Joe Oliver, Minister of Finance, will be announcing new regulations of Canadian pre-paid debit cards today.
The new regulations, which come into effect today, Wednesday April 30, will require all fees for prepaid card to be disclosed on an information box on the cards packaging.
In addition, issuers of pre-paid cards will no longer be allowed to attach an expiry date to pre-paid cards and will not be permitted to charge a maintenance fee for at least one year after activation.
Many Canadian consumers are apparently unaware of the monthly maintenance, card activation and ATM fees associated with the pre-paid cards. The regulations are an attempt to make those fees more transparent and easier for consumers to see.
More to come…