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Federal Agency Looking At Prepaid Cards

A federal agency is looking to better regulate prepaid cards. The Consumer Financial Protection Bureau held a meeting in Durham yesterday.

Gurnal Scott: The CFSB says people who put money on prepaid cards don't know about charges to withdraw money or even get information on their accounts. The cards aren't attached to any bank. Durham resident Amy Matthews found out after trying to get to the money she put on a card.

Amy Matthews: I mean every time you want to use your money they want to charge you to use your money. If you want to get a hold of your money they charge you for your money.

That's why the CFSB is working to put stronger rules on prepaid cards. State Attorney General Roy Cooper says a changing economy requires it.

Roy Cooper: Many vendors don't take cash anymore, so many consumers don't have the option without that card.

The agency is listening to comments and personal stories. It hopes to have new prepaid card rules drafted by late next year.

Gurnal Scott joined North Carolina Public Radio in March 2012 after several stops in radio and television. After graduating from the College of Charleston in his South Carolina hometown, he began his career in radio there. He started as a sports reporter at News/Talk Radio WTMA and won five Sportscaster of the Year awards. In 1997, Gurnal moved on to television as general assignment reporter and weekend anchor for WCSC-TV in Charleston. He anchored the market's top-rated weekend newscasts until leaving Charleston for Memphis, TN in 2002. Gurnal worked at WPTY-TV for two years before returning to his roots in radio. He joined the staff of Memphis' NewsRadio 600 WREC in 2004 eventually rising to News Director. In 2006, Raleigh news radio station WPTF came calling and he became the station's chief correspondent. Gurnal’s reporting has been honored by the South Carolina Broadcasters Association, the North Carolina Associated Press, and the Radio Television Digital News Association of the Carolinas.
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