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Why am I no longer qualified to be a Brex customer?

brex.com

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Re: Why am I no longer qualified to be a Brex customer?

#101

Post by corytheboyd »

enonevets wrote: post #94
corytheboyd wrote: post #75

Earlier quoted context omitted.

Not exactly the same but I did taxes one year on Credit Karma. A few years pass and I'm buying a house, lenders need tax returns. Credit Karma tax was sold off, support gets back to me after two days saying they can't help me at all getting the old return filed with them. Fuck this, never again. Turns out it was easy to get the return from the IRS directly, but this turned me off from introducing "hip" tech into my f…

It is good practice to save PDF copies of your tax returns so this way you don’t need to request them. I would recommend making a habit of this moving forward in general.

Oh you best believe I have copies of everything now, on my own server hah. Lesson learned :)

Re: Why am I no longer qualified to be a Brex customer?

#102

Post by lewisl9029 »

paulcole wrote: post #89
duped wrote: post #15

Earlier quoted context omitted.

How do you distinguish between a tech startup and small business? Not to doxx anyone but I'm familiar enough with the financials of several businesses that would call themselves either depending on the context, and the only meaningful distinction I can think of is venture funding

When I want to sound cool I say I work at a tech startup. When I want to sound likable I say I work at a small business.

Haha this is awesome! Totally gonna steal this for the next time I want to be liked. :)

Re: Why am I no longer qualified to be a Brex customer?

#103

Post by corytheboyd »

vxNsr wrote: post #91
corytheboyd wrote: post #75

Earlier quoted context omitted.

Not exactly the same but I did taxes one year on Credit Karma. A few years pass and I'm buying a house, lenders need tax returns. Credit Karma tax was sold off, support gets back to me after two days saying they can't help me at all getting the old return filed with them. Fuck this, never again. Turns out it was easy to get the return from the IRS directly, but this turned me off from introducing "hip" tech into my f…

Odd. I was able to download my old returns from the cash.app taxes website. It wasn’t super simple but it was easy enough.

I had disabled my account, which I conveniently forgot to mention before (I actually forgot, wasn't trying to be dramatic).

Re: Why am I no longer qualified to be a Brex customer?

#104

Post by csomar »

batuhanicoz wrote: post #49
csomar wrote: post #38

So customers have less than 2 months to find new banking partners, migrate their data, inform their partners about banking changes, etc... This is one reason why I'm avoiding all fintech/startup/neo banks in the future. My most solid experience was with a top 5 US bank. They have a shitty customer service and a plethora of offers; but my direct deposits go faster, I don't get pestered over 5 figures amount going in/o…

Does any of those traditional banks support remotely opening accounts for U.S. companies with non-U.S. owners (so without an SSN, only with EIN)?

I had one remote experience but here is are the caveats: 1. Needed a valid US visa (a B1/B2 will do), 2. Needed a US phone number and 3. Needed a real US-address (not necessarily yours but not a PO box).

Re: Why am I no longer qualified to be a Brex customer?

#105

Post by hnov »

xur17 wrote: post #77
MaxGabriel wrote: post #52

Earlier quoted context omitted.

> We're doing all we can, and working with other financial service providers to make this transition as smooth as possible. The biggest thing for us would be if you could support Plaid's Identity product by returning names and emails when someone links a Brex account with Plaid. When someone links an account using Plaid, having this data available means we can compare that to the names/emails we have on file and have…

I just wanted to say that I absolutely understand why you prefer users to use Plaid's identity product (the startup I work at does this as well), but I HATE that it's becoming the standard way to link checking accounts. Both from a data sharing perspective, and from a training users to enter login information into random forms perspective. There has got to be a better way for us to accomplish this.

Plaid is a menace. My checking account was synced on Venmo just fine using the small transfer method for years until plaid was introduced. I redid the old school verification 3 times before giving up and linking via Chase. I changed the password afterwards but of course that unlinked me again. Can’t wait until some regulatory agency comes after them.

Re: Why am I no longer qualified to be a Brex customer?

#106

Post by markdown »

mtlynch wrote: post #13

If you're a small business / startup looking for an alternative for checking, I've had extremely positive experience as a customer of Mercury.[0] [0] https://mercury.com/

Do you know if they service LLC's with foreign owners (EIN but no SSN)?

Re: Why am I no longer qualified to be a Brex customer?

#107

Post by ncallaway »

MaxGabriel wrote: post #100
xur17 wrote: post #77

Earlier quoted context omitted.

I just wanted to say that I absolutely understand why you prefer users to use Plaid's identity product (the startup I work at does this as well), but I HATE that it's becoming the standard way to link checking accounts. Both from a data sharing perspective, and from a training users to enter login information into random forms perspective. There has got to be a better way for us to accomplish this.

> There has got to be a better way for us to accomplish this. One path forward is Oauth, which several major institutions use on Plaid (Capital One, Wells, Chase are ones I know of). This definitely solves “entering login information into random forms”. I’m pretty sure I have seen these institutions offer you some control over what data you share when you link, but it was minimal control, and didn’t work well. Ideall…

There should be a law for this. The EU as an open banking API law, that requires banks to make this data available electronically over an API.

The US needs an open banking law. This should not be an optional feature for banks to offer. It should be an absolute requirement.

I think it's insane to enter your credentials into Plaid. Almost every banking agreement I've ever seen disclaims liability if your account is breached because you shared your password. So, if you share your password with Plaid, and Plaid is breached, and someone uses your banking credentials to drain your account, I think a bank could wash their hands of it and walk away in that situation.

I'm sure the Plaid engineers are great, and that their data is stored securely (and maybe they don't store the password at all in there systems). But I'm not willing to bet my entire bank account on them being perfect.

Re: Why am I no longer qualified to be a Brex customer?

#108

Post by markdown »

Rebelgecko wrote: post #56
sgk284 wrote: post #39

Earlier quoted context omitted.

[disclaimer: I work at Brex, but am not speaking on behalf of the company] I think one thing being lost in translation here is that Brex considers small businesses to be different from startups, and it's an important distinction internally that is likely getting lost externally. For example, we just acquired Pry to help with founders at small startups figure out financial projections and needs. If you're an early sta…

How do you actually make that distinction? My flippant guess is that the difference between the two is that a "traditional" small business is profitable

I suppose how likely it is to scale massively.

Lawncare business = not a startup.

Like Uber, but for lawncare = startup.

Re: Why am I no longer qualified to be a Brex customer?

#109

Post by hadlock »

ROTMetro wrote: post #58
csomar wrote: post #38

So customers have less than 2 months to find new banking partners, migrate their data, inform their partners about banking changes, etc... This is one reason why I'm avoiding all fintech/startup/neo banks in the future. My most solid experience was with a top 5 US bank. They have a shitty customer service and a plethora of offers; but my direct deposits go faster, I don't get pestered over 5 figures amount going in/o…

When I moved across state lines Wells Fargo required me to go back and close my account in my previous state and open a new one in my new state. Left and never went bank. When BoA moved from San Fran to the South and started doing questionable practices it was time to move. US Bank has been amazing, and my immigrant friends all say US Bank has overcome hurdles/issues that Chase, BoA, and WellsFargo refused to help wi…

I have never ever heard of a bank requiring you to close your account and reopen at another branch. Are there additional details?
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