Payments processor settles with FTC over unauthorized $200 million debits

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wachovia sign

A payment processing company that debited more than $200 million from consumers' bank accounts on behalf of fraudulent telemarketers has settled charges by the Federal Trade Commission and seven states that it abetted its clients' deceptive schemes.

Your Money Access, LLC, a Florida-based company that went out of business in 2008, participated in a patently illegal operation that hinged on its willingness to provide access to the banking system and process unauthorized debits, the complaint states.