Week Russell Simmons Demands Retractions From Washington Post and Business

There has been numerous tales in the press about how precisely I experienced a ‘victory’ on Capitol Hill in terms of the “Durbin Amendment” that regulates debit cards. A majority of these articles, nonetheless well intentioned, missed the idea and misstated facts that are key. If there is a victory it had been for individuals who’ve been kept out from the economic and healthcare systems. We went along to Washington as an advocate when it comes to overlooked and underserved – to talk for those 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 alternate to banks that are big always check cashers and assisting with health care expenses. I will be thankful that lawmakers offered an exemption for many products serving the underserved. I really believe it is a positive thing that lawmakers are pressing other prepaid cards to become more like RushCard by giving incentives for features my card currently has – like perhaps not asking overdraft charges and supplying free ATM deals. I’m really proud that RushCard happens to be a frontrunner into the movement of income far from big banking institutions which can be not really attentive to big portions of this populace.

There has been articles from respected publications (which others have actually selected up and republished) that have actually crucial mistakes and omissions. I am aware that reporters have actually tough due dates and that errors do take place. I do want to set the record right and I also ask these magazines, the Washington Post and BusinessWeek, to write corrections.

# 1. My card had been constantly exempted through the amendment. Every draft had a carve-out for the banks that RushCard works with from the very first version of the amendment onwards. We fought for every single 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 beginning made this an issue that is important me to deal with, my advocacy in this situation wasn’t for personal company.

no. 2. RushCard is an empowerment card. Comparing it to a prepaid credit card is|card that is prepaid} like comparing an automobile to a bike. Both allow you to go, however a automobile gets you further faster and has security features that the bicycle simply doesn’t have. RushCard not merely offers you a real means to get and invest your cash, it can also help the most from . It keeps you away from traps with payday loan providers and can help you remain economically stable.

Every RushCard user gets a prescription that is free card, a totally free credit building system, online budgeting tool to ensure persists till your following paycheck and cash transfers at a small fraction of just what it costs elsewhere.

no. 3. A few authors have actually misrepresented our charges. RushCard has two charge plans, a Monthly plan and a Pay-as-you-go plan – people choose the one that is most effective for them. Explaining both plans together is much like saying that once you buy your automobile you need to spend because of it totally upfront and then make monthly premiums onto it also.

If all you have to to do is always to cash your paycheck, use RushCard’s Pay-as-you-go plan. Get your paycheck direct deposited (that is COMPLIMENTARY) and simply just simply take your money away at an ATM – this works away to simply $1.95 per paycheck.

sick and tired of overdraft and insufficient fund costs bank (14% pay $1400 /year with regards to their checking records), RushCard’s month-to-month plan. For the fee that is monthly of9.95 you can get 2 free ATM deals and limitless deals at shops – need to signal for the acquisitions.

They are various charge plans: plucking the best components of each cost plan and omitting to say features of RushCard like credit building and cost management, as some articles have inked, misrepresents the ongoing service and may make visitors think our charges are nearly twice exactly what our people actually spend. Ignoring key elements of the charge plans, like no overdraft fees, two free ATM transactions 30 days and limitless signature that is free really overstates the charge structure that I worked difficult to make one of the cheapest into the sector.

Every time we online payday ME hear from individuals whoever lives have now been changed by RushCard. 56% of RushCard users inform us they conserve over $300 /year due to the card, 30% state they conserve over $600 /year. Along with this, they now conserve aided by the prescription that is new card and account to account transfers. You never learn about what sort of bank saves its clients cash.

We’re nevertheless in difficult times – many are nevertheless unemployed, banking institutions nevertheless charge exorbitant charges and foreclose on domiciles, health care continues to be unaffordable. reporters recognize the responsibility that is included with their work. Inaccurate or information that is incomplete result in individuals maybe not researching choices make medications along with other fundamental necessities affordable. We urge reporters whom would not completely understand the RushCard to present a view that is balanced retract their statements.

I’m not here to argue. I’ve worked each of my adult life being an advocate when it comes to poor, the voiceless therefore the under-served. We work for them plus they give me personally power. Let’s proceed which help those that require assistance.

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