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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Millennials Opting for Easier, Costlier Credit — Away from Banks

A new survey of consumers ages 18 to 34, known as “Millennials,” finds that these young people are turning away from banks for easy credit.And they’re using alternative loan products that are known for exorbitant fees and high interest rates, such as payday loans, check-cashing stores and prepaid cards.

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