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Exception Tracking Spreadsheet (TicklerTrax™)
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Fed report on general-use prepaid cards

The Board has posted its annual report to the Congress on the use of general-use prepaid cards in federal, state, and local government-administered payment programs and on the interchange fees and cardholder fees charged with respect to the use of those cards.

Federal, state, and local government offices use government-administered prepaid cards to disburse funds at a lower cost than checks (or other paper-based payment instruments, such as vouchers or coupons) and to provide an alternative to direct deposit for payment recipients, especially those recipients who do not have bank accounts. As a result, government offices contract with financial institutions to issue prepaid cards, disburse program funds, and provide customer service.

For calendar year 2020, government agencies disbursed $408.9 billion through government- administered prepaid cards across the roughly 1,000 programs reported by issuers. The Board collected data on 10 types of government-administered payment programs that used prepaid cards as a method to disburse funds. Total funds disbursed through government-administered prepaid cards varied widely by program type. Unemployment disbursed the largest share of total funds through government-administered prepaid cards across all reported programs in 2020. In total, these prepaid disbursements represent approximately 0.6 percent of total government expenditures in 2020.

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