Customers of ‘Instant CashRebate’ Offered Settlement

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HARRISBURG, Penn. - (11/23/05) Consumers who participated in an“instant cash rebate” offer from a payday lender in theKeystone State are being urged by the Pennsylvania Department ofBanking to apply for reimbursement by Dec. 21. To get the“instant cash rebate” from the Ace Pays website,consumers had to sign up for a one-year membership at a cost of $50to $1,000 per year, with the instant-rebate in the same amount.Those who accepted the offer were then charged a daily fee that wasdeducted from the deposit accounts that was the equivalent of anAPR of 630%.

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