The CFPB has ordered MasterCard & UniCard to pay $10 million to users of RushCard. Users were left stranded in October of 2015 due to preventable technological breakdowns and were unable to access the money on their cards without customer support. In addition they need to pay a $3 million civil penalty to the CFPB (this goes towards their Civil Penalty Fund).
If you were affected by the RushCard downtime you are not required to do anything to get your share of the $10 million. Originally the RushCard downtime occurred when they switched payment processors to MasterCard. Some interesting states from the CFPB:
- They received 800 complaints regarding this issue
- Delayed processing direct deposits for more than 45,000 consumers
- Did not process/improperly returned deposits of 2,000 consumers
- 1,110 consumers were incorrectly suspended
Always nice to see consumers getting restitution in cases like this and it’s one of the reasons that I love CFPB (they are a lot more pro-active than something like a class action).
