In an effort to improve prepaid card disclosures, The Pew Charitable Trusts developed a model summary disclosure box that provides information on the key fees, terms, and conditions of the cards in a concise, easy-to-read manner. Pew developed this box to help consumers compare the terms and conditions among prepaid products, and between those products and checking accounts. more
“Consumers Continue to Load Up on Prepaid Cards,” updates the 2012 report, “Loaded with Uncertainty,”
examining disclosures and fee structures of 66 GPR prepaid cards, looking at new trends in the marketplace
since our last report, and detailing what services and protections are afforded consumers who use these cards.
This series starts with the research conducted in 2012. Based on the volume of funds loaded onto the cards, the
prepaid cards studied initially made up more than 75 percent of the total market. more
This report presents findings from a first-of-its-kind, nationally representative telephone survey of adults who use general purpose reloadable prepaid cards at least once per month. The survey finds that most customers’ primary motivation for using prepaid cards is to gain control over their finances, including avoiding credit card debt and overdrafts. Among those who have had a checking account, 2 in 5 have closed or lost an account because of overdraft fees. more