A massive bank is now abruptly freezing accounts according to customer reports, a common practice seen in the industry.
An Atlanta woman says a popular US bank abruptly froze her account and refused to let her cash out, leaving her to fend for herself.
Shelley Camp says Green Dot locked her out of her bank account out of nowhere for “unusual activity,” reports the ABC-affiliated news station WSB-TV.
Camp says she was out of town when the bank, which has $4.817 billion in assets and 33 million customers, decided to lock her account.
The move forced her to borrow money from friends and family for basic necessities like food, gas and transportation.
“It’s $640. And it might not seem like a lot. But when it’s the money you got, it’s a lot, you know?”
Camp says the $640, which was her IRS refund, was in deep freeze with no further explanation until WSB-TV began investigating.
After the news team reached out, Green Dot unlocked the account, stating that it’s deployed “extra fraud protections” for some IRS refunds.
“The majority of those accounts that required additional verification have now been fully processed, and funds have been received by those customers.”
Similar reports of Green Dot freezing accounts in relation to IRS refunds circulated late last year in Tennessee, according to The Daily Hodl.
Green Dot Bank is partnered with Walmart and TurboTax and specializes in processing tax refunds for its 33 million customers.
In the first six months of 2023, the bank processed about 13.78 million in tax refunds, according to a U.S. Securities and Exchange (SEC) filing.
Green Dot bank has been freezing multiple customer accounts resulting in missed bills or the usage of high interest credit cards to get by.
“From Az have not gotten my money since Wednesday I have a family and bills I have to pay.
I know when they fixed this problem I’m getting my money and I’m gone like the wind, this is not right .🌋🌋🌋🤬🤬🤬.
Just got done going through pandemic now this,” says Bobby Rivera.
What is being done about it?
Nothing so far, though many of these reports have been submitted to the Better Business Bureau (BBB).
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Also Read: A Massive US Bank is Now Closing Credit Cards
Other Banking News Today
A massive bank is now cutting hundreds of jobs in its investment division, people familiar with the matter are confirming.
Barclays is gearing up to lay off several hundred employees within its investment banking division, part of a long-term strategy to cut costs and boost profitability within the unit, sources familiar with the matter told Bloomberg on Wednesday.
The anticipated cuts are part of the company’s annual performance-based workforce reduction process and will take place in the coming months, according to the sources.
“We regularly review our talent pool to ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients,” Barclays said in an emailed statement to Bloomberg.
“However, there are no finalized numbers for this year’s review.”
The bank in January revealed that it cut 5,000 jobs last year from its workforce of 84,000 to “simplify and reshape the business” and to save £1 billion in costs — about 7% of the lender’s annual operating expenses.
Barclays went further last month, laying out a three-year plan to improve performance while cutting £2 billion in costs.
The reorganization will split the bank into five operating divisions: its U.K. retail business, U.K. corporate bank, investment bank, U.S. consumer bank, and its private bank and wealth management.
Simultaneously, Barclays pledged to return £10 billion to its shareholders over the next two years through buybacks and dividends.
The performance-based job cuts come roughly a week after Barclays CEO C.S. Venkatakrishnan said his investment bankers are a step behind their counterparts in the bank’s trading division in their efforts to bolster returns for the company.
“The parts where we need greater [return on equity] efficiency is investment banking fees.
There, we are much more debt capital markets heavy than the U.S. banks are, and that’s where we’ve got to be more efficient,” Venkatakrishnan said at an investor conference, according to Bloomberg.
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Also Read: The US Treasury Direct is Now Freezing Customer Accounts
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