Welcome to Consumer Reports Advocacy

For 85 years CR has worked for laws and policies that put consumers first. Learn more about CR’s work with policymakers, companies, and consumers to help build a fair and just marketplace at TrustCR.org

Letter to the FDIC Stored Valued Cards

Individuals are being asked to accept stored value cards to receive payments of essential funds. Stored value cards are increasingly offered to low- and moderate-wage workers as a way to receive and even hold funds such as wages, emergency payments, tax refunds, private child support collected through a government agency, and other important household funds. These cards are also being marketed directly to individuals as a substitute for a bank account. Deposit insurance is one of several issues that must be addressed to make the stored value card a valuable stepping stone into the banking system, rather than a high risk, inferior product.

IssuesMoney