FDIC Issues a Quick Guide for Consumers on Credit, Debit, and Prepaid Cards
By: Andrew L. Caplan*
*Mr. Caplan is admitted to practice in NY (not admitted in DC); supervised by Nanci Weissgold, a member of the DC bar
As Gertrude Stein once wrote, “a rose is a rose is a rose.” However, as indicated in a recent Federal Deposit Insurance Corporation (“FDIC”) consumer guide, a card is not a card is not a card.
On March 5, 2012, the FDIC issued A Quick Guide for Consumers on Credit, Debit, and Prepaid Cards (“the Guide”) to help consumers appreciate the differences among credit cards, debit cards, and prepaid cards. As indicated in a recent FDIC press release, “[t]he guide is intended to help consumers who routinely use cards to pay for goods and services but who don’t always understand the differences in how these cards work or the applicable consumer protections.”