Consumer Alert—NetSpend FTC Ruling

netspend two card imageLast week NetSpend entered into a $53 million settlement with the Federal Trade Commission to settle a complaint by consumers that it had engaged in deceptive trade practices regarding their prepaid debit cards. Consumers filed a complaint with the FTC alleging that even after funds were loaded onto their NetSpend prepaid debit card that it took weeks and even longer for them to access their money. NetSpend advertised that money deposited to cards would be available immediately. After loading their cards with money, consumers were required to contact NetSpend and supply personal information to access their funds. Even after supplying the information, which many consumers had to do over and over, they were denied access to the money loaded onto their debit cards.

What is troubling about the FTC ruling is that Maureen K. Ohlhausen, who was just appointed by Donald Trump to the Federal Trade Commission, as one of the three voting commissioner, disagreed that consumers should be reimbursed for the deception. Already we are seeing the anti-consumer, pro business, attitude that is trickling down from the Trump administration. And it is only going to get worse since Trump has stacked his cabinet, and will fill numerous other government positions, with folks who want to cater to the rich at the expense of the poor. The damage yet to be done by the election of Trump will be widespread and catastrophic. Poor people who are running around saying “just give him (Trump) a chance” don’t comprehend that this man never intended to help poor people. His express love for “uneducated people,” was part of his willingness to pander to their racist, anti-immigrant, anti-woman sentiments. Already millions are at risk of losing programs such as Meals on Wheels, subsidies that helped poor pay their electric bills, legal aid services, community development programs….and the list goes on and on of what Trump wants to cut in order to “build his wall,” and line the pockets of the military industrial complex. Still, many are “standing by their man” as he shoves his foot up their you-know what.

Consumers who want more information about the NetSpend settlement can visit this website: https://www.ftc.gov/news-events/press-releases/2017/03/netspend-settles-ftc-charges.

Copyright 2017 – L. Arthalia Cravin. All rights Reserved. No part of this commentary may be reproduced, stored in a retrieval system, or transmitted by any means, electronic, mechanical, photocopying, recording, or otherwise, without written permission from the author.

Share Button
Print Friendly, PDF & Email
Wednesday Wisdom