Tuesday, May 28, 2013
Financial services comparison site Bankrate.com issued its annual survey of prepaid cards and concluded that, despite a positive trend of decreasing fees, it still can be a perilous, fee-laden market for consumers. Bankrate.com examined 24 of the most prominent prepaid cards to discover "the usual menu of fees – and some very unusual price differentials, underscoring the 'buyer beware' nature of the prepaid market."
Based on a survey of prepaid card issuers conducted in mid-February 2013, the comparison site found that:
Bankrate.com Senior Financial Analyst Greg McBride said the most significant development in the prepaid card industry over the past year was the entry of several large national and regional banks, which he sees as a positive trend. "Many offer cards with low, fixed monthly costs," he said. "The ability to know the total monthly cost in advance is valuable to consumers, particularly with the decline in free checking accounts."
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