Why is SBTPG holding refunds?

[tandberg1011]

My return is simple! Single with no dependent children . No deductions! Still won't send my money!

[Shayboog]

@tandberg1011 Reach out to the FDIC and have them directly handle this matter. Don’t listen to these people telling you what you should’ve, could’ve and didn’t do as far as paying your fees upfront. That doesn’t matter. You should’ve had your funds by now! They’re (TPG) gonna hold your funds as long as you allow or don’t take action. I’ve been waiting since February and now action is being made. Good luck! This company is crap and you’re definitely gonna have too take matters into your own hands. Take action! 

[Shayboog]

@rpulido131990 Reach out to the FDIC. Don’t waste ya time any longer. 

[NCperson]

@Shayboog - actually, not the FDIC, but as follows: 

SBTPG is a subsidiary of Green Dot Bank.  

Your refund is being deposited into a Green Dot Bank bank account and then withdrawn from that bank account and forwarded to YOUR bank (net of the fees that are due to Turbo Tax).

That means that the transaction is regulated by Green Dot Bank's regulators: the OCC and the CFPB.  

I would suggest that an effective way to bring up the issues you are having is to complain to the OCC and the CFPB.  If there are enough complaints, these two regulatory organizations will take notice. 

this is the complaint form for the OCC (note that the name of the bank is "Green Dot" be sure to use the space between the two words)

https://appsec.helpwithmybank.gov/olcc_form/ 

for the CFPB: 

https://www.consumerfinance.gov/complaint/

[Shayboog]

@NCperson YES! “Actually” the FDIC. Green Dot Has Contacted Me Directly About Handling This Matter. So Whoever Chooses To Take Your Advice, that’s their God given right. I know the FDIC personally worked in my favor and now action is being made. Thanks. 

[NCperson]

@Shayboog - that is great it worked for you, but I suspect it becomes a "one off". 

The FDIC is not a regulator of the Banks - the OCC and the CFPB make regulations and can fine / audit, etc. banks that don't comply with the rules.

The FDIC is not going to enforce anything, even if they are helping out a few indivuals.  the power of numbers means everyone complaining to the OCC and the CFPB.

(I used to work in Banking)

[Shayboog]

@NCperson Noted! ✍🏾

[Davidboyer84]

Gee thanks..

[Msmary73]

Sbtpg got my refund in the beginning of May 2022. They still haven't sent it to me and they don't answer the phone these days. It's my 2020 taxes so I've been waiting forever. Sad cause turbo tax used to be reliable 😪  this is the last time I use turbo tax they could at least attempt to get my money to me but they say it's out of their hands. Ooh and the fees yeah **bleep** u turbo tax u suck **bleep** I hope you and those thrives you partnered with get sued by all your former customers cause I'm sure they won't be using turbo tax ever again

[VolvoGirl]

For anyone else,  you should not use the Pay with Refund to pay the fees.  You will save the Extra $40 Refund Processing Service charge (45 in California) and the IRS will send the refund directly to you and not through another bank like SBTPG so you will get it faster.

[NCperson]

agree with @VolvoGirl - the product is VERY expensive for the convenience.  

Let's say you are expecting a refund and your Turbo Tax fees are $100.

if you pay with your credit card and pay the interest on that credit card of 30%, that is only $2.50 per month. 

Let;s say it takes 2 months for your refund to arrive and you use it to repay the credit card.  

The interest on the credit card is $5.00 while the convenience fee to have the turbo tax fees netted from your refund is $40.

Multiply that $40 by the TWELVE MILLION times SBTPG provides this service for Turbo Tax and its competitors each year, and we are all helping SBTPG rake in $480 MILLION per year !!!! (the 12 million is documented in Green Dot Bank's SEC filing).

[Yasfasho30]

Same thing sbtpg is holding my refund been waiting since June we are two days away from September!

[tandberg1011]

I just filed a complaint with the FDIC! I  have an easy return and they won't answer calls or Emails! They received my money over 2 months ago(verified by IRS) and no money as of today!

[Yasfasho30]

This is so sick ! My funds were sent to my bank on 5/16/2022 my bank rejected it because of the wrong routing number ! TPG told me I had to confirm my identity through them which I did and I got approved for a cashiers check at the end of July , now it is August 30th 2 days away from September still no check has been printed & they are saying that a estimated time frame can’t even be provided , every time I call they tell me call back in 48 hours and when I do it’s the same Sh!T 

[NCperson]

@Yasfasho30 

can I make a suggestion?

SBTPG is a subsidiary of Green Dot Bank.  

Your refund is being deposited into a Green Dot Bank bank account and then withdrawn from that bank account and forwarded to YOUR bank (net of the fees that are due to Turbo Tax).

That means that the transaction is regulated by Green Dot Bank's regulators: the OCC and the CFPB.  

I would suggest that an effective way to bring up the issues you are having is to complain to the OCC and the CFPB.  If there are enough complaints, these two regulatory organizations will take notice. 

this is the complaint form for the OCC (note that the name of the bank is "Green Dot" be sure to use the space between the two words)

https://appsec.helpwithmybank.gov/olcc_form/ 

for the CFPB: 

https://www.consumerfinance.gov/complaint/