Uncle Russell we have a problem. Since October 11, people have been having a problem using their rush cards. Rush cards are for people who have no actual debit or credit cards so they put all their money on these cards to pay for their things.
Simmons claims that the cards have been glitching due to the company deciding to upgrade their system. He has been trying to fix the problem by communicating to his customers through Twitter. He has been asking everyone to send him a message with their name and contact information so that he can get in contact with them once he figures out how to fix the problem. Many people are upset because they have not been able to use their money as they need to.
He sent out a tweet saying he will not stop working on the problem until it is fully resolved. Consumer Financial Protection Bureau has recently released a statement about the problems going on with the rush cards saying,
“It is outrageous that consumers have not had access to their money for more than a week. We are looking into this very troubling issue.Consumers increasingly are relying on prepaid products to keep their funds, make purchases, and manage their money. Customers who are still affected by this situation should consider stopping their direct deposit, so that they can get their next paycheck by check or have it deposited in another account. Consumers can also ask anyone who has charged them a late fee on a payment affected by this delay to waive that fee. More generally, all consumers using prepaid cards should watch the transactions on their accounts, and report any problem promptly to the prepaid card issuer.”
Rush cards were created to help people improve on their financial situations as Simmons says. Lets hope a resolution is coming soon.
Source: FoxNews
The prepaid rush cards are a joke and do not help people improve their financial situations. Let’s see 1. You’re charged an activation fee to use this card and a processing fee each month. 2. This card is not reported to any credit institutions so it’s worthless. 3. You would be better off getting the American Express prepaid card. At least you would have access to your money. This is no disrespect to Russell Simmons but he knows this card is not helping anyone get their credit in order.