Prepaid Debit Card | featured news

A gang of cyber-criminals stole $45 million in a matter of hours by hacking their way into a database of prepaid debit cards and then draining cash machines around the globe, federal prosecutors said Thursday.

Sabino Fuentes-Sanchez hid $25,000 all around his house because he didn't trust banks. Lasonia Christon receives her Walmart salary on a pre-paid debit card. Kim James was homeless for most of the past decade in part because she had no place to save money. There are plenty of reasons people still live all-cash lives, but the sheer number who do it might surprise you.

American Express and Wal-Mart announced Tuesday that their prepaid debit card accounts will now be backed by the Federal Deposit Insurance Corp., making them one of the last major providers to sign on to the government backstop. Read full article >>