Russell Simmons Needs Retractions From Washington Post and BusinessWeek

There were stories that are many the press about how precisely I experienced a ‘victory’ on Capitol Hill in terms of the “Durbin Amendment” that regulates debit cards. Several articles, nonetheless well intentioned, missed the idea and misstated key facts. If there was clearly a success it had been for individuals who’ve been kept out from the economic and systems that are healthcare. We went along to Washington being an advocate when it comes to overlooked and that is underserved speak for all whose sounds aren’t being heard.

Credit is because of lawmakers for focusing on how programs like my RushCard are serving the underserved by supplying an alternative solution to big banking institutions and check always cashers and assisting with medical expenses. I will be thankful that lawmakers supplied an exemption for several services and loanmaxtitleloans.info/payday-loans-ky products serving the underserved. I really believe it really is a thing that is good lawmakers are pressing other prepaid cards to become more like RushCard by giving incentives for features my card currently has – like maybe maybe not recharging overdraft charges and supplying free ATM deals. I will be very proud that RushCard happens to be a leader into the motion of cash far from large banking institutions which can be not tuned in to big sections of this populace.

There were articles from reputed publications (which other people have actually selected up and republished) that have actually crucial errors and omissions. I am aware that reporters have tough due dates and that mistakes do take place. I would like to set the record right and I also ask these magazines, the Washington Post and BusinessWeek, to create corrections.

#1. My card had been always exempted from the amendment. Through the first form of the amendment onwards, every draft possessed a carve-out for the banks that RushCard works closely with. We fought for almost any bank in order to provide poor people. It will help the underserved though it means more competition for my business. Therefore, although the proven fact that i am in the industry from the start made this a crucial problem for me personally to deal with, my advocacy in this situation wasn’t for my personal company.

#2. RushCard is definitely an empowerment card. Comparing it to a prepaid credit card is|card that is prepaid} like comparing a car or truck to a bike. Both allow you to go, but a motor car gets you further faster and has security features that the bike simply does not have. RushCard not just provides you a means to get and invest , additionally assists you obtain the most from your hard earned money. You are kept by it out of traps with payday lenders and makes it possible to remain economically stable.

Every RushCard user gets a free prescription discount card, a totally free credit building system, online cost management tool to be sure persists till the next paycheck and cash transfers at a portion of just what it costs somewhere else.

#3. A few article writers have actually misrepresented our charges. RushCard has two charge plans, a Monthly plan and a Pay-as-you-go plan – people select the one that is most effective for them. Explaining both plans together saying that whenever you buy your automobile you need to spend for this entirely upfront and then make monthly premiums about it also.

If to complete would be to cash your paycheck, make use of RushCard’s Pay-as-you-go plan. Get your paycheck direct deposited ( which is FREE) and simply just take your cash down at an ATM – this ongoing works away to simply $1.95 per paycheck.

If you should be sick and tired of overdraft and fund that is insufficient from the bank (14% pay $1400 /year due to their checking records), you can make use of RushCard’s month-to-month plan. For the fee that is monthly of9.95 you receive 2 free ATM deals and limitless transactions at shops – you merely have to signal for the acquisitions.

They are various charge plans: plucking elements of each cost plan and omitting options that come with RushCard like credit building and budgeting, as some articles have inked, misrepresents the solution and might make visitors believe our costs are nearly double exactly what our users actually spend. Ignoring key elements of the charge plans, like no overdraft costs, two free ATM transactions per month and limitless signature that is free seriously overstates the charge structure that I worked hard to make one of the cheapest in the sector.

Every day we hear from individuals whoever life have now been changed by RushCard. 56% of RushCard users inform us they conserve over $300 /year because of the card, 30% state they conserve over $600 /year. As well as this, they now conserve aided by the prescription that is new card and account to account transfers. You never learn about how a bank saves its clients cash.

We are nevertheless in difficult times – many will always be unemployed, banking institutions nevertheless charge exorbitant charges and foreclose on houses, health care continues to be unaffordable. I really hope reporters recognize the responsibility that accompany their task. Inaccurate or incomplete information could result in individuals perhaps not studying choices make medicines as well as other fundamental necessities affordable. We urge reporters whom would not grasp the RushCard to produce a balanced view or retract their statements.

I will be maybe perhaps maybe not right here to argue. We have worked every one of my adult life as an advocate when it comes to bad, the voiceless therefore the under-served. We work for them plus they give me personally power. Let’s move ahead and help those who require assistance.