Read Davidlaz's latest column here:
or can be consumed by the card issuer in the form of high-priced maintenance fees.
The fine print that accompanied Hazelleaf’s card highlights the minefield that consumers have to navigate in accessing their own money. You have to root around in the footnotes of the document’s fee schedule to discover that “a card maintenance fee will be charged to your card on a monthly basis, starting in the month following the card expiration date embossed on the face of the card,” which is typically six months from the day the card was issued.In Hazelleaf’s case, that means if his 90-year-old mom doesn’t blow through the debit card in six months, it presumably will start losing value.
“The customer has the option at any time to convert the card to a check or transfer of funds into their bank account if they prefer, or to use it as a Mastercard debit card,” Johnson added, although some consumers might see those extra steps as a hassle. Eisen said if I wanted more information, I’d need to contact the card issuer, Sunrise. I tried to do that, more than once. They never responded., those laws don’t apply to most prepaid debit cards.
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