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For many individuals, one of the most significant destinations of a prepaid charge card is the fact, unlike a bank account, they believe they usually have no potential for overdrawing and triggering hefty overdraft charges. Nevertheless the customer Financial Protection Bureau simply added strict restrictions to those costs beginning in October 2017. That might come as a shock to customers whom don't also recognize their cards that are prepaid ever overdraft. It really is a significant difference because of this burgeoning industry. About $65 billion ended up being packed on prepaid debit cards in 2012, significantly more than double the total amount last year. While the CFPB estimates that quantity will increase once more by 2018.

The cards are commonly offered at shops such as for example Wal-Mart and 7-Eleven, plus on line as well as in payday lending and check cashing places; and attract mainly into the "unbanked" — people who for example explanation or another abandoned their bank checking account, had it canceled, or never ever got one out of the first place. "customers looked to prepaid cards to obtain their economic everyday lives in order and give a wide berth to your debt very often comes from overdraft costs," stated Thaddeus King, an officer for Pew’s customer banking task.