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

Former_MSE_Helen

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 ..."

Read the full story:
FSA's new pre-paid card rules come with a catch

pete_v

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

Pete

michaels

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

corbyboy

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?

davidgmmafan

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).

Musicmanxxxxx

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).
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Useful text services Free from your O2 Mobile in the UK - load text (80202) is for UK locations only
Loading your card Free
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