This year's report updates the cost comparison of general purpose reloadable prepaid cards to basic checking accounts as well as cash. The impact of FinReg and Reg E on bank fee income has dramatically changed basic account fee structures resulting in higher costs to the consumer. Scale and competition within the prepaid card industry has lowered prices.
Additionally, we look at financial literacy, credit building and savings features that have emerged in the past year.
NSF/ODfees are under tremendous pressure from consumers (sticker shock),consumer groups and Congress. I testified before Congress's HouseFinancial Services' Subcommittee on Financial Institutions and ConsumerCredit on availability of consumer short-term, low dollar credit.
