Filed under: Celebrity News
After many reports that the Kardashian debit card, which was going to be marketed towards teens, contained massive predatory fees, the business-minded celebutante family got it together and decided to back out of the deal. Here's the scoop:
The Kardashians are out of the debit kard business.
After a prepaid debit card with their picture on it was railed by government officials and consumer advocates for high fees, the reality show stars withdrew their name from the product, a rep for the sisters told the Daily News.
In a letter to The Revenue Resource Group which created the card, lawyers for the Kardashians said they were terminating the agreement after it was brought to their attention that the card could violate consumer protection laws.
Connecticut's attorney general wrote a letter to the debit card company last week, warning he planned on investigating if the card did violate state laws or the Dodd-Frank Act, a federal law implemented to protect consumers from abuse by the financial services industry.
The prepaid debit card, which sported a picture of Kim, Kourtney and Khloe on the front, cost nearly $100 in fees for 12 months, in addition to $1.50 ATM fees.
"The terms disclosed to Dash Dolls in no way suggested or implied that the Product might violate any law, rule or regulation," the Kardashians' lawyer wrote.
We can now rest assured that the Kardashians, no matter what other ills they may inflict on society, are not bilking their teen followers out of cash in an exploitative manner during a tough economy. While these sisters are often on the receiving end of scorn for their air-headed antics, this time the Kardashian kids have taken intelligent steps to do what is in the financial best interest of their fans. This is something more celebrities that appeal to an urban audience should do.
We are talking to you, Montel Williams.