Are there consumer protections in place for prepaid debit cards?

Yes, there are consumer protections in place for prepaid debit cards in Hawaii. The Federal Reserve Board’s Electronic Fund Transfer Act (EFTA) is a federal law that establishes the consumer’s basic rights when using prepaid debit cards. These rights include limits on liability for items purchased with a misplaced or stolen card, disclosure of fees and account terms, and the right to dispute unauthorized or incorrect transactions. In addition to the EFTA, Hawaii has enacted regulations such as the Hawaii Prepaid Card Act (HPCA) and the Hawaii Unclaimed Property Act (HUPA). The Hawaii Prepaid Card Act requires entities issuing prepaid debit cards to register with the Hawaii Division of Financial Institutions and the Hawaii Unclaimed Property Act requires businesses to file with the State of Hawaii and turn over unclaimed customer funds after a certain period of time. When consumers use prepaid debit cards in Hawaii, they are protected by both federal and state laws. These laws ensure that consumers know their rights and that businesses are held accountable. For example, the EFTA limits consumer liability for unauthorized transactions to no more than $50 and the HPCA requires businesses to clearly disclose all fees associated with the prepaid debit card. Consumers should also take the initiative to research different cards and compare the terms and conditions, fees, and other features.

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Are there consumer protections in place for prepaid debit cards?

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