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Coverage of Prepaid Accounts

Question: 
My understanding is that to be covered by the prepaid rule the account must be marketed and labeled as “prepaid” or is redeemable at multiple, unaffiliated merchants for good or services. Is that correct?
Answer: 

The account must be “marketed OR labeled” as prepaid. It can, but doesn’t have to, meet both the marketing or labeling standard within that section of the definition.

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Prepaid Accounts

First published on 09/24/2017

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