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Data for this episode of Truth In Data provided by Mercator Advisory Group’s report – GPR Prepaid Debit Cards Lose Courtesy Overdraft Capability
- GPR cards used to be limited to $15 in overdraft fees, not to exceed $100 including cost of the item
- Regular debit can be charged up to $195 in fees alone; GPR were more protected
- Checking account overdraft fees range between $35-$39 per transaction, but GPR overdraft is only $15… until April 1st, 2019
- US consumers paid out $34 billion in overdraft fees in 2018, the most since 2009
- Prepaid overdraft fees were only $80-$85 million of the cumulative $34 billion in 2018
- 5% of US consumers are unbanked – 18% of US consumers are underbanked – 76% of US consumers are fully banked
About this report
General purpose reloadable (GPR) prepaid debit cards will no longer offer courtesy overdraft protection after April 1, 2019, when regulations by the Bureau of Consumer Financial Protection (formerly the CFPB) take effect.
