TALLAHASSEE, Fla. (Legal Newsline) - Florida Attorney General Pam Bondi announced settlements Wednesday with five of Florida's largest prepaid debit card companies requiring both reforms and penalties.
Unirush LLC, Net Spend Corporation, Green Dot Corporation, First Data Corporation and Account Now Inc. allegedly failed to properly advise consumers of important fees and used misleading claims that the companies' cards would help to build a positive credit history.
Under the terms of the settlements, the companies will be required to provide conspicuous and clear notice of fees and will be prohibited from making future misleading claims about the ability of prepaid debit cards to build a positive credit history.
"The reforms we are requiring will protect consumers by providing them with the information they need in order to make sound financial decisions, and they establish standard business practices among Florida's largest prepaid debit card companies," Bondi said.
Collectively, the companies will pay $115,000 to the Central Florida Chapter of Junior Achievement.