Advanta settlement checks seem "negligible" to customers

09/28/2009 | Bloomberg Businessweek

BusinessWeek reporter John Tozzi says some Advanta small-business cardholders have told him they are getting checks from the company, stemming from its $35 million settlement with the FDIC over rate hikes. "The restitution sounds negligible for a lot of customers who are still paying 30%+ interest on outstanding balances," says Tozzi. One business owner said her check for $37 came with a notice informing her that cashing the check would release Advanta from further action.

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