Apple Cash account balance adjustment to zero by Green Dot Bank: Is it theft?

krirmur245 wrote:

I was told that since I had it in the account like a normal bank but no activity for two years it’s considered abandoned or Green Dot Bank’s term “escheatment”. I noticed cheat is part of that term. I wonder how much Green Dot makes with this practice. I think most people give up after jumping through all the legal hoops and Green Dot knows this. I expect no help from Green Dot Bank.

That will do it. Your funds will be transferred to the custody of your state as you abandoned your account. You'll find the funds in your state's unclaimed property listings at some point in the future.

A “Balance Adjustment” that reduces your Apple Cash balance to zero deserves an explanation, but that entry alone does not establish theft.

One possible explanation is that the funds were treated as unclaimed property. Green Dot Bank’s Apple Cash terms and conditions state the following.

“We may transfer, also known as escheat, funds in your Apple Cash Balance to the appropriate state if no activity occurs on your Apple Cash Account or if you fail to communicate with us regarding your Apple Cash Account within the time period specified by state law.”

https://applecash.greendot.com/termsconditions/

The terms and conditions also say you can file a claim with the state to recover funds transferred there. That is different from the bank taking the money for itself. However, this provision does not establish that your particular adjustment was justified or handled correctly.

Contact Green Dot Bank:

•  call (877) 233-8552

•  disputes at P.O. Box 9, West Chester, Ohio

•  general customer service at P.O. Box 1070, West Chester, Ohio 45071

• visit www.greendot.com

Bottom line is you need to contact an Apple Cash Specialist and learn the exact details of the balance adjustment.

Nobody here could possible tell you the reason because we have no access to your account, contact Green Dot Bank by calling (877) 233-8552.

If you want to review the Terms of Use for Apple Cash for what Green Dot Bank can and cannot do, that can be done here:

https://applecash.greendot.com/termsconditions/

If you want to file a complaint with the CFPB, then that is done here:

https://www.consumerfinance.gov/complaint/

There was no activity within the time period your state requires. Green Dot followed the law to avoid fines and penalties. You do understand banks face heavy federal and state fines if they don’t follow the law, right? Were you going to pay the fines? I sincerely doubt it.

Green Dot makes nothing when they surrender the funds to your state’s unclaimed funds account. If you’d have had the funds in any other bank, they’d have done the same thing and avoided the fines and penalties.

I was told that since I had it in the account like a normal bank but no activity for two years it’s considered abandoned or Green Dot Bank’s term “escheatment”. I noticed cheat is part of that term. I wonder how much Green Dot makes with this practice. I think most people give up after jumping through all the legal hoops and Green Dot knows this. I expect no help from Green Dot Bank.

What did the bank say when you noticed the funds “missing.” Only they can assist you.