Average Prepaid Card Charges 10 Different Fees, But Overall Costs Declining

Prepaid cards — used as alternatives to checking accounts or for loading your child’s allowance – are still growing in popularity because of a lingering distrust of big banks. But the annual cost of a prepaid card can be as high as $360, while the average card charges 10 different fees.

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Bank Fees: 'Opting In' for Overdraft Protection is Costlier, CFPB Reports

The agency found that by opting out these account-holders reduced their overdraft and non-sufficient fund fees, on average, by more than $450 in the second half of 2010. However, consumers who opt in to overdraft protection are more likely to end up with involuntary account closures.

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