Greenlight Card Reviews
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Greenlight Debit Card Consumer Alert: Restricted Funds Access, No Customer Support, Not Backed by a Financial Institution, and Disrespect for Existing Consumers
FOR IMMEDIATE RELEASE: 03/09/23 Greenlight Debit Card Consumer Alert: Restricted Funds Access, No Customer Support, Not Backed by a Financial Institution, and Disrespect for Existing Consumers DENVER, CO — Greenlight is a fintech company that issues debit cards for kids with an aim to provide a money management solution for parents and kids with features like parental controls, savings rewards, and investing using fractional shares. When asked if the Greenlight Debit Card is banked by a legitimate bank, however, customer service representative Ann (who declined to share her last initial) responded, "no, Greenlight only acts as an intermediary." The Greenlight Debit Card states that it is issued by Community Federal Savings Bank. Moreover, the business extols the virtues of its goods, claiming that youngsters may save their money for bigger purchases thanks to them. Nevertheless, nowhere on their website is a list of the expenditure caps. It was revealed that the spending cap is $1,500 and that they are unable to lift this cap if a kid is saving for a larger purchase than this amount, such as a teen accumulating money to buy a vehicle or any comparable major item purchase, because they are not legally guaranteed by a financial institution. Once this is discovered, if the parent wishes to remove their money from the account, it can take up to 7-10 business days and recently a consumer even had their money removed and refunded without any authorization given to the company. The corporation launched a refund despite my repeated requests for them to leave the money alone, the parent said. "I had found a workaround to remove our funds from the account," the frustrated parent stated, “and they took it upon themselves to make a decision regarding our money for us.” According to the FTC, “federal law protects you from unauthorized use of your credit card.” If you see a scam, fraud, or a bad business practice, tell the FTC. Go to ReportFraud.ftc.gov, the FTC’s website that makes it easy for you to report. The CEO and customer service staff avoided the matter and failed to address the fact that the money had been moved without the parent's permission when the parent questioned them about the situation. The company's monthly fees, card replacement costs, and lack of a specialized ATM network are further drawbacks. It is advised to use alternative businesses like gohenry or BusyKid, or even better, a neighborhood credit union where the parent may communicate with the staff and financial institution directly.
Greenlight Card Customer’s Q&A
Greenlight Card FAQs
About Greenlightcard.com Payment Method?
Greenlight is a payment method that offers a debit card for families. The Greenlight debit card can be added to Apple Pay or Google Pay for instant payments. The card also comes with a PIN for secure transactions. Users can manage their cards and accounts, including updating their address, requesting a replacement card, and locking/unlocking their card. The Greenlight app allows users to view their funding history, update their account information, and set up automatic transfers for recurring deposits. However, the app also collects a monthly fee. The Greenlight account allows adding multiple children and a second parent/adult. It also has associated fees and funding and spending limits. If the account is closed, a refund can be requested.
About Greenlightcard.com Popular Products and Services?
Greenlight is a debit card and money app for families, managed by parents. It provides tools to manage and monitor spending, pay allowance, assign chores, set savings goals, donate to charity, and more. The app allows parents to transfer money instantly, receive alerts whenever the card is used, set store-level spend controls to help kids learn to budget, and manage chores. Family members can request money, see their activity via the app, and customize the debit card. The debit card can be opened for family members of all ages. The monthly fee is $4.99 but this is waived for Morgan Stanley CashPlus Brokerage Account clients when they link their CashPlus account as the funding source for the Greenlight account. Other fees such as for ATM withdrawals, card customization, card replacement, and other product upgrades are not waived. Greenlight may charge these fees. Greenlight is available on both Google Play and the App Store. It has received positive reviews and has over 1 million downloads. It is used by over 6 million parents and kids for learning about money and navigating real-world money decisions with debit cards of their own.
About Greenlightcard.com Prices and Cost?
Greenlight offers three plans: Greenlight Core, Greenlight Max, and Greenlight Infinity. The Greenlight Core plan costs $4.99 per month. The Greenlight Max plan is priced at $9.98 per month. The Greenlight Infinity plan is available for $14.98 per month. These plans include debit cards for up to five kids. If a user wishes to upgrade to a Custom Card, there is a one-time fee of $9.99. There are no other hidden or extra fees unless a child loses their Greenlight Card. The first replacement card is free, but any subsequent replacement cards cost $3.50 each. If expedited shipping (2-3 business day) is selected for the custom card during registration, there is an additional one-time fee of $24.99.