Caveat Emptor or Should There Be A Law Against Preditors Like This

If you ask me, it's buyer beware, but really, these companies have lost their moral compass - if they ever had one:

For many people who do not have bank accounts, or cannot get a credit card, the appeal is irresistible, making the reloadable cards among the consumer banking industry’s fastest-growing products. But their convenience comes with a catch: fees, often hidden in the fine print.

The MiCash Prepaid MasterCard docks cardholders a $9.95 activation fee. Like many competitors, it then charges numerous recurring fees, including $1.75 for each A.T.M. withdrawal, $1 for each A.T.M. balance inquiry, 50 cents for each purchase, $4 for monthly maintenance, $2 for inactivity after 60 days and $1 for a call to customer service.

Caveat Emptor, indeed! Banks are looking more and more like loan sharks, but they are not likely to break your knee caps before the bankrupt you.