Lawmakers Propose Changes to Prepaid Card Rules
Financial institutions issuing prepaid cards would have to disclose fees up front and give consumers wallet-sized summaries of fees, if a bill introduced by three senators is passed.
The bill would ban overdraft, balance inquiry and customer service fees. It would also provide protections against loss or theft or if the card company goes bankrupt.
The bill was introduced in the final days of the last Congress and will likely be reintroduced next year.
Sen. Robert Mendez (D-NJ) introduced the measure with cosponsors Sens. Richard Durbin (D-IL) and Jeff Merkley (D-OR).