FTC Returns more than $10 Million to NetSpend Customers

The Federal Trade Commission is mailing more than 430,000 checks totaling more than $10 million to people who could nit access money deposited to their NetSpend reloadable prepaid debit cards. According to an FTC complaint, many NetSpend customers were unable to access their funds, either because NetSpend denied or delayed activation of their card or because NetSpend blocked them from using it.

To settle the FTC’s charges, NetSpend Corporation agreed to notify and provide refunds to eligible customers who requested them before October 7, 2017. NetSpend also agreed to remit to the FTC any fees collected from NetSpend debit cards that were eligible for refund, but were not paid out during the consumer redress period. The FTC is using this money to send checks to customers who did not receive a refund previously in this case.

Recipients should deposit or cash checks within 60 days, as indicated on the check. The FTC never requires people to pay money or provide account information to cash a refund check.

If consumers have questions about the refund program, they should contact the FTC’s refund administrator, Analytics Consulting LLC, at 888-684-4858.

This article by the FTC was distributed by the Personal Finance Syndication Network.