Retirees Are Now Unable to Gain Access to Money

Market News Today - Retirees Are Now Unable to Gain Access to Money.
Market News Today – Retirees Are Now Unable to Gain Access to Money.

Retirees are now unable to gain access to money as users on social security continue to report being locked out of their bank accounts.

Last week I reported that Green Dot Bank had been freezing some retiree accounts when a customer reported a painful experience that many others are facing today.

Beth Williams, 78, said she has been a WMC cardholder for 10 years now and has been unable to gain access to her WMC/Green account for 20 days since August 4.

But she’s only one of many more retirees unable to gain access to money.

“I have been going through the same thing with green dot. My funds were hacked at the beginning of August, and I’ve got nothing but the run around from them. They keep telling me my card is on its way. It was supposed to be here August 23 now they’re saying the 31st..I’m on SS and they’re holding my money hostage. What is going on!!” Sandra Machuga reported to FrankNez.

Raymond Barnes of Illinois says he’s having the same problems.

“I’ve been trying to get a replacement card since Aug. 2nd. Have contacted WMC twice weekly waiting 40 minutes on hold each call. I’ve contacted the BBB, filed a complaint with the Federal Reserve and hoping with the amount of complaints that a Class Action Suit insues.

We should be reimbursed daily in the amount of overdraft fees for failure of this Bank to allow us the availability and use of our money. I’m unable to pay bills, get gas, pay my rent etc. They credited a lousy $25 to pacify us. I want access to my money immediately.”

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

For the fourth week in a row, customers at the Walmart and TurboTax-linked Green Dot Bank have said they are completely unable to access their money.

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.

Also Read: Banks Are Now Closing Thousands of Accounts Daily

Other Banking News Today

Market News Today - Retirees Are Now Unable to Gain Access to Money.
Market News Today – Retirees Are Now Unable to Gain Access to Money.

A JPMorgan customer lost $30,000 in a new banking scheme, which the bank says the customer will not be reimbursed.

Milissa Ferrari says she recently received a text message and a call from someone whose phone number matched the customer support number on her Chase debit card, reports the Portland-based television news station KOIN 6.

“I got a phone call with the very recognizable Chase voice of a female saying that there was potential wire fraud on my account and that I needed to press 1 to speak to a fraud agent.”

After pressing 1, Ferrari was connected to a scammer and began handing over personal details on her bank account.

After a few hours, the scammer told Ferrari to go to her bank in person to “unlock her account,” which she immediately did.

According to Ferrari, a teller at the bank said the account appeared to be fine.

“They’re giving me reassurance that everything looked fine. And I walked out of the door not realizing that I was now launching this whole scheme on the part of someone on the phone that didn’t work for Chase.”

The scammer promptly sent $30,000 in wire transfers out of Ferrari’s account in the span of seven days. Ferrari says she then went to a different branch, where a representative said Chase had failed her.

“She looked at me and said, ‘I am so sorry we failed you. I’ve talked with the other branch and I know what happened to you there. We should have closed your account that very first day.’”

In a statement, JPMorgan Chase says it tried to recover the funds and has sympathy for Ferrari, although the bank will not reimburse her account.

“These types of scams are heartbreaking. As soon as Ms. Ferrari reported the scam we tried to get her money back but we were not successful.

We urge all consumers to protect their accounts by never sharing personal information with someone they don’t know. Banks will never call, text or email asking customers to send money to themselves or anyone else to prevent fraud, but scammers will.”

Also Read: More Banks Are Now Closing Across America This Year

Market News Published Daily 📰

Market News Today - Retirees Are Now Unable to Gain Access to Money.
Market News Today – Retirees Are Now Unable to Gain Access to Money.

Join the newsletter ⬅️ to receive daily stock market news, business news and updates straight to your inbox; more than 10,000 readers have joined!

THANK YOU to all of our blog sponsors, this year we’ve been able to increase our email sends and signup slots as well as introduce push notifications. is the media site that keeps retail investors informed.

You can also follow Frank Nez on TwitterInstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.

Become a Sponsor for only $1/mo.

  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
  • Become part of a private and safe Discord community, just for retail investors.
  • Get drawn at the end of the year for holiday giveaways.

1 Comment

  1. Frank Nez

    Leave your thoughts below.

© 2024

Theme by Anders NorenUp ↑