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Reg E for prepaid cards!
  • Petitioned Consumer Financial Protection Bureau

This petition was delivered to:

Consumer Financial Protection Bureau

Reg E for prepaid cards!

    1. Petition by

      Consumer Action

The Electronic Funds Transfer Act applies to debit cards but DOES NOT apply to general purpose reloadable prepaid cards. Many unbanked people are being urged to buy and use these plastic payment cards. People who load money on these cards have to rely on voluntary industry protections to resolve errors or limit liability for lost or stolen cards and unauthorized use of the funds on the card. The issuers could change the rules at any time.

Consumer Action is calling on the Consumer Financial Protection Bureau to extend Electronic Funds Transfer Act (Regulation E) protection to general-purpose prepaid cards.

Reg E provides mandatory protections for consumers using debit cards, including a cap on how much money consumers can lose if their card is lost or stolen or when unauthorized charges are made; a guarantee that missing money will be credited back promptly after the cardholder notices and reports the loss; clear and conspicuous disclosures of all fees and costs before signing up to use the card and the right to receive a statement or transaction information. In addition, consumers have the right under Reg E to avoid overdraft fees for single, non-recurring debit transactions.

Sign our petition to extend Reg E protections to prepaid cards!

Recent signatures

    News

    1. Reached 250 signatures

    Supporters

    Reasons for signing

    • Jill Myers GARDENA, CA
      • over 2 years ago

      Fairness should be the standard for all business practices and financial transactions are the bases for it all. By rights we should not have to tell you this - where is your sense of responsibility for the integrity of the best country in the world? Those people pay your salary might I remind you?

      REPORT THIS COMMENT:
    • Lucille Sclafani HARTFORD, CT
      • over 2 years ago

      Co-opportunity encourages the unbanked to open a pre-paid card to receive their tax refund safely and securely. They should have the same protections for those who have good credit and can receive a credit card.

      REPORT THIS COMMENT:
    • Debbie McCune Davis PHOENIX, AZ
      • over 2 years ago

      Consumers need to be treated fairly and have their financial resources protected.

      REPORT THIS COMMENT:
    • Cynthia Murchison-Grice NEWPORT NEWS, VA
      • over 2 years ago

      I work with many individuals in my community who do not have traditional bank accounts and use the prepaid cards for purchases. These individuals are already disadvantaged financially and do not need further financial burdens or to suffer from financial loss outside their control.

      REPORT THIS COMMENT:
    • Sue Hestor SAN FRANCISCO, CA
      • over 2 years ago

      I work with low-income people who are abused by AND LOSE MONEY by cards like these. They are much more exploited than middle class citizens. Their financial margins are VERY narrow.

      REPORT THIS COMMENT:

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