the conclusion of money: The increase of Prepaid Cards, Their prospective, and Their Pitfalls

Endnotes and citations can be found in the PDF and Scribd models.

* modification, April 9, 2013: The paragraph JPMorgan that is referencing Chase’s using the state of Louisiana happens to be up-to-date for purposes of precision.

March 1, 2013, marked “the end of money” when it comes to U.S. federal government. beginning on that date federal re payments such as for instance personal safety, Supplemental Security earnings, also called SSI, veterans’ advantages, and pension importance for federal workers had been, when it comes to many role, not any longer for sale in check type, and alternatively had been just provided electronically.

Or in other words, starting in March, more newer recipients of government re re re payments no further get paper checks. This move is anticipated to save lots of the government $1 billion on the next decade. Not just is electronic re re re payments frequently less costly to plan than papers checks, however they also can lower the prospect of fraud and will incorporate additional freedom to recipients, in accordance with the national government Accountability workplace.

In practical terms, which means that recipients of federal repayments need two alternatives: they are able to elect to get their repayments by direct deposit to a banking account of these preference, or they are able to work with a government-issued prepaid card called the Direct Express Card.