TITLE

For Prepaid Cards, 'Gift' Label No Longer Welcome

AUTHOR(S)
Johnson, Andrew
PUB. DATE
May 2010
SOURCE
American Banker;5/19/2010, Vol. 175 Issue 77, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article discusses how a gift card differs from a prepaid card. According to the article, the regulations that restrict fees on gift cards, which is expected to take effect August 22, 2010, have forced prepaid card companies to make sure that their cards are considered general-purpose payment products. The regulations are part of the provisions included in the U.S. Credit Card Accountability, Responsibility and Disclosure Act of 2009 as well as in the U.S. Electronic Fund Transfer Act.
ACCESSION #
50734517

 

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