Prepaid cards promise financial flexibility, but are they truly convenient? Certain providers seem to gorge themselves, profiting massively while making life harder for customers. Hidden fees and restrictive terms may turn this convenience into exploitation. Explore the real cost behind the promise.
Veritas Mastercard: A Case Study in Customer Disservice
Prepaid cards, or “Prepaids,” have always been notoriously expensive. But since the pandemic, many have become downright exploitative. Enter Veritas Mastercard, a prime example.
Veritas seems to have mastered the art of trapping customers. They require users to pay upfront, only to block them afterward. Their verification demands are unclear and often exceed what is legally required in many countries. Worse still, their customer support system is abysmal—both inefficient and unfair.
If a customer tries to claim a refund under applicable laws (such as French or EU regulations), they’ll likely end up waiting endlessly. Why? It seems Veritas has decided that saving money on customer care is more important than respecting customer rights.
A proper support system should offer swift, efficient service—accessible both in writing and over the phone. Yet Veritas cuts corners precisely where it matters most. And while their fees may not be the worst in the industry, their disregard for customer rights stands out.
Abuse, Bank, Consumer Rights, Scam, Hidden Fees
How to Navigate Their System (If You Must):
– Use a high-quality smartphone for photo uploads (their system is notoriously unreliable).
– Avoid VPNs; any issues arising from their use will be dismissed as “your problem.”
– Ensure your identification documents are recent and undamaged.
– Crucially, make sure the name on your ID matches the MRZ (Machine Readable Zone) exactly. If you have a legal name variation or alias not listed in the MRZ, their system will likely block you.
This disregard for name variations, which may violate customer rights, often leaves users frustrated—and, in many cases, out of pocket. Unless you have the resources to escalate the matter publicly, consider this risk carefully before opting for Veritas.
PCS Mastercard: The “Melt-Away” Balance
With PCS Mastercard, you might never even activate your card, yet watch your balance “melt away.” The fees alone are staggering, and their customer support leaves much to be desired.
PCS claims to offer a customer support form on their website, but in reality, it doesn’t exist. The contact page provides little help. If you attempt to call their support line, you’ll face a premium-rate phone number and highly restrictive hours.
For Overseas French Territories:
If you’re in New Caledonia, prepare to call before 4 AM local time, or before 7 AM in Tahiti*. Using Messenger for support? Good luck—those hours are even worse. And when you finally reach someone, you’ll need to provide your PSID number (under the barcode) or the phone number linked to your card. Missteps here can lead to days of delays—one day for your question and another for their response.
Fee Overload
PCS’s KYC (Know Your Customer) systems are another source of frustration. If your card is blocked due to identity verification issues, fees begin piling up almost immediately. From monthly management charges to rejection fees for failed transactions (EUR 0.20 per attempt, USD 0.21), every misstep is an opportunity for PCS to profit.
A Broader Problem: KYC, AML, and CTF Regulations
Prepaid card providers often hide behind KYC (Know Your Customer), AML (Anti-Money Laundering), and CTF (Countering the Financing of Terrorism) regulations, portraying them as essential tools against crime. But in practice, these measures frequently penalize everyday consumers and small businesses without clear justification.
These systems, while ostensibly designed to combat financial crime, often create unnecessary hurdles for legitimate users. The real beneficiaries are large financial institutions, which enjoy reduced competition, while true criminals continue to find loopholes. The result? Excessive oversight, bureaucratic burdens, and a loss of both economic and individual freedoms.
As Benjamin Franklin famously stated:
«Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety.»
This enduring quote serves as a reminder: liberties should not be sacrificed lightly, even in the name of security.
Final Thoughts
Prepaid cards like Veritas and PCS promise convenience but often deliver the opposite. From exorbitant fees to inadequate support, these services leave much to be desired. Customers must navigate a maze of inefficiencies and risks—often with little recourse when things go wrong.
If you’ve experienced similar issues, consider sharing your story on review platforms or social media. Greater transparency may be the only way to push these companies toward accountability.
*/ Tahiti is the largest island in French Polynesia, located in the South Pacific. It is renowned for its stunning landscapes, lush mountains, and cultural significance as the region’s administrative and economic hub.
Photo: Some prepaid cards: Hidden fees and trouble ahead? – ADPI News Infographic
