The easiest, most well-received option has, and continues to be, open-loop prepaid gift cards. An increasing number of shoppers have realized that purchasing prepaid cards for family and friends during the holidays eliminates the stress that can come with searching for the “perfect gift.”
Payroll card providers have it a little tougher than many other prepaid card companies. In addition to making sure their programs comply with federal laws and regulation, they also need to fit their programs into a mélange of state laws that govern how workers receive their wages.
Discover Financial Services is best known for its credit cards, but the company has products across the financial services spectrum. Credit, debit, and prepaid transactions all run on its network.
For years prepaid cards, and their holders, have been seen as second-class citizens by regulators, consumer advocates, and credit agencies. Despite competitive fee structures and feature sets, open-loop prepaid cards have been viewed as the account you get when you have no options.
In the latest episode of the Power of Prepaid podcast, Dee Buchanan and Gordon Taylor, principals at Ogilvy Government Relations, discuss the outcomes of the midterm Congressional elections and what they might mean for financial services regulations.