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Author: ba The major growth in reloadable stored value cards, though, may be to deliver benefits for health care, insurance, payroll, social services, child support, tax refunds and customer rebates. For payroll cards, the fees charged at ATMs are lower than those at check-cashing stores, and they are a safer alternative for employees who cash their checks on payday and then carry cash until the next one. If a card is lost or stolen, most issuers have a toll-free number where the card can be reported and a new one issued, minus a reissue fee. The Mercator Advisory Group, a consultancy that covers the credit card industry, projects the payroll-card market to grow to 14.2 million in 2008.
The popularity of prepaid cards goes beyond their ease of use; there's a bottom-line reason for companies and governments. "Once the infrastructure is in place, the payback is quite quick, depending upon the volume," says Dan Horne, an associate professor at Providence College and an expert on prepaid cards. "Especially when you have recurring transactions, for example, benefits transfers, the cost to reload a card are minimal compared to sending a check. Look for the biggest benefit provider of them all, the federal government, to start moving to prepaid cards in the next couple of years. Think about how many vets' checks go out, Social Security checks, Medicare -- it boggles the mind, and if they can save even a conservative quarter on each" that's a huge savings.
The major card issuers -- Visa, MasterCard and Discover -- have added reloading capability to their prepaid cards, which can be used at many types of businesses and stores. These are known as "open system" cards. However, the Financial Crimes Enforcement Network, or FinCEN, a division of the U.S. Treasury Department, is concerned about this development; it fears reloadable global access cards will enable money launderers to hide "dirty" money. Proof of identification is not needed to purchase a stored-value card, so FinCEN fears that they will be used to move large sums of money globally. The card industry will most likely be proactive in finding a solution to potential problems.
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