NetSpend was also accused of tacking on fees that drained consumer accounts. Those who opted to close their accounts waited weeks to receive their money back, if they received it at all.
$53 Million Settlement
NetSpend entered into a settlement agreement to put the claims of the FTC to rest. A settlement fund of $53 million was established to issue refunds to some NetSpend cardholders (accounts were dated between January 1, 2010 through August 31, 2017). Consumers eligible for a refund were notified via email or USPS. If you did not receive a notice and believe that you’re entitled to a refund because your NetSpend card had delayed activation or you couldn’t access your funds after you deposited them, contact the FTC via phone at 1-888-684-4858 or email [email protected].
