How do you apply for an AchieveCard loan?


Quick Answer

According to the company website at AchieveCard.com, AchieveCard does not offer loans as of January 2016. AchieveCard is a pre-paid reloadable Visa debit card issued by The Bancorp Bank of Wilmington, Delaware. In 2013, the Federal Deposit Insurance Corporation took action against Achieve Financial Services, LLC in relation to the AchieveCard prepaid MasterCard. The company agreed to provide customer refunds and pay penalties for violations from April 2011 to January 2013 that included deceptive marketing and failure to disclose fees.

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Full Answer

CBS News Money Watch reported in 2013 that Achieve's Prepaid Visa was ranked the second-worst prepaid debit card by Bankrate. The AchieveCard had a monthly maintenance fee of $9.95 and a $2.50 ATM surcharge on top of bank fees.

In December 2015, the FDIC announced the details of a settlement it reached with The Bancorp Bank in another deceptive marketing case involving prepaid debit cards. The FDIC found that Bancorp engaged in unsafe or unsound banking practices, failed to provide promised protections to consumers in resolving account problems, failed to provide promised rewards program benefits and charged deceptive fees. The bank agreed to pay a fine of $3 million, refund more than $1 million to 21,000 customers and implement new management controls.

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