November 30, 2010 09:00 AM by Shayla Perry
After a complaint from Connecticut Attorney General Richard Blumenthal (and just about every financial expert in the country), the Kardashian sisters of E!’s hit reality show, Keeping up with the Kardashians, have ended their relationship with the bank that promoted their prepaid debit card.
In a letter to University National Bank, which was released by Blumenthal’s office, the lawyer of the Kardashian sisters’ company, Dash Dolls LLC, writes:
“The Kardashians have worked extremely long and hard to create a positive public persona that appeals to everyone, particularly young adults. Unfortunately, the negative spotlight that has been turned on the Kardashians as a result of the Attorney General’s comments and actions threatens everything for which they have worked.”
So what was everyone’s issue with the card?
For one, the Kardashian Prepaid MasterCard came with some crazy fees that users could be charged for things like ATM withdrawals, cancellations, and even talking with a phone operator. According to Blumenthal, those fees could end up costing card users upwards of $100 a year.
Other complaints stemmed from the fact that the card was being marketed to teens and young adults, hoping to “keep up” with their favorite Kardashians–Kim, Khloe, and Kourtney.
Celebrity endorsed prepaid debit cards “are becoming more and more popular,” said Pamela Banks, senior policy counsel for Consumers Unions in Washington, D.C.
“Tying a card to someone who is famous or wealthy cane get more consumers to say, ‘I want to be more like the rich and famous.’ But prepaid debit cards do not have the same protections that traditional debit cards have, and often have hidden fees that eat away at their value.”
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Photo Credit: E!
Topics: E! Reality TV Shows, Keeping Up With The Kardashians |
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