Victims of a scheme that promised lower credit card interest rates can expect a refund check in the mail.
The Federal Trade Commission (FTC) is mailing refund checks to 16,590 victims of a scam that promised to reduce the interest rates on their credit cards for an up-front fee. Totaling $700,000, each check will be for about $43.
Refunds are part of a November 2013 settlement with the operators and corporations involved in the scheme.
In a 2012 complaint, the FTC charged that the companies used telemarketing services to collect illegal upfront fees and claimed that consumers would be able to pay off their debts more quickly as a result of the lowered interest rates. The company also made false claims about their refund policies.
Checks must be cashed within 60 days of the date of they are issued. Consumers are not required to pay money or provide personal information before redress can be cashed.