Rob Wile is a Pulitzer Prize-winning journalist covering breaking business stories for NBCNews.com.
Green Dot Corp., a company that partners with Walmart to sell prepaid debit cards at the retail giant, has been fined $44 million by the Federal Reserve for 'numerous' alleged failures that harmed consumers over a period of at least five years. In a release Friday, the Fed said Austin-based Green Dot had violated consumer law and committed unfair and deceptive practices that resulted in users being unable to access their own money.
Last year, NBC News reported on issues faced by Green Dot card users that extended beyond the timeline identified by the Fed, with affected customers describing 'nightmare' scenarios as recently as August 2023 of being unable to pay bills on time because they could not gain timely access to their money. A Green Dot spokesperson said most of the issues identified by NBC News reporting were the result of a system upgrade.
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