Watch out for those hidden fees in prepaid debit cards

(Fortune)

Financial products are a different animal. They are often named one thing when they are something quite different. In the late 1990s, banks and credit unions started marketing "free" checking accounts to consumers when in fact those accounts were subject to hefty fees. Overdraw your account? Thirty dollars a pop. Fall below your minimum account balance? Ante up another $10. Tens of billions in profits have been made on fees from these supposedly free accounts, paid mostly by lower- and middle-income depositors who can ill afford them.

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