Is That Prepaid Card Actually A Checking Account?
"Today's announcement [regarding the addition of FDIC insurance, check writing and direct deposit], which reflects feedback from consumers, advocacy groups and government officials, represents the next set of enhancements that further distinguish Bluebird from other financial services options," said Schulman in a prepared statement.
It remains unclear whether the CFPB will see the Bluebird enhancements as a positive response to its concerns regarding transparency and safety, or as an attempt to turn the card into something that resembles a checking account -- minus the banking regulations that come with it.
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