The Consumer Financial Protection Bureau (CFPB) is a relatively new federal agency that was born in a swirl of political controversy, thanks to harsh opposition from many members of the financial industry and the lawmakers who strive to protect their interests.
The prepaid card market was once the wild west of the banking industry. The players in the industry charged ridiculous fees, offered little in the way of added benefits, and treated cardholders poorly. Those days are long gone.
Teachers and other professionals get a lot of gifts in December. Trouble is, teachers have way too many mugs, plaques, scarves/neckties, candles, pencil jars and picture frames. In the current mindset of 'experiences, not stuff,' why not give a prepaid gift card?
Prepaid debit cards might not be the best option for people who could opt for a low-cost checking account instead -- but for those who can't, prepaid cards actually make great checking account alternatives as long as the cardholder takes the time to find the right one.
Although the market for prepaid debit cards has been steadily expanding and attracting big name financial players like American Express, consumer advocates have expressed concern about a lack of regulatory oversight.
Just because Russell Simmons, Magic Johnson, Justin Bieber and a host of other celebrities are endorsing prepaid debit cards, it doesn't mean they are right -- or wrong -- for you. Here's how to work through the decision.
If you saw a check cashing store, a corner store loaded with pre-debit cards for sale, a Rent-A-Center and a payday loan facility, would you think you were in Beverly Hills? Of course not! The answer lies in the basic premise of capitalism -- go where you can "capitalize" on opportunity.