Reforms in Florida’s Prepaid Debit Card Industry

Attorney General Bondi’s Office Requires Reforms in Florida’s Prepaid Debit Card Industry

 

Pam Bondi and Rick Scott are after pill mills.

Pam Bondi and Rick Scott are in a nationwide battle against bad banking practices.

Attorney General Pam Bondi’s office has reached first-of-its-kind settlements requiring reforms to the business practices of five of Florida’s largest prepaid debit card companies, Account Now, Inc., First Data Corporation, Green Dot Corporation, Net Spend Corporation, and Unirush, LLC. Following an investigation based upon concerns that consumers where not clearly advised of important fees and misled by claims that using the cards would build positive credit history, the settlements require the companies to provide clear and conspicuous notice of fees and prohibits them from making misleading claims about the ability of prepaid debit cards to build positive credit history. Additionally, the companies have agreed to pay $115,000 to the Central Florida Chapter of Junior Achievement.

“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,” stated Attorney General Pam Bondi.

The Attorney General’s Office encourages Floridians who believe they may have been affected by unfair practices when purchasing and using a prepaid card to contact the Attorney General’s fraud hotline at 1-866-9-NO-SCAM (1-866-966-7226) or to file a complaint online at MyFloridaLegal.com.

The Attorney General’s Consumer Protection Division is the enforcement authority for all multi-circuit violations of the Florida Deceptive and Unfair Trade Practices Act. The Division is intended to protect consumers by investigating entities that employ unfair methods of competition or unconscionable, deceptive and unfair practices in any trade or commerce.

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