New protections considered for pre-paid debit cards

May 24, 2012 3:21:44 PM PDT
The Consumer Financial Protection Bureau wants regulations in place that require more disclosures about fees associated with pre-paid cards. They often include fees for everything from using an ATM to calling the customer service number.

Users are also charged a fee everytime they reload funds on the cards. Pre-paid card users do not have the protections for unauthorized charges if cards are lost or stolen.

One banking advisory group predicts that the pre-paid debit card business will grow by more than 40 percent in the next two years.