Jason
Don't bother with this bank if you own a business.
Their several-day bank holds on deposits prevent business operations from running efficiently. They put 5-day holds on deposited checks, even when they are from the company's owner. I've never experienced this at any other bank, which made me end my business account with Grasshopper Bank very quickly.
Response from Grasshopper BankApr 19, 2023
Hi Jason - We are disappointed to hear that you were not satisfied with your experience! 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. As a client-first digital bank, we understand that banking is not one size-fits-all. While we can not speak to the policies and procedures of other financial institutions, we set high standard for ourselves and always strive to provide the best digital banking experience possible. While our bank may not be the best fit for your business, we hope this helps clear things up! 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.