Steve Streit is retiring as part of a shakeup in the firm's management ranks. The Pasadena, Calif.-based company that he founded in 1999 has been suffering amid new competition from challenger banks.
PayPal — which is rarely thought of as a prepaid card company — has filed a lawsuit against the CFPB over its rules on prepaid accounts, underscoring the rapid changes in digital financial services and PayPal’s own expanding financial services ambitions in recent years.
Earlier this decade, a boom in low-cost prepaid cards undercut the firm's business model. Now the fiercest competition is coming from venture capital-backed startups that offer accounts with no overdraft fees.
The two companies agreed to continue to collaborate on a prepaid card program until 2027. The deal holds particular importance for Green Dot, which relies heavily on revenue generated at the discount retail giant.
A new study released by the prepaid issuer MetaBank finds that most consumers want businesses to use faster payment methods when sending them money for refunds, rebates and claim payments.
An inspector general’s findings suggest that the Texas bank could face more consequences over how it handled fraud cases last year tied to the Direct Express program.
Most agencies use electronic benefit transfer to deliver funds to prepaid cards, but recipients who need access to cash are often caught in a bind, with fewer convenient or free ATMs available in an increasingly digital payments landscape.
The bank’s biggest shareholder says Wall Street shouldn't yield its next CEO; concern that mistakes that led to the financial crisis are being repeated.
The results suggest that consumers who buy Green Dot cards are using them with greater frequency or for longer periods of time than they have in the past.
