Massachusetts Consumer Affairs Regulator Publishes Prepaid Cards Fees Survey

more+
less-
more+
less-

On February 25, the Massachusetts Office of Consumer Affairs and Business Regulation (OCABR) published the results of its survey of prepaid cards. The OCBAR examined 16 different purchasing and use-related fees for 11 randomly-selected prepaid cards, using the fee schedule from each card’s website, which the OCABR stated “were not always easy to find and were quite confusing at times.” The survey identified as the most common fees charged by the prepaid cards surveyed as (i) monthly fees, (ii) ATM withdrawal fees, and (iii) balance inquiry fees, which were each charged by nine of the 11 cards surveyed. The OCABR researchers claim to have discovered “additional types of fees associated with the products”, including fees associated with alternative card payment plans. The OCABR believes such alternative options make it more difficult for consumers to anticipate the cost of having and using a prepaid card.

Topics:  Fees, Prepaid Payment Products

Published In: Consumer Protection Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© BuckleySandler LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »