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ARTICLE · 04 FEBRUARY 2013

Deception Alleged By Florida Attorney General

A discussion on whether your institution is providing clear and conspicuous notice of fees to their consumers.

United StatesConsumer Protection

Is your institution providing clear and conspicuous notice of fees? Are you consistently reviewing company marketing materials to ensure that all claims are accurate and supported with adequate substantiation?

The Florida Attorney General announced that Florida has entered into settlement agreements with five prepaid debit card companies following an investigation into allegations that consumers supposedly were deceived about fees and misled into believing that using the prepaid cards would improve their credit scores. All the prepaid companies denied any wrongdoing but agreed to pay a combined total of $115,000 to a charitable organization as a part of the settlements. The prepaid card companies also paid the Attorney General's costs and fees related to the action.

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