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Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.

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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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