Prepaid Debit Cards to Be Heavily Regulated, Bitcoin Cards Will Become Alternative

Prepaid debit cards will become subjected to tightened regulations proposed by the Consumer Financial Protection Bureau by October 2017.
According to Lauren Saunders, the associate director of the National Consumer Law Center, the standard of regulation for prepaid debit cards will match that of bank accounts and bank-issued credit cards in terms of loss compensation, fee disclosure, and overdraft fees. Saunders announced:
‘The rules bring prepaid cards out of the shadows, with protections that in many ways are stronger than those for traditional bank accounts.’
Newly implemented regulations will impose:
High overdraft fees on prepaid debit card users with credit lines Requirement for debit card providers to offer liability protection on par with bank accounts & credit cards Additional policies that would limit the efficient usage of prepaid debit cards

This post was published at Coin Telegraph on 2016-10-08.