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New protections for prepaid accounts

The CFPB’s new rule on prepaid accounts creates comprehensive consumer protections for prepaid accounts.

With our new rule you will get clear, upfront information about prepaid account fees so you can know before you owe and shop for the best deal. The rule also creates a number of new legal rights for prepaid account users, including protections in case of errors, loss, or theft.

The new consumer protections and disclosures described in the above video will take effect on April 1, 2019.

Tools and resources

Information for prepaid account users

The new consumer protections and disclosures required by our rule aren't effective yet. But if you already have a prepaid account, or if you’re thinking about getting one now, we have information that can help you. Learn more about your rights, common prepaid account fees, and how to choose the right account for you.

Implementation help for prepaid account providers

We want to make it as easy as possible for prepaid account providers to understand and comply with the new rule. We provide summaries, fact sheets, other resources, and a dedicated mailing list.

Know Before You Owe disclosures

The new prepaid account disclosures will provide consistent fee information across prepaid accounts and make comparison shopping easier.



May 23, 2012

CFPB issued an advanced notice of proposed rulemaking  on prepaid accounts and held a field hearing including remarks by Director Cordray. Learn more in the press release and fact sheet .

Nov. 13, 2014

CFPB issued a proposed rule on prepaid accounts and held a field hearing including remarks by Director Cordray. Learn more in our blog and press release about the proposed rule, or read the study that informed the proposed rule.

Oct. 5, 2016

CFPB issued a final rule on prepaid accounts. Read our blog about the rule, get the press release, or read Director Cordray’s remarks.

March 9, 2017

CFPB issued a proposal to delay the October 1, 2017 effective date of the prepaid accounts rule by six months. Learn more in our blog about the proposal.

April 20, 2017

CFPB issued a delay of the October 1, 2017 effective date by six months, to April 1, 2018. Read more about it in our blog.

June 15, 2017

CFPB issued a proposal requesting comment on potential modifications to several aspects of the prepaid accounts rule. Learn more in the press release.

Jan. 25, 2018

CFPB issued a final rule modifying several aspects of the prepaid accounts rule and extending the overall effective date to April 1, 2019. Learn more in the press release

April 1, 2019

New consumer protections and prepaid account disclosures required by the new rule take effect.