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- Published on Wednesday, 08 March 2017 06:55
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Mastercard and UniRush to Pay $13 Million for RushCard Breakdowns That Cut Off Consumers' Access to Funds
Preventable Failures Left Tens of Thousands of Economically Vulnerable Consumers Unable to Pay for Necessities
The job of the most honest seller is to sell you, not to give you reasons to buy from a competitor. That over-riding reality drives the free-enterprise system, and places a responsibility on you.
FoolProof's Hall of Shame is here to remind you why a healthy dose of skepticism should rule your decisions before dealing with anyone who wants to touch your money or your general welfare.
February 1, 2017
The Consumer Financial Protection Bureau today took action against Mastercard and UniRush for breakdowns that left tens of thousands of economically vulnerable RushCard users unable to access their own money to pay for basic necessities.
"Mastercard and UniRush's failures cut off tens of thousands of vulnerable consumers from their own money, and threw some into a personal financial crisis," said CFPB Director Richard Cordray. "The companies must set things right for consumers and make sure such devastating service disruptions are not repeated."
As a result of its preventable failures, the CFPB found that Mastercard or UniRush:
- Denied consumers access to their own money
- Botched the processing of deposits and payments
- Gave consumers inaccurate account information
- Failed to provide customer service to consumers impacted by the breakdowns
Mastercard and UniRush must:
- Pay an estimated $10 million in restitution to tens of thousands of harmed consumers:
- Draw up a plan to prevent future problems:
- Pay a $3 million civil penalty
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