Checking or savings account -- Managing an account -- Complaint #5677764
Complaint Overview
Complaint ID: 5677764
Company: Netspend Corporation
Product: Checking or savings account
Sub-Product: Savings account
Issue: Managing an account
Sub-Issue: Banking errors
State: District of Columbia
ZIP Code: 20032
Date Received: 2022-06-16T12:00:00-05:00
Date Sent to Company: 2022-06-16T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
This compliant is on Netspend deliberate failure to apply advertise interes rate ( refer to Addition 2, 3.02 %, 4.91 %, .49 %, Addition 3, 12.37 %, Addition 4, 5.00 % to .72 %, Addition 5, 5.02 %, 4.91 %, .49 % ) apply applicable amounts on interes, concealment and false advertisement. Netspend advertise even as of XX/XX/XXXX that is Savings Account Interes rate is 4.91 % with and APY 5.00 % on balance under {$1000.00}, and .49 %, APY .50 % on balance exceeding {$1000.00}. That APY would range from 5.00 % to 0.72 % ( refer to Addition 4 ) depending on the balance on Saving Account, In addition Claimant account receved 12.37 % Annually on balance {$1000.00} and above, Refer to Addition 3. Even after applying Netspend fluctuating rate into calculation .502 %, XX/XX/XXXX to .302 % XX/XX/XXXX Netspend amounts applied {$2.00} to {$9.00} is not only not suitable payments it is far below applicable amount base on compound yielding formula. Formula on calculating daily/monthly/quarterly interes is simply divide the daily/monthly/quarterly interes rate by 12 months. The total number of periods is calculated by multiplying the number of APY by 12 months since the interes is compounding monthly. Another Netspend contradiction is yield computation is on 2 % ( {$1500.00} ) purchase Claimant got reimburse {$31.00} ( XXXX ), at another purchase 10 % ( {$27.00} ) Claimant got reimburse {$2.00}, ( BOA ) and on another got reimburse {$15.00} ( XXXX ) on {$1400.00} purchases calculated at .01 % ( {$1300.00} ) and .02 ( {$110.00} ) So on deposit balance {$5100.00} that is 3.26 times more than {$1500.00} and 3.5 time more than {$1400.00} how can {$5100.00} balance in three months attract only {$17.00} ( even at adding recent courtesy offer XX/XX/XXXX {$50.00}, sum {$67.00} ) Addition 1, and {$1500.00} and {$1400.00} within a month attract {$31.00} and {$15.00}. Complainant is asking {>= $1,000,000} from Netspend based on not adequate notice, not due concealment, value to time, not applying applicable formula, fiduciary breach and trend found to not suitable interes payments ranging from {$2.00} to {$9.00}, XX/XX/XXXX to XXXX, XXXX. That even after Netspend XXXX XXXX, affirm 12.37 % annual credits, XXXX processed {$990.00} on the annual credit, XXXX send the notice on 12.37 % annual credit and XXXX affirm calculation on applicable formula tabulation these later NETSPEND employees including XXXX that recently offer courtesy {$50.00} and argued afterwards, XXXX and XXXX XXXX argument to the contrary on what was already agreed and advertise comes out deliberate and complete violation to FCC Truth to Advertisement Clause.
Frequently Asked Questions
What is Complaint #5677764 about?
Complaint #5677764 was filed against Netspend Corporation regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2022-06-16T12:00:00-05:00.
How did Netspend Corporation respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against Netspend Corporation?
Yes, visit the Netspend Corporation company profile at readthecomplaint.com/company/netspend-corporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.