In April 2019, the CFPB’s new rule governing prepaid accounts went into effect. Different prepaid cards have different features, functions, and fees. Prepaid card providers must disclose key fees and information in an easy-to-read format before a consumer buys the card. Our new rule shaped how this information is presented on the back of card packages and in print or online full disclosure forms. However, due to phase-in rules, it may take some time before the required disclosures show up on card packages in retail stores.
The Prepaid Rule also requires prepaid account issuers to submit their account agreements to the Bureau. The agreements on file will have general terms and conditions, including pricing and fee information. The agreements are not specific to an individual's account, but can be used as a general guide. If you have questions about your agreement or any others in the database, you should contact the prepaid account issuer directly.
Companies that issue prepaid accounts are required to submit agreements to us within 30 days of when they offer new agreements or when previously submitted agreements have changed. Issuers also must notify us within 30 days of when they no longer offer previously submitted agreements, which are noted in the database as “withdrawn.” The database is updated nightly to reflect submissions made during the previous day.