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"Regulated Bank" doesn't follow regulations
The bank claims to be a regulated bank (which they are) and insists that potential customers must undergo verification of their identity (which I did). Despite meeting the criteria outlined by their own documentation, they refused to open an account. They proceeded to explain that for "security reasons" they're not at liberty to explain why they denied the application. They further proceeded to claim "Grasshopper is a regulated bank, and all of our clients are required to meet certain verification requirements before we can open your account." Apparently meeting those certain verification requirements doesn't mean anything. Given how many other people have similar issues, I can't imagine anyone actually recommending them.
Response from Grasshopper BankJul 9, 2025
Hi There! Thank you for taking the time to share your feedback. As a federally regulated digital bank, identity verification is a critical part of our onboarding process. These requirements are in place to protect not only our platform, but also the security and integrity of our clients’ financial information. We understand how frustrating it can be to complete the steps outlined and still have an application declined. While we are often limited in what we can disclose for security and regulatory reasons, please know that these decisions are made with the safety of our banking environment in mind and in accordance with industry standards and compliance obligations. If you’re open to it, we’d be happy to look into this further. To do so, we ask that you respond to the information request TrustPilot sent on our behalf, or reach out directly to our Client Services team for assistance. We truly appreciate your interest in Grasshopper and your understanding of the importance of maintaining secure and compliant digital banking practices.



