Prepaid Debit Cards Said to Face Rules on Overdrafts, Disclosure
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The U.S. Consumer Financial Protection Bureau will propose to limit overdraft charges on prepaid debit cards and require more disclosure from issuers about all fees they charge, a person briefed on the matter said.
The size of the market for prepaid debit cards has doubled to an estimated $80 billion since the bureau began reviewing the products after criticism that transaction fees on some cards were too high.