Tuesday, April 5, 2011
Nonprofit consumer watchdog Consumers Union released a report that claims most prepaid cards charge higher fees than what consumers can expect to pay for basic checking accounts offered by the top five banks in the United States.
In Adding It All Up: How Prepaid Card Fees Compare to Checking Account Fees, Consumers Union said that, while some banks are beginning to charge news fees, basic checking accounts still compare favorably to prepaid cards in terms of costs to consumers.
The nonprofit reportedly compared low-balance, no-interest checking accounts at Bank of America, JPMorgan Chase & Co., Citibank, US Bank, Wells Fargo, Alliant Credit Union and Golden 1 Credit Union to the following prepaid cards:
Consumers Union found that banks' checking accounts were:
To access the report, go to www.defendyourdollars.org/pdf/Adding-It-All-Up.pdf .
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