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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.
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.
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
I've reported them to the FDIC and I urge anyone with a similar experience to do the same. This bank needs to be held accountable.
Same issue as everyone else here, my account was closed but I didn't find out until I asked them why I couldn't log in. The account closed less than 24 hours after being opened.
They claim they sent me a letter and refunded my money... 2 weeks and several inquiries later and I haven't gotten any letters or money back.
Customer service ignores me half the time or just keeps telling me they sent this letter and my money.
Horrible experience, they're either scamming us out of our money or they're completely incompetent. I lean towards the former.
I read good things about Grasshopper on several sites - clearly those reviews are fake. After submitting my business information and being approved for an account, I set my ACH deposits to be sent to my new account. Less than 24 hours later, I received a notification from Grasshopper that my account was locked pending review. They asked for additional identifying information, which I submitted. They said they would contact me within 3 days with an update. After 3 days passed, I called them to inquire about where things were. The agent on the phone told me my account HAD BEEN CLOSED. They refused to tell me any information as to WHY and never sent me a notification telling me it was being closed. Absolutely pathetic bank - there's no way this is a legitimate company after reading other similar reviews. Stay far, FAR away.
Opened a business account for my LLC. Waited the initial like 10 days for initial deposit to clear. Then all the sudden after receiving debit card was notified by email my account was now closed. Called in and no explanation given, rep couldn't even tell me what day the account was closed. Definitely seems like a scam after reading the similar experiences of others. What a waste of time. Will be reporting to New York AG's office. Just real glad my initial deposit was small as some other reviews have horror stories retrieving their funds after this repeated odd closing of accounts occurs.
I opened business account and it was closed before check card arrived. I've been in business since 2007 and have 825 Fico score. Almost a month and can't get initial deposit. Their customer service oof line most of the time, and when you lucky to get someone they promise to send your money to original source of funding, but don't know when. Stay away, stay away, stay away.
We are a small and newly established real estate company. Opened our account with Grasshopper, easy enough. After spending 2 weeks registering all externals accounts we need, tried to ACH pull $10k and our account is closed overnight. Grasshopper support tells us they have to provide no details or reasons as it’s a business account.
Great way to waste our time and money definitely cannot recommend them at all.
The good reviews have to be fake as my experience with Grasshopper has been horrible. I submitted all required documentation. No response. I then called them and finally got someone on the phone. They said they would fix the issue. No action was taken. Finally get an account open after several attempts. Then, I need a simple form filled out for a vendor. It was like pulling teeth to get them to respond. After nearly a dozen attempts, they send me an email requesting the same documentation I submitted to open the account. No problem... completed same day. However, the 5 minute document I needed was never completed. I tried calling, emailing, and chatting. In last chat, they stated, "I understand and I apologize for the inconvenience, it looks like we are closing the account, as it is outside of our business objective. You will be receiving a closure letter in the mail with more details."
So, after several months of headaches and doing everything they asked, including funding >$300K into the account with $0 debits, they are now closing my account.
Don't waste your time. I wish I had found these comments when I was vetting commercial banks.
Nightmare experience. Opened an account for a non profit using our EIN and my SSN. Deposited thousands of dollars. Several weeks later, I tried to log in to get a statement and was unable. Thinking I forgot my password, I tried the pw reset multiple times, to which I never received the reset email. I contacted Grasshopper Bank and they advised that my account was flagged by the Risk Team, could not give me any information, the representative did not know why and could not give me an estimated timeline date that the Risk Team would be in contact. Furthermore, they did not have a contact for the supposed Risk Team. Over a month passed with no communication from Grasshopper Bank, so I contacted them again and was met with the same information — NONE. ** ** So the non profit is locked from funds and financial records, has been for a couple of months and we are STILL waiting for Grasshopper Bank to communicate with us! ** ** Side note: Customer service employees work from home, not in a brick & mortar.