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/quotes/zigman/662444/delayed 1,121 -4 0.33%
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/quotes/zigman/16008150/realtime/sampled 118.90 -1.17 0.97%
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/quotes/zigman/16008140/realtime/sampled 1.52 -0.01 0.46%
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/quotes/zigman/16008115/realtime/sampled 0.69 -0.01 1.35%
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German 10y
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GOOG /quotes/zigman/30194416/composite 598.74 -7.51 -1.24%
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F /quotes/zigman/264304/composite 13.46 -0.39 -2.78%
T /quotes/zigman/398198/composite 32.38 -0.67 -2.01%
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5 yr CD
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1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

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Can New Rules Curb Prepaid Card Fees?

If federal regulators limit the charges levied on pre-paid debit card users, banking officials say the industry will likely just invent new fees.

JNT Visual / Shutterstock.com

The Consumer Financial Protection Bureau Wednesday announced plans to develop new protections for the prepaid cards, which allow those who don’t have bank accounts to make purchases or ATM withdrawals. The agency says the regulations would aim to rein in fees and by making them more transparent and help consumers to recover stolen funds. “Prepaid cards have far fewer regulatory protections than bank accounts or debit or credit card,” says CFPB director Richard Cordray said in a statement.

But the banking industry says these regulatory efforts could backfire. Nessa Feddis, vice-president and senior counsel for regulatory compliance at the American Bankers Association, says that whenever government “interferes with the market” and cuts fees, banks need to look for alternative sources of income. For instance, after the 50% reduction in debit-card surcharges for merchants, banks turned to inactivity fees, charges for paper statements, and higher punitive fees for bounced checks to make up their losses, consumer advocates say. And when regulations cut bank overdraft fees by 4.5% in 2011, economic research firm Moebs Services Inc. says raised other fees over 5%. Tougher regulations and caps on fees often simply result in more creative charges, says John Ulzheimer, president of consumer education at SmartCredit.com. “I’m certain that the industry will subsidize any new legislation by increasing existing fees or adding new fees and then blame it on new legislation,” he says.

But critics of the cards add that new regulations are an important first step toward better protecting prepaid card holders. The current lack of oversight has made prepaid cards “the Wild West of the card market,” says Ed Mierzwinski, consumer program director for the non-profit U.S. Public Interest Research Group:  Some cards have a “fair fee structure,” he says, while others have “outrageous fees” for adding funds, making purchases or withdrawals, and even just for owning the card.

Jean Ann Fox, director of financial services for the Consumer Federation of America, says government regulators should target overdraft fees and credit allowances. “We oppose both as unsafe for prepaid card users,” she says. Prepaid cards should not become credit cards with fewer protections, she says. They need to have the same protections that apply to debit cards, including liability limits and insurance provided by the Federal Deposit Insurance Corporation, Fox says. Despite high fees, prepaid cards continue to rise in popularity: consumers are projected to add $82 billion onto these cards in 2012, a figure that’s expected to double to $167 billion by 2014, according to estimates by the CFPB. The cards are increasingly pitched at younger consumers with poor financial literacy, experts say, with many of them endorsed by celebrities.

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    • By WebOsPublisher

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    • Please, please! No more regulations!!!! Didn’t the “Durbin debit card fee” teach ANYONE a lesson???? Banks are a profit making enterprise. They provide services for FEES and profit. They must/will just adjust their products to make a profit or they will STOP providing them. There is NEVER something for nothing. All the Dodd/Frank monster will lead to is BIGGER government and a SMALLER economy. REDUCE the size and scope of government in order to save the economy!!! Free market capitalism, the best road to prosperity!!!!

    • like Ethel explained I am shocked that anyone able to earn $6464 in four weeks on the computer. did you see this page (Click on menu Home more information) http://goo.gl/p441V

    • Please! Let the free markets determine which cards and fee structures survive. Why does the government always feel the need to “fix” things and protect us from our own decisions!?

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MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

New York Markets Close in:

need to know
When do markets close for Labor Day?
U.S. details ‘flash crash’ case vs. U.K. trader
$46 million asking-price cut for megamansion
44 million tried Apple Music in its first month


My father wanted to divide his estate, but my sister took it all
What to do when a parent dies and leaves no will
Money mistakes to avoid after a spouse’s death

Green Giant faces uphill battle for millennial market

Many of us don’t even know which generation we’re in

Has Robert Redford gotten it wrong on retirement?

Stephen Colbert’s ‘Late Show’: Here’s what to expect

Hey, Twitter, is Jack Dorsey your CEO or what?

