Prepaid debit cards should be more heavily regulated

NEW YORK: Prepaid debit cards, which are popular with consumers who are too poor for checking accounts, are too lightly regulated and should face more restrictions, according to a study released by Pew Charitable Trusts released on Wednesday.

Some prepaid cards, however, lack basic consumer protections, such as limits on loss due to theft, and their fees are often poorly disclosed, researchers at the Pew Charitable Trusts found after studying 52 different cards.