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Prepaid cards: how do they function? how are they regulated?


  • Mark Furletti


This conference, sponsored by the Payment Cards Center, brought together prepaid card industry leaders and regulators to discuss how various prepaid-card systems work and the ways in which different state and federal laws can affect them. The conference featured sessions on bank- and merchant-issued gift cards, payroll cards, and flexible spending account cards. It also featured presentations by experts on Regulation E, the Federal Deposit Insurance Act, state money transmitter laws, and state abandoned property laws.

Suggested Citation

  • Mark Furletti, 2004. "Prepaid cards: how do they function? how are they regulated?," Payment Cards Center Discussion Paper 04-04, Federal Reserve Bank of Philadelphia.
  • Handle: RePEc:fip:fedpdp:04-04

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    References listed on IDEAS

    1. Shawn A. Cole & John Thompson & Peter Tufano, 2008. "Where Does it Go? Spending by the Financially Constrained," Harvard Business School Working Papers 08-083, Harvard Business School, revised Apr 2008.
    2. Kevin Foster & Erik Meijer & Scott Schuh & Michael A. Zabek, 2011. "The 2009 survey of consumer payment choice," Public Policy Discussion Paper 11-1, Federal Reserve Bank of Boston.
    3. Julia S. Cheney & Sherrie L. W. Rhine, 2006. "How effective were the financial safety nets in the aftermath of Katrina?," Payment Cards Center Discussion Paper 06-01, Federal Reserve Bank of Philadelphia.
    4. Susan Herbst-Murphy, 2012. "Government use of the payment card system: issuance, acceptance, and regulation," Payment Cards Center Discussion Paper 12-06, Federal Reserve Bank of Philadelphia.
    5. Herbst-Murphy, Susan, 2015. "Trends and preferences in consumer payments: updates from the visa payment panel study," Payment Cards Center Discussion Paper 15-2, Federal Reserve Bank of Philadelphia.
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    Regulation E: Electronic Fund Transfers ; Stored-value cards;

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