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Russell Simmons Needs Retractions From Washington Post and BusinessWeek
Russell Simmons Needs Retractions From Washington Post and BusinessWeek

Russell Simmons Needs Retractions From Washington Post and BusinessWeek

NYC , 25 /PRNewswire/ — The following is a statement being issued by Russell Simmons of UniRush LLC june:

There were 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, but well intentioned, missed the idea and misstated facts that are key. If there is a triumph it had been for individuals who’ve been kept out from the monetary and systems that are healthcare. We decided to go to Washington as an advocate for the overlooked and that is underserved talk for all whose voices aren’t being heard.

Credit is because of lawmakers for focusing on how programs like my RushCard are serving the underserved by supplying a substitute for banks that are big check always cashers and assisting with health care expenses. I will be thankful that lawmakers offered an exemption for many items serving the underserved. I really believe it is a positive thing that lawmakers are pushing other prepaid cards to be much more like RushCard by giving incentives for features my card currently has – like perhaps maybe not recharging overdraft costs and supplying free ATM deals. I will be extremely proud that RushCard is a frontrunner when you look at the motion of cash far from big banks being not really tuned in to big sections associated with populace.

There were articles from reputed publications (which other people have actually selected up and republished) that have actually crucial mistakes and omissions. I realize that reporters have actually tough deadlines 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 modifications.

#1. My card was constantly exempted through 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 each and every bank to help you to provide the indegent. This can help the underserved although it means more competition for my business. So, although the undeniable fact that i am in the industry from the beginning made this an issue that is important us to deal with, my advocacy in cases like this had not been for personal business.

#2. RushCard is an empowerment card. Comparing it to a prepaid credit card is|card that is prepaid} like comparing a motor vehicle to a bicycle. Both assist you to go, but a motor automobile gets you further faster and has security features bicycle just does not have. RushCard not merely provides you with a means to get and invest your hard earned money, it can also help you will get the absolute most away from your hard earned money. It keeps you out of traps with payday lenders and can help you stay economically stable.

Every RushCard user gets a free prescription discount card, a totally free credit building system, a free of charge online cost management tool to be sure lasts till your following paycheck and cash transfers at a small fraction of just what it costs somewhere else.

number 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 the one that is most effective for them. Explaining both plans together is a lot like saying that whenever you buy your automobile you need to spend on it as well for it completely upfront and then make monthly payments.

If to do would be to cash your paycheck, you could utilize RushCard’s Pay-as-you-go plan. Get your paycheck direct deposited (that is COMPLIMENTARY) and bring your cash out at an ATM – this ongoing works off to simply $1.95 per paycheck.

If you are exhausted of overdraft and insufficient investment charges bank (14% pay $1400 /year due to their checking reports), you should use RushCard’s month-to-month plan. month-to-month fee of $9.95 you will get 2 free ATM transactions and limitless deals at shops – you merely need to signal acquisitions.

These are different cost plans: plucking the greatest components of each cost plan and omitting to say options that come with RushCard like credit building and cost management, as some articles have inked, misrepresents the ongoing solution and might make visitors think our costs are nearly twice just what our people actually spend. Ignoring key components of the cost plans, like no overdraft costs, two free ATM transactions 30 days and limitless signature that is free really overstates the cost structure that I worked hard to make one of the cheapest within the sector.

Every i hear from people whose lives have been changed by RushCard day. 56% of RushCard people 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 utilizing the prescription that is new card and account to account transfers. You never read about how a bank saves its clients cash.

We’re nevertheless in difficult times – many will always be unemployed, banking institutions nevertheless charge exorbitant charges and foreclose on houses, health care remains unaffordable. reporters recognize the responsibility their task. Inaccurate or information that is incomplete cause individuals not studying choices that will make medicines along with other fundamental necessities affordable. We urge reporters whom failed to completely understand the RushCard to deliver a balanced view or retract their statements.

I’m not here to argue. We have worked each of my adult life being an advocate when it comes to poor, the voiceless and also the under-served. We work they give me strength for them and. Let’s move ahead and help those that need assistance.

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