Spadeace
Broomfield,#2Consumer Comment
Fri, June 05, 2009
Robert of Netspend (a division of Inter National Bank of Texas): You are trying to misrepresent the sleazy marketing scheme that your company is engaging as the same thing that everybody else is doing. Not really. The main difference is that your marketing package contains a real VISA debit card and all the legal agreement and disclosure about fees, EXCEPT the real disclosure: This is an unsolicited marketing offer. What makes it worse is that you collect sensitive personal information when the unsuspecting consumers try to activate the card, assuming that this card must be requested by their regular banks, or from one of the rebates they are expecting. I can think of many ways your marketing scheme can be used to defraud the public. For example, fraudsters can get a list of names and addresses from the phone book and send them an offer just like what you do: an official looking credit card. When the consumers call in to activate the card, the fraudster can collect all the identity information, may be even bank account credentials. Therefore, I believe that unsolicited bank card should be outlawed. I have already complained to the Federal Reserve about this. But before the regulation is put in place, I hope that you can stop doing this. It certainly will not enhance your business image, as you can see the reactions in this forum and elsewhere. JC
Robert
Austin,#3UPDATE Employee
Wed, April 29, 2009
Jim, NetSpend Corporation, like many banks and other financial services businesses, from time to time sends mail to consumers to encourage them to take advantage of our unique services and open an account. Unlike other banks, however, our product is a pre-paid debit card with no overdraft and no offer of credit attached. Since the card we sent you can not be used to make transactions until the account is activated, the customer's identity is validated as required by federal banking regulation and a cash deposit is made to the card, there is no risk to you. We sent you this no-obligation, free offer as a result of a recommendation from one of the other financial services businesses we partner with and with whom you may have had prior business. We would welcome you as a customer. However, if you would not like to take advantage of the features we offer through our product as so many of our other satisfied customers have to better manage their day to day financial needs, you may simply discard it and no further action is required of you. Robert NetSpend Corporation