Tennis’s U.S. Open trots out grown-up ball people

What it’s like to play tennis with a ‘smart’ racket

Labor Day traffic will be the U.S.’s worst since 2008

Chinese Navy ships in U.S. territorial waters
Watch China’s 90-minute parade in 60 seconds
See photos of China's massive military parade
China markets close for war anniversary

Donald Trump stumbles during interview on foreign policy
Trump stumbles in interview on foreign policy
Trump signs Republican loyalty pledge
Carson and Trump: Their policy differences
Trump as president: Bound to be GREAT!
Businessmen have done poorly as presidents

O’Malley maps out large-scale service program

Oops — Rick Perry says broken clock right once a day

Surf the 10 stories you shouldn’t have missed

Obscure trading strategy draws Wall Street’s ire

How the concept of BRIC investing went bust

Germany at fault in Europe’s refugee crisis
Immigration to Germany at highest since 1992
Chaos in Budapest as migrants rush trains
Father of drowned Syrian boy describes voyage

Six actors who were almost cast as James Bond

Facebook is most successful app, beating out Google, Apple
This is the most successful app ever


These are the college majors that are dying

They tangled with student debt all summer
College help for low-income families

/conga/frontpage.html 354208

Markets »

60.85MDow Volume:
Avg Vol: 113.10M
Unchanged
178
Decliners
4712
Advancers
1631
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
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Dow
/quotes/zigman/627449/realtime 16,047 -328 2.00%
Nasdaq
/quotes/zigman/12633936/realtime 4,662 -71 1.50%
S&P 500
/quotes/zigman/3870025/realtime 1,913 -38 1.94%
GlobalDow
/quotes/zigman/629063/realtime 2,277 -46 1.96%
Gold
/quotes/zigman/662444/delayed 1,121 -4 0.33%
Oil
/quotes/zigman/2331095/delayed 46.54 -0.21 0.45%
FTSE 100
/quotes/zigman/3173262/delayed 6,043 -151 2.44%
DAX
/quotes/zigman/2380246/delayed 10,038 -280 2.71%
CAC 40
/quotes/zigman/3173214/delayed 4,523 -131 2.81%
FTSE MIB
/quotes/zigman/1482176/delayed 21,473 -705 3.18%
IBEX 35
/quotes/zigman/2759620/delayed 9,822 -221 2.20%
Stoxx 600
/quotes/zigman/2380150/delayed 353 -9 2.52%
Asia Dow
/quotes/zigman/6959860/realtime 2,684 -29 1.06%
Nikkei 225
/quotes/zigman/5986735/delayed 17,792 -390 2.15%
Hang Seng
/quotes/zigman/2622475/delayed 20,841 -94 0.45%
Shanghai
/quotes/zigman/1859015/delayed 3,160 -6 0.20%
Sensex
/quotes/zigman/1652085/delayed 25,202 -563 2.18%
Singapore
/quotes/zigman/1709939/delayed 2,864 -43 1.47%
Euro
/quotes/zigman/16008136/realtime/sampled 1.12 +0.00 0.27%
Yen
/quotes/zigman/16008150/realtime/sampled 118.90 -1.17 0.97%
Pound
/quotes/zigman/16008140/realtime/sampled 1.52 -0.01 0.46%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.69 -0.01 1.35%
DXY Index
/quotes/zigman/1652083/delayed 96.18 -0.22 0.23%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.88 +0.06 0.07%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.13 -0.04 1.63%
German 10y
/quotes/zigman/15866409/realtime 0.67 -0.05 7.51%
Italy 10yr
/quotes/zigman/15866497/realtime 1.88 -0.04 2.06%
Spain 10yr
/quotes/zigman/15866444/realtime 2.08 -0.03 1.41%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.72 -0.08 4.31%
Japan 10yr
/quotes/zigman/15866525/realtime 0.37 -0.03 6.87%
Crude Oil
/quotes/zigman/2331095/delayed 47 0 0.45%
Gold
/quotes/zigman/662444/delayed 1,121 -4 0.33%
Corn
/quotes/zigman/7599553/delayed 363 +1 0.28%
DJIA F
/quotes/zigman/38649152/delayed 16,048 -300 1.84%
S&P F
/quotes/zigman/30356461/delayed 1,913 -33 1.69%
Silver
/quotes/zigman/3134148/delayed 15 0 1.14%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 87.22 -0.93 -1.06%
AAPL /quotes/zigman/68270/composite 108.68 -1.70 -1.54%
GOOG /quotes/zigman/30194416/composite 598.74 -7.51 -1.24%
BAC /quotes/zigman/190927/composite 15.54 -0.40 -2.51%
C /quotes/zigman/5065548/composite 50.27 -1.52 -2.94%
F /quotes/zigman/264304/composite 13.45 -0.39 -2.82%
T /quotes/zigman/398198/composite 32.38 -0.67 -2.01%
BP /quotes/zigman/247026/composite 30.57 -1.84 -5.68%
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5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

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