Prepaid card firm NetSpend settles FTC charges for $53 million

WASHINGTON (Reuters) – NetSpend Corp, a unit of Total System Services Inc , has agreed to settle Federal Trade Commission allegations that the prepaid card company deceived people about access to funds deposited on NetSpend debit cards, the FTC said on Friday.

The company has agreed to pay at least $53 million, consisting of $40 million on deposit in customer accounts and $13 million to the FTC, according to court documents.

The FTC vote approving the stipulated final order was 2-1, with acting Chairman Maureen Ohlhausen dissenting, the agency said.

(Reporting by Eric Beech; Editing by David Alexander)