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Green Dot Bank, which is affiliated with Walmart, has received notification of a proposed order from the Federal Reserve over allegations of faulty consumer practices. The Federal Reserve has accused the bank of causing “significant harm to consumers” due to alleged operational and customer service failures.
These issues reportedly include issues with account access, dispute processing, the timely resolution of issues and the handling of customer service, amongst other practices. The proposed order could result in changes to Green Dot Bank’s practices, and the company says it has cooperated fully with the Federal Reserve in its investigation.
The impact of the proposed order could be significant, but it’s worth noting that Green Dot Bank can contest the allegations before any final order is issued. The details about potential financial penalties or other consequences have not been shared yet.
Green Dot Corporation is an American financial technology and bank holding company, which is the world’s largest prepaid debit card company by market capitalization. Walmart has been partnering with Green Dot since 2006 for the provision of the “money card program.”
It’s important that consumers take note of any changes and updates that may impact their account management and access at the bank.
