Carl G.
The speed of banking and the customer…
The speed of banking and the customer service need work. I've had a chat going with customer support since yesterday with one reply. I've also made large transfers into my account to fund my business, but it takes a very long time to complete any transaction. For example, I initiated a wire transfer in person from my personal checking over a week ago and it doesn't even show as a hold, no update, and trying to get information from customer support is impossible. I also tried to purchase a new POS system for our store and the transaction was stopped by Grasshopper. The thing that has slowed our progress the most so far has been banking with Grasshopper, unfortunately.
Response from Grasshopper BankOct 9, 2023
Hi Carl - We're sorry to hear that you are not satisfied with your banking experience. Although this came as a surprise to us, federal regulations allow banks to hold deposited funds for a set period of time, as well as use discretion while setting a funds availability policy. Under Regulation CC, the timing for when deposited funds will be available is usually based on the type of deposit, when you made it during the business day and, in some cases, the amount deposited. As a federally charted bank, we are regulated by the Office of the Comptroller of Currency (OCC) and follow all guidelines related to funds availability in order to remain in compliance with Regulation CC. As such, we are required to provide account holders with disclosures that indicate when deposited funds will be available, which is provided at account opening. We also provide disclosures at the time of deposit and notices to inform our clients when a hold is placed. While we can not speak to the policies and procedures of other financial institutions, we set high standard for ourselves and always strive to the best digital banking experience possible. If you would like to discuss your experience further, you're always welcome to contact Client Services. For more information about our Funds Availability policy, we ask that you refer to page 7 of our Master Service Agreement. All of our legal agreements can also be found on our website at https://www.grasshopper.bank/legal