Center for Financial Services Innovation New Study on Cost of Prepaid Cards to Consumers
April 06, 2009
Center for Financial Services Innovation, the nation’s leading expert on innovative financial services for underbanked consumers releases the first large, in-depth survey of underbanked consumers currently using reloadable prepaid cards. It found that 96 percent of users said the cards were useful and 94 percent would recommend a reloadable prepaid card to someone else.
Underbanked consumers use cash, money orders and a mix of check cashing, payday loans and other non-traditional arrangements to manage their finances on a day-to-day basis. In the survey, these consumers cited a wide range of benefits as reasons for the high satisfaction rates with reloadable prepaid cards.