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4 Reasons A Prepaid Debit Card Can Cost You Big

Tuesday, August 9, 2011 - 9:25 AM
From Moneyland | TIME.com
The Los Angeles Times recently reported that a TSA worker was caught after stealing valuables from passenger luggage. Among the pilfered items was a prepaid debit card with $1,000 loaded on it. While having a debit card stolen is always a nerve-wracking experience, the stakes are much higher with prepaid cards than with one linked to a checking account.  General purpose, reloadable prepaid cards that can be bought from major retailers are becoming an increasingly large part of the mainstream financial landscape. People use them in lieu of a checking account, load their kids’ allowances on them and give and receive them as gifts. But there are a few things consumers need to keep in mind when it comes to the risks of prepaid debit cards.

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