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MSE News: FSA's new pre-paid card rules come with a catch

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MSE News: FSA's new pre-paid card rules come with a catch

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
5 replies 2K views
Former_MSE_HelenFormer_MSE_Helen
2.4K posts
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
This is the discussion thread for the following MSE News Story:

"Unused cash on a pre-paid card must now be repaid in full on request, but could still be subject to huge charges ..."

Replies

  • pete_vpete_v Forumite
    56 posts
    I guess the obvious electronic-money-stored-to-pay-with-later service is Paypal. Presumably that's covered?

    Pete
  • michaelsmichaels Forumite
    25.1K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    Was about to ask the same question - what protection is available with paypal, moneybookers (skrill) and neteller?
    pete_v wrote: »
    I guess the obvious electronic-money-stored-to-pay-with-later service is Paypal. Presumably that's covered?

    Pete
    I think....
  • corbyboycorbyboy Forumite
    1.2K posts
    Part of the Furniture
    ✭✭✭
    michaels wrote: »
    Was about to ask the same question - what protection is available with paypal, moneybookers (skrill) and neteller?

    When do PayPal stop you withdrawing money from your account? They don't even charge you to put it into your account.

    I am confused about the point of these new rules. If you have money on a pre-paid card why can't you just spend it?
  • davidgmmafandavidgmmafan Forumite
    1.5K posts
    ✭✭✭
    What I'm confused about is both the FSA and the FOS refer to charges for various things having to be proportionate, yet this strangely doesn't apply to bank charges generally (the FOS mentions that it would in certain circumstances).

    To be honest I'd rather see transparancy around other things to do with such card, like how does it cost, roughly, to process a payment? (so we know how much certain companies are stiffing people).
    Mixed Martial Arts is the greatest sport known to mankind and anyone who says it is 'a bar room brawl' has never trained in it and has no idea what they are talking about.
  • Greetings all,

    Definitely something that you should know....

    As a customer of O2 I'm entitled to a VISA ("powered by Nat West") PrePay card that costs nothing whatsoever (except international transactions at 2.75%) I just need to top up £10 every 3 months (which is less that I top up anyway)

    SEE BELOW


    Replacement cards Free
    UK transaction fee Free
    International transaction fee (foreign currency) 2.75% of transaction value
    UK ATM withdrawal fee Free - some ATM providers may charge a fee but will tell you before you complete your withdrawal
    International ATM withdrawal fee 2.75% of transaction value
    ATM withdrawal limits £200 per day
    Annual cash withdrawal limits If you have a £10,000 annual load limit, this is also your maximum annual cash withdrawal limit - that's the same as £830 a month from an ATM. If you have a £1,800 annual load limit, your maximum annual cash withdrawal limit is £720 - that's the same as £60 a month from an ATM.
    Daily transaction limit If you have a £10,000 annual load limit, that amount is also your daily transaction limit (on single or multiple purchases). If you have a £1,800 annual load limit, your daily transaction limit is £720 (on single or multiple purchases).
    Mobile updates Free
    Useful text services Free from your O2 Mobile in the UK - load text (80202) is for UK locations only
    Loading your card Free
    Load limits The minimum is £5
    Customer service from your O2 mobile Free
This discussion has been closed.

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