadable prepaid cards have rapidly gained popularity. They allow consumers to direct deposit their paychecks and pay their bills online, just like a checking account. But unlike checking accounts that carry up to $250,000 in mandatory deposit insurance per customer, prepaid cards are not required to carry any at all.

Are You Using a Prepaid Card to Buy Holiday Gifts?

Do you know what sort of fees you will pay or what times of consumer protections apply to you?

Paying for the Holidays

As the holiday shopping season takes off, consumers are turning to a variety of financial management tools. View our slideshow and learn more about Pew’s research on hidden bank fees, the growing use of prepaid debit cards, and the actual duration of payday loans that are marketed as two-week products.

Still Risky: Checking Accounts in Texas

Checking accounts, the most widely used financial product in America, contain hidden risks that can harm consumers. Seven of the 12 largest banks nationwide offer checking accounts in Texas and hold 45 percent of all deposits in the state. Here’s what consumers in Texas may be paying.

C-SPAN: Prepaid Cards

Susan Weinstock talks about the increased use of prepaid/debit payroll cards and the associated risks and benefits.

Wall Street Journal: Footnote to Financial Crisis: More People Shun the Bank

The Russell family of Kirkland, Wash., makes about $230,000 with Charles Russell, 43 years old, working as a systems analyst for Microsoft Corp. According to the U.S. Census Bureau, that puts them among the top 5% of American households. But their affluence might not be apparent based on the way Mr. Russell conducts his personal finances. He has no bank account, having dumped it due to irritation over fees and overdraft penalties. Instead, for more everyday transactions he uses a debit-card offered by NetSpend Holdings Inc.

Which Cost Less: Checking Accounts Or Prepaid Debit Cards?

Unless you’re a whiz at managing your money, a checking account is going to cost you more than a prepaid debit card, a new report concludes. In a new study, the Pew Charitable Trusts looked at 52 prepaid debit cards

New York Times: Weighing Prepaid Cards vs. Checking Accounts

Prepaid cards can be a better deal than checking accounts for some people, but the cards need more consumer safeguards, a new report from the Pew Charitable Trusts finds

Prepaid vs. Checking

What kind of consumer are you? How would switching from a checking account to a prepaid card affect the fees you pay when you manage your money? Find out with our new interactive quiz.

Loaded With Uncertainty

General purpose reloadable prepaid cards are rapidly growing in popularity. This study reveals that the prepaid card is a risky, largely unregulated alternative to the traditional checking account, but may work for some consumers who frequently incur high bank overdraft fees.

Pew Finds Reloadable Prepaid Cards Risky Option for Consumers Compared to Checking Accounts

According to a new Pew report, general purpose reloadable (GPR) prepaid cards—used to make purchases, withdraw money from ATMs, and pay bills—can be used as an alternative to traditional checking accounts, but come with added risks.

Reuters: Prepaid Debit Cards Should Be More Heavily Regulated – Study

Prepaid debit cards, which are popular with consumers who are too poor for checking accounts, are too lightly regulated and should face more restrictions, according to a study released by Pew Charitable Trusts released on Wednesday.

NBCNews.com: Prepaid Debit Cards May Not Be So Bad After All

Prepaid debit cards—criticized by many consumer groups for high hidden fees -- may actually be a cheaper option for some Americans, according to report released Wednesday from the Pew Charitable Trusts.

Regulatory Comment: Proposed Rulemaking on General Purpose Reloadable Prepaid Cards

The Pew Charitable Trusts’ Financial Security Portfolio is pleased to provide comments in response to the Consumer Financial Protection Bureau’s Advanced Notice of Proposed Rulemaking on General Purpose Reloadable Prepaid Cards.

Key Focus Group Findings on Prepaid Debit Cards

This fact sheet focuses on the lessons learned from consumers who purchase and use prepaid debit cards.