WASHINGTON — Millions of poor Americans who use prepaid debit cards could soon face higher fees.
Under a rule to take effect in July, companies that issue debit cards must reduce the fees they charge retailers. To recoup their lost revenue, banks that offer the cards are raising fees for people who use them.
People who use prepaid debit cards, typically low-income consumers and those collecting government benefits, are supposed to be shielded from the fee hikes. To protect them, the rule provided an exemption: It let companies that issue prepaid cards keep charging retailers higher rates.
