Prepaid Credit Cards - Netspend STEALS

[Boredtodeath]

Netspend STEALS your money

Do NOT USE NETSPEND

On April 18, 2006 we deposited our $3,000.00+ income tax refund check with Netspend, paying over $180.00 for the "privilege" to do so.

On April 19, 2006, Netspend put a hold on our account stealing our money.

Within 24 hours, Netspend had stolen the entire funds of a family living in poverty.

For the first time since 2003, our family had funds available to purchase a few things like automobile insurance and pay some bills.

But Netspend stole the funds from this family.

After more than 3 hours on the phone trying to get the funds released, the Netspend employees simply went home. Leaving this family penniless, even though "Supervisor, Andi" had promised to call them with a status before leaving for the day. Thankfully, the family has VoIP, so they can prove every wasted second on the phone desperately trying to obtain their funds:

Apr 19, 2006 10:13 PM 18663877363 00:34:00 (customer "service")
Apr 19, 2006 09:19 PM 15126922547 00:01:00 (faxing documents)
Apr 19, 2006 08:06 PM 18663877363 01:12:00 (customer "service")
Apr 19, 2006 07:57 PM 18663877363 00:08:00 (customer "service")
Apr 19, 2006 07:48 PM 15126922547 00:01:00 (faxing documents)
Apr 19, 2006 06:37 PM 18663877363 01:07:00 (customer "service")
Apr 19, 2006 06:23 PM 18663877363 00:02:00 (customer "service")

[Redstone]

1. Call your state's Consumer Protection division.

Redstone

[Boredtodeath]

2. I intend to, first thing in the morning

Plus the Better Business Bureau and anyone else who will listen.

[Redstone]

6. Yup, those people get paid to help you. Call them.

And let us know how it worked out, OK?

Redstone

[jbnow]

11. Good, they part of Better Business Bureau

http://www.bbbonline.org/profile.asp?ID=1050207151615

Hope it works out quickly

[Boredtodeath]

12. Thanks.

I'll update as soon as I hear anything.

[Lochloosa]

15. Call the State Attorneys office.

[Lochloosa]

16. They also claim to be covered by the FDIC.

Call them.

[Boredtodeath]

17. Thanks. Good suggestions.

I plan to raise as much hell as possible.

[northzax]

3. how was the deposit made?

did they tell you it would be avaliable immediately, or is there a several day holding period until they can verify the check? If I deposit a check in the ATM, for instance, my bank makes $1000 avaliable immediately, and the rest only after they have verifiied the check. Others do likewise.

read the fine print, I'm afraid.

on further review, their website does say funds are posted within 30 minutes. but I bet they're covered by some fine print.

[Boredtodeath]

5. Nope - deposit made in CASH - available within 30 minutes

How do I load money onto my All-Access Visa Card?

You may load your All-Access Visa Card at any of our authorized distributor locations. Visit this page for more information. You may also transfer money to other NetSpend accounts by calling our Customer Service Department at 1-86-NETSPEND or by clicking on the “Transfer Funds” link in the “Account Center” once you login online. Funds are posted to your account within 30 minutes.
https://www.netspend.com/visa/faq.vm#q05

You go to one of those check cashing places, they cash your check (charging you 5%) and then deposit the CASH to your Netspend card.

[KingFlorez]

4. That's terrible

You really have to be selective where you put you money

[Boredtodeath]

7. We're learning that the hard way!

Hopefully, our experience will prevent others from being ripped off.

[troubleinwinter]

8. (Oooops, I just read post #5)

[Boredtodeath]

9. They even have a special deal for tax refunds!

Deposit your refund and they enter you in a contest for a High Def Plasma TV!

[Boredtodeath]

10. Anyone know a spanish translator?

I need to get this info out to the hispanic community - Netspend preys on these folks.

[0007]

13. Unbelievable! I don't understand the advanage of having

a prepaid charge card.

[Boredtodeath]

14. Many things are cheaper via automated billing

Such as cell phone bills, auto insurance, etc. If they can do an automatic billing, they eliminate the service fees of a paper bill.

Additionally, some people simply can't qualify for any other type of credit card.

[0007]

18. Thanks

[Boredtodeath]

19. NETSPENDSTEALS.COM is available!

My next step.

[Justice]

20. Also, do a search online to see others have had same issue

You can look on your state's Attorney General or Consumer Protection website.

What state do you live in? Perhaps someone here may know an attorney in your state's AG or CP office so they can hook you up directly. There is usually a lag time between when you file your complaint with the AG and when action gets taken (just b/c so many complaints).

You need immediate attention. I would also suggest you send these guys a letter telling them what you have done. Send the letter to the president. Overnight it.

on edit: In your calls, in your letters say unfair and deceptive trade practices over and over to get their attention.

[Boredtodeath]

21. I researched them extensively before I signed up

They, clearly, presented the most professional and best provider of the services.

There are several of these companies cropping up, but this one had been in business since 1999 and was FDIC insured.

These people prey on the hispanic community - evidently relying on the fact that most of their customers are illegal and can't complain when they steal their money.

I'm in North Carolina.