Russell Simmons, RushCard, MasterCard and MetaBank Reconfirm Commitment to Cardholders

CINCINNATI, Oct. 29, 2015 /PRNewswire/ -- Today, RushCard pledged that it will reimburse cardholders who experienced financial losses as a result of the temporary service disruption during its recent technology conversion. RushCard's partners - MasterCard and MetaBank - are supporting the company as it works to restore the faith and trust of its customers who have been harmed.

Since the interruption of cardholder services, RushCard executives and staff, including Russell Simmons, have been focused on working to address account problems and help resolve outstanding account balance issues and questions. MetaBank and MasterCard's prepaid processing group have been working closely with the company to operationally support RushCard's efforts to address the needs of customers nationwide.

The RushCard team remains dedicated and committed to addressing cardholders concerns, including remediating appropriate cardholder claim of losses related to this event. Specific details of the reimbursement program are being finalized and will be announced separately pending review by financial regulators as well as respected community leaders and banking industry advisors. Through this program, RushCard will work with those who have sustained losses to make sure our customers are properly reimbursed.

RushCard systems are now fully restored. For the past week, RushCard transactions have been processing as usual, with two-day advance direct deposits and card-to-card transfers restored as of Monday. At the same time, RushCard is working with a handful of customers that appear to have issues that are unrelated to the conversion.

Russell Simmons, co-founder of RushCard, stated today, "RushCard and I continue to be completely committed to making sure each and every one of our customers is made whole. I'd like to thank MetaBank and MasterCard for their support in this process and their partnership as we emerge from this incident a stronger and better company. I want my customers to know that we will restore RushCard as the gold standard of services and trust in our community. While the reimbursement and review process will not occur overnight, we will act as quickly as regulators will allow and are already doing so on a case-by-case basis. In the meantime, I will continue reaching out individually to as many of you as I can. I want to assure those who rely on RushCard that we are analyzing and dissecting every facet of the transition that led to your difficulties and I will not rest until we have regained your trust."

Contact: Ann Kaiser, [email protected], 212-337-8870

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SOURCE UniRush, LLC