The demographics of those using the cards now vary widely, but those without checking accounts use the cards as their primary means of managing money. Nearly half of underbanked users have a direct deposit set up on their prepaid card, and three-quarters reload it regularly. Many users say they get prepaid cards in an attempt to avoid the fees associated with checking accounts, such as those charged for overdrafts. But that’s misguided, given the high and frequent fees that can be associated with prepaid accounts, including charges for loading money, using an ATM, checking a balance, and overdrawing.

Read just a few complaints about these cards on the CFPB website, and it’s easy to understand why many Americans are frustrated. “I proceeded to use my card to pay bills and do things I needed to do for my family. Tonight I looked over my charges because I was short and couldn't figure out why. I have various fees for every time I used that card … I counted over $30.00 in fees in TWO DAYS,” reads one complaint from a prepaid card user in North Carolina. Another complaint alleges that after a card expired, the owner simply lost the remaining funds instead of being sent a new card for the account: “I saved this card to spend on something special. $50.00 is a lot of money to lose.” The complaints go on, referencing issues with fees, poor customer service, and other troubles.

The CFPB has received more than 4,000 complaints about prepaid cards since July 2011, and the bulk of those have been about issues with unauthorized transactions, fraud or scams, and managing, opening, and closing accounts.

So the final rules the CFPB unveiled on Wednesday were based on years of data collection and complaints. The new regulations—which go into effect on October 1, 2017—would require companies offering prepaid services to provide more transparency about their fee structures, to clearly state whether customers’ funds are insured (such as through the FDIC), to make user agreements publicly available, and to be more responsive to customer complaints. More specifically, if a card user and a card issuer are not able to resolve a dispute within 10 business days, the issuer will be required to temporarily credit the customer’s account until a conclusion is reached. And in instances of fraud or card loss, issuers would be required to limit customers’ liability.

The new rule will also require prepaid operators to clearly state whether or not an overdraft option is available, and to then treat that option like what it is: credit. When providing that, issuers will be be required to do the same thing that credit-card companies do: They’ll need to determine a customer’s ability to pay, provide a monthly statement, and offer reasonable payment terms and fees (which can’t exceed 25 percent of the total credit line).