Russell Simmons' Debit Card Company Under Investigation After Glitch Leaves Thousands Without Access to Accounts

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The company has said that the error was a result of a technical glitch.

Hundreds of thousands of Americans are still without access to their paychecks after a glitch struck RushCard, Russell Simmons' prepaid debit card company.

According to Rolling Stone, accountholders, many of whom are low-income and lack access to other banks, found that they had lost access to their accounts nearly two weeks ago. Though the company has assured customers that they are working to fix the error, the Consumer Financial Protection Bureau has launched an investigation into the company.

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"It is outrageous that consumers have not had access to their money for more than a week," bureau officials said in a statement.

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Simmons issued a statement, saying that employees were working around the clock to solve the problem, and RushCard CEO Rick Savard blamed the glitch on transferring to a new processing system. He added that command centers have been set up to help field customer complaints.

As of right now, RushCard has promised that it would waive the $1 fee that customers incur each time they use their card through Feb. 2016, and company executives have said that users will receive additional compensation for their struggles.

"Very soon, RushCard will be making a significant announcement on how we plan to make this right with out customers who were severely inconvenienced and in some cases suffered hardships," Savard said.

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