Green Dot Corporation

Awards

CEO Steve Streit was nominated for Industry Executive of the Year at LendIt.^[20]

Green Dot was nominated for Solving Problems Through Payments during the 2018 Benzinga Fintech Awards.^[21]

Unlimited Cash Back Bank Account

On July 30, 2019, Green Dot made its debut of a savings account for customers through a pre-paid debit card, the first in the industry, called the Unlimited cashback account. The card features a 3% cash back^[22] return on purchases, as well as a 3% APY towards a customer's savings account.^[22]

Green Dot Prepaid Card & Cash Back Debit Card

The Cash Back Debit Card is available online and in many stores,^[23] including CVS Pharmacy, Kmart, 7-Eleven and Walgreens while the prepaid card is only available in stores.^[24] Cards bought online are personalized with the customers name and cards bought in store are only a temporary card which does not have the customer's actual name on it; instead it says "Valued Customer". Temporary cards are not re-loadable. However, if the customer opts in to receive a personalized card, which is free of cost, in 7 to 10 business days it will arrive in mail with his or her name on it. Personalized cards are re-loadable in a variety of ways. There is a monthly charge of $9.95, unless the customer makes more than 30 purchases in a month or loads the card with more than $1000 in that month.

Uber Business Debit

Green Dot partnered with Uber on a business debit card for Uber Drivers to be able to get paid weekly or immediately through Green Dot's instant pay service by depositing earnings on to a debit card.^[25]

RushCard

RushCard is a personalized prepaid debit card offering early direct deposit, money management, and rewards.^[26] The card was founded in 2013, with co-founders such as Russell Simmons under the company UniRush LLC which was sold to Green Dot Corp. in a deal valued around $147 million.^[27]

Walmart MoneyCard

Walmart in partnership with Green Dot offers MoneyCard a reloadable prepaid debit card both online and in Walmart stores.^[28]

Reloading process

Card users can also opt to have their payroll transferred directly to the card through direct deposit^[29] and the card acting as their checking account. Additionally, the cards may be re-loaded using ACH transfers online directly from a bank account and even from PayPal.^[30] MoneyPak can be used to deposit cash onto card, which is available in the same stores GreenDot prepaid is. Most stores charge $5.95 for reloading.

MoneyPak Security Concerns

• In June 2011, the Better Business Bureau and the Minnesota Department of Public Safety issued warnings regarding the illegal use of Green Dot's MoneyPak cards to defraud consumers.^[37]
• In January 2012, The office of New York State Senator Martin Golden issued an alert from Con Edison regarding various scams, including "Green Dot scams."^[38]
• In March 2012, Time magazine reported on how the 419 scam was now being adapted to the relative anonymity of MoneyPak cards.^[39] The AARP Issued a warning on the rise of MoneyPak fraud in 2012^[40] that followed the decline in MoneyGram fraud after MoneyGram was fined 18 million dollars "to settle FTC charges that it allowed its money transfer system to be used for fraud".^[41]
• In August 2012, the FBI also issued a warning that scammers were taking advantage of MoneyPak's untraceability to coerce unwitting victims into paying a "ransom" to unlock their computers infected with malware.^[42] AVG Technologies notes that in some cases (like the FBI scam), criminals are using malware to deceive victims into thinking their computer has been flagged for serious crimes, after which the relatively easy anonymity of MoneyPak cards is taken advantage of to allow for "untraceable" extortions.^[43]
• Beginning in mid-2013, Green Dot MoneyPak cards were being used to commit fraud, with persons asking callers under the guise of a customer service agent for a utility company such as a power or gas provider asking for immediate payment under threat of disconnection using a personal card or asking the caller to head to a store selling Green Dot cards and giving them the card number the funds were placed on.^[44] Several national chains now have policies of asking the customer to confirm the purpose of their use of the card for these amounts and will refuse to execute the transaction if this type of scam is suspected for the use of the card.
• In September 2013, several Walgreens and other large chain drug stores through the United States were evacuated because of bomb threats called into the stores, with the caller asking for a 'ransom' from the stores of multiple Green Dot cards with large amounts activated using store registers which would then be placed in an unmonitored location for the culprits to pick up, or the numbers read through the phone.^[45][46]
• In 2015, scammers were taking advantage of Green Dot cards when filing false income tax returns using compromised Social Security numbers. The criminal opens a Green Dot account in the victim's name, making that account the payee for a refund claimed on the fraudulent tax return. The stolen SSN is used both to file the false tax return and to open the Green Dot account, which is emptied if the refund is paid. The victim receives an unexpected letter containing a permanent (embossed with the victim's name) Green Dot card for the account, a probable indicator of SSN compromise and attempted fraud.^[47]