The middle for Responsible Lending is really a research that is non-profit policy company specialized in protecting home-ownership and family members wide range.
Why don’t we start out with the premise that is following when it comes to technology and therefore main item expenses, general function reloadable prepaid cards are indistinguishable from debit cards connected with checkless checking records.
Both prepaid and debit cards must keep a database of specific account records; both access the exact same payments system via a bank person in a funds transfer community such as for example Visa or MasterCard.
Both prepaid and debit cards have actually a necessity to “know your client” considering that the reports must move across a bank to gain access to the re payments community. (more…)