RushCard Ordered to Pay $13 Million for Disruption of Prepaid Card provider

RushCard Ordered to Pay $13 Million for Disruption of Prepaid Card provider

Significantly more than a 12 months after a failure of RushCard’s debit that is prepaid system denied tens of thousands of clients use of their money, a federal regulator has purchased the business and its particular re payment processor, MasterCard, to cover $13 million in fines and restitution.

The penalty is supposed to deliver a caution towards the whole prepaid credit card industry, the manager for the customer Financial Protection Bureau stated on Wednesday. Lots of people, particularly low-income clients, count on such cards rather than bank reports.

“Companies will face the results if ındividuals are rejected usage of their funds,” the manager, Richard Cordray, stated. Continue reading RushCard Ordered to Pay $13 Million for Disruption of Prepaid Card provider