2016 I opened a Netspend account. My significant other and I both have worked hard, saving for our first home. We recently opened a mutual account to transfer each of our savings into. My Netspend savings account reached $8,700.00 by the end of February, 2018. On February 27, 2018 I contacted Netspend to discuss the $8,700.00 in my savings and how to go about withdrawing it. They explained the proccess of taking a couple OTC withdraws from a bank, neither being more than $4,999.99.
We decided to transfer a total of $4,000.00 dollars from my Netspend savings via mobile app. Upon doing so, it showed the transfer was completed, leaving a balance of $4,700.00 in my Savings. The next day I went to a local bank to request an OTC withdrawal for $4.000.00.
This transaction was declined. The bank encouraged me to contact Netspend. I was put on hold for 15 minutes. Netspend said I had insufficient funds, informing me there was only seven-hundred dollars in the checking account, which nearly had five-thousand the previous day. Netspend told me to open my online account. When I opened my account, there were completely different charges, withdraws and transfers in my account than it showed the day before or ever.
Netspend has been under the microscope by the FTC and has faced lawsuits. I am very concerned Netspend has formulated a strategy to remove money from accounts. It would be impossible for myself to make over $7,000.00 disappear overnight from a Netspend account.
Product or Service Mentioned: Netspend Account.
Reason of review: Problems with payment.