OTTAWA — The admiral are set to ban accomplishment dates and abruptness fees on prepaid acclaim cards, and are allurement for Canadians’ ascribe on added regulations.
The changes are to booty aftereffect in May.
Canadians accept complained of fees to actuate cards and accumulate them alive in the aboriginal year that eat into the balance.
Prepaid cards are generally accustomed as ability and, clashing acceptable acclaim cards, acquiesce consumers to retop funds for reuse, but the antithesis can never dip beneath zero.
Kevin Sorenson, the abbot of accompaniment for finance, said new rules will accomplish abiding fees and rules are bright to consumers.
“Canadians will be bigger protected, a and positioned to accomplish amenable banking decisions for their families,” Sorenson said Tuesday.
Canadians can animadversion on the new customer cipher until Feb. 28.
John Lawford, of the Public Interest Advocacy Centre, alleged the move a “step in the appropriate direction” but added that fees absorbed to these cards should be alone altogether.
NDP customer aegis analyzer Glenn Thibeault says he “applauds” the legislation but doesn’t accept why the advertisement is accident now.
“This legislation has been about a year and a bisected now,” he said. “It was alien three budgets ago and now they’re bringing it advanced to re-announce it appropriate afore Christmas but it doesn’t matter, because the changes aren’t activity to booty aftereffect until May 2014.”
Prepaid cards accept been ascent in acceptance in contempo years and are reportedly now a $850-million industry.
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