Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #18958890
Minto Money Accused of Unauthorized Deposits and Withdrawals
Complaint Overview
Complaint ID: 18958890
Company: Minto Financial DBA Minto Money
Product: Money transfer, virtual currency, or money service
Sub-Product: Domestic (US) money transfer
Issue: Fraud or scam
State: New Jersey
ZIP Code: 074XX
Date Received: 2025-11-30T12:00:00-05:00
Date Sent to Company: 2026-01-23T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: No
Consumer Disputed: N/A
Submitted Via: Web
Risk Assessment
Risk Level: high
The allegation of unauthorized deposits and subsequent withdrawals suggests potential violations of consumer protection laws related to financial transactions and account security, posing a significant risk of financial harm to the consumer.
Consumer Sentiment: negative
Topics: Unauthorized transactions, Fraud, Money transfer services
AI Analysis
CFPB complaint 18958890 was filed against Minto Financial dba Minto Money regarding Money transfer, virtual currency, or money service (Domestic (US) money transfer), specifically about "Fraud or scam". A consumer alleges Minto Financial (Minto Money) deposited funds into their account without consent and then proceeded to withdraw funds without permission. The complaint was received on November 30, 2025 from New Jersey. The company responded with "Closed with explanation".
Consumer Narrative
Monto Money deposit money without my consent and started to withdraw money without my consents permission
What You Should Do -- Consumer Action Plan
Consumers should immediately review their bank and financial statements for any unauthorized transactions and contact their financial institution and the CFPB to report any suspicious activity.
Legal Context & Consumer Protection Laws
This situation could involve violations of the Electronic Fund Transfer Act (EFTA) and Regulation E, which govern electronic fund transfers and require consumer consent for such transactions.
Regulatory Insight
Financial service providers must have clear consent mechanisms and robust security protocols to prevent unauthorized access and transactions, as regulatory scrutiny is high for such practices.
Resolution Likelihood
likely
State-Specific Consumer Protections
In New Jersey, as in other states, financial institutions are subject to state and federal regulations designed to protect consumers from fraudulent or unauthorized financial activities.
Industry Comparison
This type of alleged misconduct is a serious issue across the money transfer and financial services industry, often leading to significant regulatory action and consumer restitution.
Related Issues
Frequently Asked Questions
What is CFPB complaint 18958890 about?
CFPB complaint 18958890 involves Money transfer, virtual currency, or money service (Domestic (US) money transfer). The consumer reported an issue with "Fraud or scam". This complaint was filed against Minto Financial dba Minto Money on November 30, 2025.
Which company is complaint 18958890 filed against?
Complaint 18958890 was filed against Minto Financial dba Minto Money. You can view all complaints against this company on their profile page at /company/minto-financial-dba-minto-money.
What was the company's response to complaint 18958890?
Minto Financial dba Minto Money responded with "Closed with explanation". The response was NOT marked as timely by the CFPB.
When was complaint 18958890 filed?
Complaint 18958890 was received by the CFPB on November 30, 2025. It was sent to Minto Financial dba Minto Money on January 23, 2026.
What state was complaint 18958890 filed from?
Complaint 18958890 was filed from New Jersey. You can view all complaints from this state at /state/NJ.
Was the consumer satisfied with the resolution of complaint 18958890?
Dispute information is not available for complaint 18958890.
What product category is complaint 18958890 about?
Complaint 18958890 is categorized under "Money transfer, virtual currency, or money service", specifically "Domestic (US) money transfer". This is one of the product categories tracked by the CFPB.
How was complaint 18958890 submitted?
Complaint 18958890 was submitted via Web. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.
What are the consumer's legal options for complaint 18958890?
This situation could involve violations of the Electronic Fund Transfer Act (EFTA) and Regulation E, which govern electronic fund transfers and require consumer consent for such transactions. This relates to a Money transfer, virtual currency, or money service complaint against Minto Financial dba Minto Money involving "Fraud or scam".
How likely is complaint 18958890 to be resolved?
Resolution likelihood: likely. The company's current response is "Closed with explanation".
What does the risk level mean for complaint 18958890?
This complaint is rated as high risk. The allegation of unauthorized deposits and subsequent withdrawals suggests potential violations of consumer protection laws related to financial transactions and account security, posing a significant risk of financial harm to the consumer.
What regulatory actions apply to complaint 18958890?
Financial service providers must have clear consent mechanisms and robust security protocols to prevent unauthorized access and transactions, as regulatory scrutiny is high for such practices. The CFPB tracks complaints like this one to identify patterns of misconduct across the Money transfer, virtual currency, or money service industry.
What should the consumer do about complaint 18958890?
Consumers should immediately review their bank and financial statements for any unauthorized transactions and contact their financial institution and the CFPB to report any suspicious activity.
Are there state-specific protections for complaint 18958890?
In New Jersey, as in other states, financial institutions are subject to state and federal regulations designed to protect consumers from fraudulent or unauthorized financial activities. This complaint was filed from New Jersey.
How does complaint 18958890 compare to industry norms?
This type of alleged misconduct is a serious issue across the money transfer and financial services industry, often leading to significant regulatory action and consumer restitution.
What steps should a consumer take if they discover unauthorized deposits or withdrawals from their account?
Immediately contact your financial institution to dispute the transactions and secure your account. Then, file a complaint with the CFPB and consider reporting the incident to local law enforcement.
What are the potential legal ramifications for a company engaging in unauthorized financial transactions?
Companies can face significant penalties, including fines, restitution to affected consumers, and damage to their reputation, in addition to potential lawsuits.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.