Settlement Structure: Claims Made
Active: Closed
Closed Settlement Statement:
According to court documents, the claim submission deadline has passed. Please contact the claims administrator if you have any questions.
Thanks to a case brought by the Federal Trade Commission, NetSpend has agreed to provide refunds and settle a case related to NetSpend’s prepaid debit cards. The plaintiff alleged that NetSpend advertised immediate access to funds, guaranteed approval, and always-available funds, among other benefits, that they did not or could not provide. Many low-income people use prepaid cards instead of bank accounts, the complaint claims. Delays and lack of access to funds caused severe hardships, such as evictions, the repossession of cars, and late fees on bills.
Docket Number:1:16-cv-04203-AT
Company: NetSpend Holdings Inc.
Filing Deadline: October 7, 2017
Class Period: January 1, 2010 to August 31, 2016
Proof of Purchase:Yes, mail or e-mail notice from NetSpend
Eligibility:You may be eligible for a refund if you acquired a NetSpend card account between January 1, 2010 and August 31, 2016, and that account:
- was not activated by August 31, 2016,
- was load with funds, and
- was not excluded for fraud, prior full refund or credit, return of funds to payment source, escheatment of funds, or similar reason.
If you are eligible, you should have received a notice from NetSpend by mail or e-mail.
Typical Settlement Amount:Varies; refund of any funds due to you that are still retained by NetSpend
Total Settlement Amount: $53,000,000
Class Representative Proposed Incentive Fee:Law Firm:
Federal Trade Commission
Case Name: Federal Trade Commission v. NetSpend Corp.
Settlement Website: NetSpend Refunds
Claims Administrator:
Federal Trade Commission
NetSpend@ftc.gov
Tags: Prepaid cards, Your Money