Are there consumer protections in place for prepaid debit cards?

Yes, there are consumer protections in place for prepaid debit cards in Washington. The Washington State Department of Financial Institutions (DFI) is the primary regulator of prepaid debit cards and has several consumer protection rules in place. For example, the DFI requires providers to clearly explain fees and restrictions associated with prepaid cards, including any applicable dormancy, reactivation, balance inquiry, ATM and foreign transaction fees. Additionally, providers must disclose if a cardholder’s funds are held on an insured deposit or not. They must also inform cardholders of the existing federal laws and regulations which govern prepaid cards, and provide them with access to the Electronic Fund Transfer Act and the Truth in Lending Act. The DFI also requires all prepaid cards to have a toll-free customer service number and a consumer dispute resolution process. They must provide cardholders with a way to dispute any transaction and must respond to any dispute within a reasonable time frame. Additionally, providers must deliver monthly and annual statements to cardholders that accurately reflect all transactions, including any fees and cash deposits. The DFI has taken steps to ensure consumer protection in the prepaid debit card industry in Washington. The rules in place protect cardholders by making sure that providers are transparent and honest when it comes to fees and consumer rights.

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Are there consumer protections in place for prepaid debit cards?

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