Financial Advice

NetSpend Settles FTC Charges

NetSpend Corporation has agreed to settle Federal Trade Commission allegations that the prepaid card company deceived people about access to funds deposited on NetSpend debit cards.

The Commission vote approving the stipulated final order was 2-1, with Acting Chairman Ohlhausen dissenting and issuing a statement. Commissioner McSweeny also issued a statement. The U.S. District Court for the Northern District of Georgia entered the order on March 31, 2017.

NOTE: Stipulated final orders have the force of law when approved and signed by the District Court judge. Then-Commissioner (and former Chairwoman) Edith Ramirez registered a vote in the affirmative for the motion to approve this settlement before she left the Commission.

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

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