Samuel Kaplin wrote:
Let's suppose myself and 10,000 of my closest friends form the First National Cypherpunk Bank and Trust. We go through all of the hassles in order to be the issuer of a Master Card or Visa. Now instead of having a credit line, it is set up as a debit card. The card's limit is how ever much you have prepaid the bank in advance. Once you have hit your prepaid amount the card no longer gets approved. Now because everything is prepaid, there is no risk to me, so I'll put any name you want on the card. The questions I have are:
Is this legal in the U.S.?
If so, is anyone doing it?
This type of card is issued with just about every checking accunt in Oregon. I don't know about other states, except that here in California I know of only two that are doing it: Charles Schwaab and Glendale Federal. There may be more, but I have yet to hear about them. In Oregon you get such an ATM/Visa card instead of your regular ATM card. Good credit, bad credit, no credit. Now if I could just remember what its called... -- Lucky Green <shamrock@netcom.com> PGP encrypted mail preferred.