MEMPHIS, Tenn. — Many people here in the Mid-South without bank accounts rely on prepaid debit cards to pay their bills. But those cards don't protect you from fraud like regular credit and debit cards do.
But that's about to change.
A new rule taking effect next year from the Consumer Protection Bureau will make sure prepaid cards are safe to use like debit cards.
The rules would force financial institutions to investigate fraudulent claims tied to prepaid cards, and money will generally be protected if the card is lost, stolen or wrongly charged.