The following statement can be attributed to Brian Tate, President and CEO of the Innovative Payments Association (IPA), on inaccurate and misleading consumer advice in The Motley Fool regarding prepaid accounts:
“The Motley Fool’s readers deserve accurate and timely advice regarding their financial options. Unfortunately, The Motley Fool, who markets itself as an unbiased observer, has run with a poorly researched and inaccurate ‘article’ that cherry picks the highest fee prepaid cards and compares them with credit cards to promote its advertisers’ products. This is a disservice to readers. Attacking the use of prepaid accounts – utilized by all segments of the American population – fundamentally ignores the realities of our financial landscape. Prepaid bank accounts, regulated by the CFPB, are mainstream products encompassing everything from mobile wallets to P2P payments apps. They are used by individuals, businesses, and federal and state government agencies to save money and control finances.
“It appears the Motley Fool wants its readers to believe prepaid accounts are high cost products. The motivations for this apples-to-oranges comparison are clear: to steer consumers away from these emerging innovative products and push them toward products advertised on the Motley Fools website. The IPA believes empowering individuals to make smart financial choices means providing accurate information to give them the full scope of their options. But misleading consumers in such a deliberate fashion is unacceptable.”