Thursday, January 6, 2011
By prohibiting or eliminating certain fees, the legislation sponsored by Sen. Robert Menendez, D-N.J. fails to recognize that consumers choose different prepaid cards based on the services they feature, services that cost money to provide, said Kirsten Trusko, NBPCA President and Executive Director. According to the NBPCA, fees associated with network-branded reloadable prepaid cards are driven by consumer behavior, such as ATM usage, card reloading and losing cards. Fees cover card production, as well as fraud and theft protections, anti-money laundering requirements, and consumer services such as online tracking of expenditures, phone or text balance checks, and cash access via ATM or POS, the NBPCA added.
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