Grasshopper Bank is the 1,298th largest bank in the nation. It was established in 2019 and as of December of 2023, it had grown to 97 employees. Grasshopper Bank has a B+ health rating.
Shady Bank
My business account was suddenly closed without warning with vague details as to the nature of the cause. No instructions or timeline were given for the return of my funds. They're acting very much like a fraudulent scam entity from another country. According to other reviews, the BBB, etc., this is a common problem which is surprising given their feature on Nerdwalllet. Their interface and sign-up was one of the best of all I tried but this is just too much and crosses a hard line for me – closing my accounts and holding my money with no details. I would not recommend banking with them.
Failed Wire, Huge Business Issue, No Support
I opened an account with Grasshopper Bank for my LLC to handle the banking aspects of a real estate holding. Grasshopper easily accepted the wires from my LLC's members, but flagged my outbound wire. Its been 48 hours, I can't get in touch with anyone from the right team, I've consistently asked Grasshopper bank what information they need to process the wire but can't get a straight answer. My LLC's wire for the real estate holding is now late, I'm being berated by my partners and there doesn't seem to be any hope. This bank is terrible. Nothing about my LLC has anything to do with prohibited activities. All transactions have been with verified US based accounts and Grasshopper Bank is holding up my deal. Further, through multiple phone calls and emails I've expressed that I am willing and able to provide any information they request. They can't get it together. I just want the following: 1) comply with any and all policies of the bank and 2) complete business transactions in a timely manner. Why cant I do this.
AVOID AT ALL COST
Grasshopper Bank allowed me to open a business checking account for a federal firearms licensee without any indication in the opening documents that such businesses were not permitted. In fact, the drop-down menu for business type in the online application had firearms dealer as an option. Well, I opened the account and deposited money, thinking all was well - only to have Grasshopper close my account without notice on November 3, 2023, within a month of opening. Luckily I hadn't conducted any transactions other than the initial deposit, because it has been over two months and Grasshopper has not yet returned my money to me. I contacted Grasshopper's support on November 22 to see if my money would be returned, and I received a response that I had to execute some sort of release form which they provided. I was a bit annoyed, as this is clearly my money, but I have no problem with leaving a paper trail. So, I filled it out and returned it to Grasshopper within a day. It is now December 19, 2023, and Grasshopper has failed to return my funds. It is my belief that Grasshopper fraudulently induced me to open an account and deposit money that they do not intend to return.
Horrible Unprofessional Business Practices
We are a new start up with an extremely clean record and we were not approved and told we could not know why due to security reasons. We have never been more offended. We have all held Wells Fargo/Wachovia/Bank of America accounts for decades. Grasshopper is not to be trusted if they will not share why the turn good hard working Americans down with out cause. 7/24/2023
Data as of Q4 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 59113 |
| Year Established | 2019 |
| Employees | 97 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -0.32% |
| Return on Equity - YTD | -4.24% |
| Annual Interest Income | $32.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2023vs Q4 2022 | $733.6MM$655.1MM |
| Loans | Q4 2023vs Q4 2022 | $519.5MM$483.7MM |
| Deposits | Q4 2023vs Q4 2022 | $665.8MM$550.7MM |
| Equity Capital | Q4 2023vs Q4 2022 | $61MM$50MM |
| Loan Loss Allowance | Q4 2023vs Q4 2022 | $5.9MM$4.5MM |
| Unbacked Noncurrent Loans | Q4 2023vs Q4 2022 | $5.6MM$0 |
| Real Estate Owned | Q4 2023vs Q4 2022 | $0$0 |