Mastercard and UniRush to pay 13 million US dollars in fines charged by CFPB

2 February 2017

This week the Consumer Financial Protection Bureau (CFPB) reported about the actions taken against MasterCard and UniRush for violation of customer service obligations and further support liability somewhat two years ago. UniRush is operating the RushCard prepaid card program for customers transactions whereupon are processed by Mastercard Payment Transaction Services.

In October 2015, as unveiled by the statement made by CFPB, both companies experienced a series of faults that could be prevented, resulting in denied access for customers to their funds. Card holders could not make payments on their utility bills, withdraw cash in ATMs, purchase items at retail stores or learn their balance on the cards.

Official statement from CFPB further notes that at the time of such failures customers could not reach the support service of UniRush to resolve the occurred issue. According to the ruling of CFPB the charge to be paid by Mastercard and UniRush amounts up to 10 million US dollars to be paid in damages to card holders with the fine accounting for 3 million US dollars.

Spokesperson for CFPB comments that many thousands of customers were left out of their pockets with no money accessible for their essential needs. Meanwhile Mastercard made a statement that understanding the importance of prepaid cards in the managing money for card holders, the company finds it pleasurable to finally resolve the case.

Blockchain techs
Mastercard may launch a payment system for fast cryptocurrency transactions
Banking techs
Korea digitizes mortgage and loan documents on a blockchain platform
Articles
Writing a White Paper for an ICO: expert recommendations
Show more posts...