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Think You Cannot Overdraft a Prepaid Debit Card? Reconsider That Thought

Think You Cannot Overdraft a Prepaid Debit Card? Reconsider That Thought

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For many individuals, one of many destinations of a prepaid bank card is the truth that, unlike a bank checking account, they think they have actually no possibility of overdrawing and triggering hefty overdraft costs.

However the customer Financial Protection Bureau simply included strict restrictions to those costs starting in October 2017. That may come as a shock to customers whom did not also recognize their prepaid cards could ever overdraft.

It is a difference because of this industry that is burgeoning. About $65 billion had been packed on prepaid debit cards in 2012, a lot more than double the total amount during 2009. And also the CFPB estimates that quantity will increase once more by 2018. (more…)