Consumer complaint received 03-05-2018 about Checking or savings account (Savings account) with NETSPEND CORPORATION (PA).
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint: Dispute of Missing Funds & Unauthorized Purchases and Transactions Company : Netspend In XX/XX/XXXX, I decided to open a Netspend pre-paid account. Since XX/XX/XXXX Ive used Netspend for my checking ( pre-paid card ) and my savings. 
My significant other and I both have been working hard, saving money to purchase our first home. With each of us using separate, personal bank accounts, we discussed opening a mutual account under both our names and transferring each of our savings into this new account. 
My Netspend savings account, dating back to XX/XX/XXXX, had reached {$8700.00} by the end of XX/XX/XXXX. My significant other and I decided XX/XX/XXXX would be a good time to transfer each of our savings into a mutual account. 
On XX/XX/XXXX I contacted Netspend to discuss the {$8700.00} in my savings account and how I would go about withdrawing this money. The representative explained it would take a couple transfers between Netspend accounts and a couple OTC withdraws from a financial institution, neither being more than {$4900.00} within a 24 hour time period. 
We decided to transfer a total of {$4000.00} dollars from my Netspend savings into my Netspend checking account on XX/XX/XXXX via mobile app. Upon doing so, it showed the transfer was completed, leaving a balance of {$4700.00} in my Savings. 
The next day I went to a local bank, one which I created a new bank account earlier in the week, to request an OTC withdrawal for XXXX. 
Upon my surprise the transaction was declined. The local bank representative encouraged me to contact Netspend to resolve the issue. I immediately contacted Netspend and was put on hold for approximately 15 minutes, after reaching a Netspend representative. Netspend explained that there were insufficient funds in my account, informing me there was only seven-hundred dollars or so in the checking account, which nearly had five-thousand the previous day. 
I drove home to get situated with my paperwork and finish resolving the matter. When I contacted Netspend the second time on XX/XX/XXXX,  they 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. 
I am very concerned that Netspend has formulated a strategy to remove money from people 's accounts, such as mine, and made it look as if it was their own doing. It would be physically impossible for myself to make over {$7000.00} disappear overnight from a Netspend account. There are only two possible scenarios for what happened. One, a huge error or glitch within the programming software of Netspend 's system. Two, an inside job. 
If this happened with my account, it will happen to other customers accounts. I have been scared and ill over the past two days just thinking about how I was taken advantage of. 
On the morning of Friday, XX/XX/XXXX my Savings account had {$8700.00}. My checking account had roughly {$290.00}. By Saturday, XX/XX/XXXX my checking account was listed at {$790.00}, while my savings account read {$98.00}. How does approximately {$8100.00} go missing? 
I would gladly supply you with documentation however, my bank history has been compromised from within Netspend. I do have calls I've made to netspend, which they supposedly record. 
I'm willing to do whatever it takes to have my savings returned back to me and would appreciate all the guidance and support to lead me down the proper road.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation