BBB Reports New Wave of Complaints About Frozen Bank Accounts

Market News Daily - BBB Reports New Wave of Complaints About Frozen Bank Accounts.
Market News Daily – BBB Reports New Wave of Complaints About Frozen Bank Accounts.

The Better Business Bureau (BBB) is now reporting a new wave of customer complaints about frozen accounts at a popular US bank.

For the second week in a row, a group of customers at the Walmart and TurboTax-linked Green Dot Bank have said they are completely unable to access their funds, reports NBC News.

The bank, which says it has 33 million customers, is being scrutinized by the Better Business Bureau over a “pattern and influx of complaints against Green Dot”.

Daily reports are coming in from Ohio, Arizona, D.C., Minnesota, Michigan, New York, Texas, California, Pennsylvania, Missouri, and many other states.

Some of these frozen accounts include retiree accounts, like Beth Williams, 78, who told FrankNez she has been unable to gain access to her WMC/Green account for 20 days now.

Texas resident Sheldon Ransom first encountered the online banking company through TurboTax, in the form of a stimulus check. 

Though perhaps not a household name, Green Dot, headquartered in Austin, Texas, with a Utah-based bank regulated by the Federal Reserve, has been used by millions of Americans like Ransom, who said he was “never a big banking person” and used to carry cash but suddenly found an easy way to receive basic banking services through the company.

On Aug. 10, Ransom, who works for an ambulance service, tried to use his card to pay tithes to his church but was declined. He then tried to use the card for another payment and was declined again. He called Green Dot customer service and said he was told there was a maintenance issue that would need to be resolved. 

By Aug. 14, the issue still hadn’t been fixed. “By the grace of God,” Ransom said, a fellow church member offered to help pay for school clothes for Ransom’s three children.  

“It’s really put a damper on our day to day lives,” Ransom said while still locked out of his account.

It was ultimately not until Aug. 19, Ransom said, that he could regain access to his account, reports NBC News.

A spokesperson at the Federal Reserve says the agency is aware of the new complaints against Green Dot, but can neither confirm nor deny whether there’s an active inquiry into the bank’s practices.

Also Read: Banks Are Now Closing Thousands of Accounts Daily

Other Banking News Today

Market News Daily - BBB Reports New Wave of Complaints About Frozen Bank Accounts.
Market News Daily – BBB Reports New Wave of Complaints About Frozen Bank Accounts.

A trend is growing in the banking industry where more and more physical bank branches have begun to close down nationwide.

Between Citibank, Wells Fargo, JPMorgan, and Bank of America, many banks have begun to close nationwide, but especially in California.

According to data from the Federal Deposit Insurance Corporation (FDIC), approximately 8,000 banks were in operation in 2000, but by 2022, this figure was halved.

Below is the latest report of banks closing in California this year.

California Bank Branches closing in August

Which banks are closing in California this August? Below is a list of banks scheduled to close this month.

  • Wells Fargo. 625 South Lone Hill Ave, Glendora
  • Wells Fargo. 1735 Ramsey St, Banning
  • Wells Fargo. 1596 Moorpark Rd, Thousand Oaks
  • Bank of California. 530 Palisades Dr, Pacific Palisades
  • JP Morgan. 3250 Pico Blvd, Santa Monica
  • JP Morgan. 10838 Long Beach Blvd Lynnwood
  • Bank of America. 2701 Harbor Blvd, Costa Mesa
  • Wells Fargo. 16055 Foothill Blvd, Fontana
  • Wells Fargo. 3211-1 Business Park Drive, Vista
  • JP Morgan. 5180 Foothills Blvd, Roseville
  • JP Morgan. 5142 Stevens Creek Blvd, San Jose
  • Zions. 525 University Ave, Palo Alto
  • Zions. 1900 Avenue of the Stars, Los Angeles
  • Bank of America. 336 South Twin Oaks Valley Rd, San Marcos
  • Flagstar Bank. 201 Mission Street, San Francisco
  • Bank of America. 5800 South Eastern Ave, Los Angeles

California Bank Branches closing in September

Which banks are closing in California for the month of September? Below is a list of these banks and branch locations.

  • Bank of America. 336 South Twin Oaks Valley Rd, San Marcos
  • Flagstar Bank. 201 Mission Street, San Francisco
  • Bank of America. 5800 South Eastern Ave, Los Angeles
  • Wells Fargo. 3550 Round Barn Blvd, Santa Rosa
  • Citibank. 10460 MT Gleason Ave, Tujunga
  • Citibank. 41969 Big Bear Blvd, Big Bear Lake
  • Citibank. 1995 41st Ave, Capitola
  • JP Morgan. 2121 Olympic Parkway, Chula Vista
  • Wells Fargo. 301 S. Pacific Coast Hwy, Redondo Beach
  • Bank of America. 1818 South Euclid St, Anaheim

These Bank of America Branches Will Close Between August and October in California

Banking News Today - Franknez.com.
Banking News Today – Franknez.com.

The following Bank of America branches will also close between August and October in California.

  • 2701 Harbor Blvd, Costa Mesa
  • 336 South Twin Oaks Valley Rd, San Marcos
  • 5800 South Eastern Ave, Los Angeles
  • 336 South Twin Oaks Valley Rd, San Marcos
  • 5800 South Eastern Ave, Los Angeles
  • 1818 South Euclid St, Anaheim
  • 200 Cochrane Plaza, Morgan Hill
  • 2925 Scott Blvd, Santa Clara
  • 3491 McKee Rd, San Jose
  • 1400 Moraga Way, Moraga
  • 2049 Century Park East, Los Angeles
  • 1275 Fell St, San Francisco

Also Read: These Big Banks Are Now Closing in New York This Year

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Market News Today - BBB Reports New Wave of Complaints About Frozen Bank Accounts.
Market News Today – BBB Reports New Wave of Complaints About Frozen Bank Accounts.

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