As a background, to open a Quickbooks checking account with Green Dot Bank, it requires to also open a merchant account (called "payment" account). In November 2024 I open both, a checking account and a "payment" account even though I did not need a "payment" account.
On December 5th, 2024, I wire-transferred 112,000.00 to Green Dot Bank checking account. On December 9th, my "payment" account was permanently closed due to fraud concerns referred to as "business decision", and my checking account was suspended. Completely frozen. To remove the hold I was asked to submit a copy of my driver license to identify myself(?). Upon submitting the same, Green Dot Bank froze my account permanently citing fraud concerns. The Bank representatives told me over the phone, over and over again, that they will hold my money for 271 business days upon said time, the Bank would decide to release the funds after deducting any outstanding claims from the balance. The bank then would mail a check to the address on record or to the State of California. Their customer service is a total garbage, people from India, The Philippines and or China who have no respect for the American people. I called the bank almost every day for 22 days they would laugh at me all the time. It was a total ordeal and a nightmare; I truly thought they will end up stealing my money. I contacted the police, attorneys, other banks and, of course, the Federal Reserve Board. It wasn't until the FRB open a case that Green Dot Bank lifted the hold on my account on 12/30/2024. I notice, however, that, the debit card was not working still, but I was able to withdraw money by bank transfer.
When I open this checking account, I was promised 5.00% APY guaranteed (or 4.89% effective interest rate). The only reason I transferred my money from Flagstar Bank to Green Dot Bank was because Green Dot Bank was offering me those 5.00% as opposed to the 4.60% offered by Flagstar Bank at that time. During the account hold, Green Dot Bank changed the interest rate from 5.00% to 3.00% APY but the actual interest rate paid was 1.83%, even lower. So, after 23 days, with an average daily balance of $102,666.67 Green Dot Bank paid me $117.65 in interests. This information is printed on Green Dot Bank account statement for December 2024. They owe me money in unpaid interests.
Green Dot Bank / Intuit / Quickbooks baseless concerns and allegations of fraud against myself are highly suspicious. It does appear that their "concerns" about fraud was only the cover-up to avoid paying 5.00% in interests on a large amount of money. They did not see that coming, apparently.
So, my claim here is of a three-fold:
1) Do not force people to open a merchant account just to be able to open a checking account but if you do, keep them both separate from each other.
2) Pay me the interest owed based on 5.00% APY as PROMISED.
3) Provide any claims, concerns, suspicious or allegations of fraud you hold dear against me and let the judicial system do its work.
We have to start to make bank reps to treat Americans with respect and dignity. The anxiety, the suffering I was put thru throughout the Holidays by Green Dot Bank and Intuit QuickBooks cannot be compensated with a mere apology. There must be consequences.
satisfaction:
1) Have Green Dot Bank pay the interest owed based on the advertised 5.00% APY effective as of the day I funded my account, as PROMISED.
2) Provide any proof of you claims, concerns, allegations and accusations of fraud you hold against me and let the US Court system to do its work.
3) I demand a restitution of US$10,000.00 for all the anxiety, suffering and depression Green Dot Bank made to experience during the Holidays for putting my account on hold alleging fraud concerns.
