If there’s a silver lining to the recent RushCard debacle, it’s that it has exposed systemic failings in the prepaid debit-card industry and provided the clearest and most harrowing illustration yet of why strong oversight is needed. In case you missed it, over an agonizing period in October, Russell Simmons’ RushCard company left thousands of people stranded — in some cases, for up to two weeks — without access to their wages, Social Security benefits and other funds loaded onto their cards. That breakdown led to a cascade of financial crises for families who were unable to pay for rent, medicine, food or gas. Many RushCard customers reported facing utility shut-offs, steep late fees to creditors and threats of eviction. The economic fallout for these families — to say nothing of the stress they have endured — will no doubt continue for months, even as RushCard officials assure them that the technology glitch responsible for the meltdown has been resolved. SIMMONS TO PAY FOR PROBLEMS CAUSED BY RUSHCARD GLITCHES Far from a mere glitch, the RushCard breakdown is a devastating result of our unequal financial system, in which those who can least afford it are relegated to costly and poorly… Read full this story
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Lessons from the RushCard fiasco: New York needs stronger protections on prepaid debit cards, which routinely punish the poor have 282 words, post on www.nydailynews.com at November 11, 2015. This is cached page on VietMaz. If you want remove this page, please contact us.