WASHINGTON, May 20, 2011 /PRNewswire/ -- As the network branded prepaid card industry's leading advocacy voice, the Network Branded Prepaid Card Association (NBPCA) strives to set the bar high for companies involved in providing these cards to consumers, governments and businesses. NBPCA was disappointed to learn of the Florida Attorney General's investigation into five prepaid card companies for alleged deceptive and unfair practices.
NBPCA supports transparency in disclosure of fees to consumers, prior to purchase, so they clearly understand the terms and conditions associated with prepaid cards prior to purchase. In members' drive to set a high industry bar in delivering safe, convenient and efficient prepaid cards to consumers, NBPCA developed disclosure and consumer best practices on general purpose reloadable cards also known as prepaid debit cards.
"As the prepaid card industry grows, offering consumers an innovative option to manage their money, NBPCA members continue to seek ways of constantly improving and evolving these products so they remain meaningful to consumers, businesses and government entities that use these cards," remarked Kirsten Trusko, President, Network Branded Prepaid Card Association (NBPCA).
"To ensure consumers enjoy their card experience and easily understand, 'in plain English,' how prepaid cards work, NBPCA continues to work with federal regulators like the Consumer Financial Protection Bureau (CFPB) to develop educational and comparative tools to help consumers choose the best card, across a large group of competitive programs, to meet their specific needs," added Trusko.
Representing over 70% of the open loop card or branded cards issued in the US, NBPCA members also agree to adopt NBPCA's Code of Conduct and Guiding Principles.
About the NBPCA
The Network Branded Prepaid Card Association (NBPCA) is a non-profit, inter-industry trade association that supports the growth and success of network branded prepaid debit cards and represents the common interests of the many players in this new and rapidly growing payments category. For additional information visit www.NBPCA.org or the NBPCA Twitter page.
SOURCE The Network Branded Prepaid Card Association