Introductory BSA/AML Examiner School, Providence, RI
Prepaid Access
Prepaid Cards:
• Open Loop System
• Closed Loop System
Prepaid Cards Open Loop System:
• Used for purchases at any merchant that accepts cards issued for use on the payment network associated with the card • Access cash at any ATM that connects to the affiliated ATM network • Examples include payroll cards, general purpose reloadable cards and certain gift cards
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