Green Dot Bank
A Utah bank behind prepaid and BaaS programs, under a Federal Reserve order and $44 million penalty since 2024.
Green Dot Bank is a state-chartered bank in Provo, Utah, a Federal Reserve member and a subsidiary of Green Dot Corporation. The Federal Reserve’s enforcement action of July 19, 2024, a cease-and-desist order against the bank and its holding company, imposed a $44 million civil money penalty. It addresses unfair and deceptive practices in marketing and servicing general purpose reloadable prepaid card accounts and in tax refund processing offered with a third party, plus weaknesses in consumer compliance risk management and anti-money-laundering programs.
The Federal Reserve had published no termination as of September 26, 2026.
- Country
- United States
- Primary federal regulator
- Federal Reserve
- State regulator
- Utah Department of Financial Institutions
- Charter type
- State-chartered commercial bank, Federal Reserve member
- FDIC certificate number
- 22653
- Publicly announced fintech partners
- Apple Cash (Apple states Apple Cash services are provided by Green Dot Bank)
- Enforcement actions (regulator records)
Document Regulator Issued Status 24-005-B-SM, 24-005-B-HC cease-and-desist order and $44,000,000 civil money penalty Federal Reserve Jul 19, 2024 In force (no termination published) - Date checked
Questions
Why was Green Dot fined by the Federal Reserve?
Is the Green Dot order still in force?
Which fintechs use Green Dot Bank?
See also
- Sponsor-bank enforcement tracker
- Evolve Bank & Trust, also under a Federal Reserve order
- All sponsor banks
Sources
- Federal Reserve order, July 2024
- Federal Reserve release, July 19, 2024
- Apple Cash support page
- Checked September 26, 2026.
Source: FDIC BankFind, the FDIC, OCC and Federal Reserve enforcement records and state regulators’ orders, plus partner announcements by the banks or fintechs, as linked in each profile. How we build and refresh profiles: methodology.