Prepaid card company Green Dot (GDOT) said Friday that it supports Visa's new initiative to simplify fees and disclosures.

Under Visa's new program, companies will receive a certification of approval if they provide customer-friendly fees. To qualify, prepaid card providers may collect flat monthly fees, but are prohibited from charging for a variety of other services, including declined transactions, customer service and in-network ATM withdrawals.

"We believe it's important for the prepaid card industry to provide affordable, fair products with clear and easy to understand fee disclosures," says Steve Streit, Green Dot chief executive, in a June 6 press release.

Green Dot, which faces increasing competition, has responded by expanding its product line and partner relationships in the past year.

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