It’s been nearly two weeks since Russell Simmons’ RushCard mysteriously froze their financial accounts and left their customers without access to their funds. Now, the Consumer Financial Protection Bureau is stepping in to suss out what the fuck is going on.
Here’s the statement from CFPB’s Facebook page on their RushCard investigation:
“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. The Bureau accepts consumer complaints at or by phone toll-free at 855-411-2372.”
As the fallout continues, Russell’s been tweeting jilted RushCard customers personally and promising to fix it.