The Consumerist writes today about the hidden cost of prepaid debit cards and the impact that these fees are having on the U.S. economy. Editor Ben Popken writes, with credit cards harder to come by and more annoying to use, the prepaid debit card market is projected to explode from $8.7 billion loaded on the cards to $119 billion in 2012, but a good chunk of that is going to be eaten up by hidden fees and gotchas. Popken gives a brief run-down on some normal costs.
$1.75 for each ATM withdrawal
$1 for each ATM balance inquiry
$.50 for each purchase
$4 monthly maintenance charge
As a prepaid card professional, what do you think of this analysis? We'd like to hear your thoughts.
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