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Green Dot Bank, an Apple financial partner for Apple Cash and other services, has been fined $44 million by the Federal Reserve over its tax-preparation service. The penalty is unrelated to its role in any Apple services.
Green Dot Bank is Apple’s partner for some financial services, such as Apple Cash.
Green Dot Bank is Apple’s partner for some financial services, such as Apple Cash.
Green Dot, based in Utah, is one of the banks used by companies such as Apple and Walmart to provide backing for financial services. Despite enormous cash reserves, Apple is legally required to use bank partners for offerings such as financing instalment payments, or Apple Cash transactions.
The US government found that Green Dot engaged in “numerous unfair and deceptive practices and a deficient consumer compliance risk management program” related to services the bank itself offered. The bank was penalized for failing to disclose fees related to processing tax refunds for customers using its tax-preparation services.
Originally appeared here:
Apple financial partner Green Dot slapped with millions in fines over hidden fees
