Concerns accompany spread of prepaid cards

  • Article by: Jennifer Bjorhus , Star Tribune
  • Updated: March 11, 2013 - 4:26 PM

The cards are increasingly popular, but the regulations are few and the fees confusing.

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callmeronMar. 10, 13 1:07 AM

I have been using pre-paid debit cards since 2005. They are great for internet purchases and stashing one away in case you need it. There is nothing confusing about the fees unless you are very stupid or cannot read. Have we dumbed down society so much that grown adults cannot understand simple English? The fees are listed. If you don't use the balance up within a period of time, you may incur a fee. It is listed! If you do not like the terms associated with a particular debit card, do not buy it. It's as simple as that.

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peppermint19Mar. 10, 13 7:42 AM

The problem is people don't read the terms and conditions that go along with anything. I know that from working at Citibank and having people calling in and griping about some charge on their card that they supposedly didn't agree to, even though they checked the little box agreeing to the sites terms and conditions. People have to realize that there is nothing free in life.

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wulffie22Mar. 10, 13 8:03 AM

A savings account that pays 6%? I want in on that!

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sternitzkyMar. 10, 13 8:15 AM

6%, there must be a catch. I checked on their web site and found 6% until you have $5000 in savings, then the rate will be .10%.

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elmore1Mar. 10, 13 8:24 AM

In the case of Bluebird they are offering a modern payment product to the millions of people who are unbanked. This is a good thing. The rules are very clear, exponentially clearer than a traditional card or banking product.

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granny47Mar. 10, 13 8:55 AM

The vultures of our society are out there, just watching for people to cash their paychecks or Soc. Sec. checks and rob them, like the disabled gentleman who was robbed of $900 last week. Seems to me if you read the rules and choose a pre-paid card wisely, it's a much better alternative that carrying cash.

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jimjimjimjimMar. 10, 13 9:27 AM

Each low information voter should be assigned a union government employee to explain everything to them. Should the person still get into trouble they should not be held responsible because it is never their fault anyway.

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georgthMar. 10, 13 9:55 AM

The last thing on earth that you want is a pre-paid card from Wells Fargo. I purchased several for Christmas presents, and for a period of time, two were misplaced (lost). Wells Fargo told me they couldn't locate them in their system. When they turned up, Wells Fargo had taken half the money in monthly "maintenance" fees. Now the cards are expired, and they want $15 per card just to return what money is left, and the cards are expired so they can't be used. And their customer service told me that they don't trace cards in their system because sometimes people want to be able to buy things on the internet anonymously. DO NOT use prepaid cards from Wells Fargo. In my opinion, they are a big ripoff.

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jbpaperMar. 10, 1310:54 AM

georgth; Why is it Wells Fargo's fault that your gift recipients lost their cards and then were unable to use them before the expiration date? I don't have a lot of experience dealing with prepaid cards, the ones that I have received were either a rebate or gift, but everyone of them stated there could be monthly charges and that there was an expiration date.

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princess36bMar. 10, 1312:38 PM

If individuals don't like the low card fees, have them open a checking account and pay $10 per month. Everyone product has fees - think what you pay for cable, mobile phone, etc. Also,why is there is no mention of check cashing fees prepaid cards help people avoid.

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