Michael L.
TERRIBLE DISAPPOINTMENT FOR CHRISTMAS
Well it was initially slightly inconvenient due to the holding times for new accounts as far as my deposits were considered, but I understand and appreciate the necessity of such security measures so I wasn't to discouraged. However, after depositing $21,691, and waiting almost 10 days to for the ability use it, I ran into fraud alerts, freezes, and further holds almost immediately as soon as I began shopping and spending with my debit card. Given the timing of everything this was also frustrating because it is Christmas time and many of the purchases I've been trying to make were for Holiday expenses and things for my employees and affiliates. However, again, I understand the place in the world for these kinds of safety protocols and I would much rather them be in place than not be and be in a much worse situation so again, I did not sweat it. I went ahead and let the entire weekend prior to Christmas Day pass with no ability to spend my own money and then as soon as business hours began Monday morning I called to verify all of the transactions that were in question and update my contact information. This went off without a hitch the customer service was great and my card was reactivated and my information was updated. I would have thought everything was going to be great at that point, however after making literally one transaction after the fact my next transaction was declined, and then I received an email, with no explanation whatsoever, informing me that my bank account had been closed with zero explanation and vague instructions on how to have my remaining funds returned to me which could take as long as 14 days. Never mind the fact that it's Christmas and the stress of all of this is literally ruining my family's holiday plans, my experience with this Bank has been less than productive or helpful to me or my business at all. Again, I respect security protocols and appreciate the need for them, but I'm not sure how these policies are protecting me more than they are inconveniencing and harming me during the holiday season. I've got to say I'm extremely dissatisfied disheartened discouraged a little bit angry and beyond frustrated with grasshopper bank. I have submitted all of them necessary documents and everything you requested to receive my money that's left in the bank account and quite frankly could use it long before 14 days have passed. I would not suggest this bank to anyone.
Response from Grasshopper BankDec 4, 2025
Hi Michael, Thank you for taking the time to share your experience. We understand how frustrating it can be to encounter unexpected account interruptions, especially during a busy holiday season, and we’re truly sorry for the stress this may have caused. As a federally regulated institution, we’re required to conduct ongoing security and risk assessments not only at account opening, but also on an ongoing basis throughout the banking relationship to safeguard our clients and protect the integrity of our digital platform. In some instances, those reviews may result in decisions that prevent us from continuing an account relationship. While we recognize how frustrating this can be, these protocols are essential to maintaining a secure banking environment for all who rely on us. We appreciate the time you spent working with our support team and your understanding of the safeguards financial institutions must follow. Although we ultimately weren’t the right long-term fit, we sincerely hope you’ve found a banking partner that aligns well with your needs. Only Forward, Grasshopper Bank