Disclosure rules established for prepaid transactions

Disclosure rules established for prepaid transactions
Tags: Bank / Credit Union, Cash Dispenser / Recycler / Acceptor, Debit / Credit, Other, Regulatory Issues, Security, Transaction Processing, Underbanked / Unbanked
August 21, 2006

Digital Transactions: The Office of the Comptroller Administrator of National Banks, a division of the U.S. Department of the Treasury, has issued transaction guidelines that outline for financial institutions how and what to disclose to buyers and users of prepaid cards. The OCC says FIs should make sure stored-value and gift cards have clearly marked expiration dates, monthly maintenance information, and dormancy, usage, and/or other fees. The cards also should have toll-free numbers or Web site addresses printed on them or on stickers affixed to the cards for users to get more information.