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

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

#341

Post by ncallaway »

phoenixy1 wrote: post #327
ncallaway wrote: post #107

Earlier quoted context omitted.

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 bre…

[I work at Plaid] Not to get into too much of this, but the Consumer Financial Protection Bureau has issued guidance that banks are still required to comply with the consumer protection measures provided by Reg E (and thus cannot fully disclaim liability) even when a fraudulent transfer is the result of password sharing. More info at https://www.consumerfinance.gov/compliance/compliance-resour... Though this is still…

Can you provide more specifics on this?

I reviewed the register https://www.federalregister.gov/documents/2011/12/27/2011-31... and the link you provided.

I don't see anything that would extend the coverage to a service that is providing a read-only view into the account, or anything that mentions password sharing. I _think_ I could see what you're describing in maybe the description of the transitive nature of Regulation E to cover "non-bank payment providers", but I don't see anything that would protect me if I shared my bank password with Mint via Plaid?

I'd love to know more, and as a lay person I'm having a hard time working my way through all the language of Regulation E.

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

#342

Post by phoenixy1 »

ncallaway wrote: post #341
phoenixy1 wrote: post #327

Earlier quoted context omitted.

[I work at Plaid] Not to get into too much of this, but the Consumer Financial Protection Bureau has issued guidance that banks are still required to comply with the consumer protection measures provided by Reg E (and thus cannot fully disclaim liability) even when a fraudulent transfer is the result of password sharing. More info at https://www.consumerfinance.gov/compliance/compliance-resour... Though this is still…

Can you provide more specifics on this? I reviewed the register https://www.federalregister.gov/documents/2011/12/27/2011-31... and the link you provided. I don't see anything that would extend the coverage to a service that is providing a read-only view into the account, or anything that mentions password sharing. I _think_ I could see what you're describing in maybe the description of the transitive nature of Regul…

Sure. The most relevant section would be the "Error Resolution: Unauthorized EFTs" FAQ section in the link in my previous post, especially FAQs 4-8.

(Also, just to clarify how Plaid works, Plaid does not share account credentials with Plaid's customers, so you wouldn't be sharing your password with Mint via Plaid. Instead, Plaid provides token-based access to data via an API.)

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

#343

Post by ncallaway »

phoenixy1 wrote: post #342
ncallaway wrote: post #341

Earlier quoted context omitted.

Can you provide more specifics on this? I reviewed the register https://www.federalregister.gov/documents/2011/12/27/2011-31... and the link you provided. I don't see anything that would extend the coverage to a service that is providing a read-only view into the account, or anything that mentions password sharing. I _think_ I could see what you're describing in maybe the description of the transitive nature of Regul…

Sure. The most relevant section would be the "Error Resolution: Unauthorized EFTs" FAQ section in the link in my previous post, especially FAQs 4-8. (Also, just to clarify how Plaid works, Plaid does not share account credentials with Plaid's customers, so you wouldn't be sharing your password with Mint via Plaid. Instead, Plaid provides token-based access to data via an API.)

Thanks! That was very helpful!

After looking at those answers and reviewing the relevant parts of Regulation E that it cites, I do feel like the regulation pretty-comprehensively disallows banks to impose liability on the consumer for sharing their password. Answer 8 especially that notes that no waiver of Regulation E is allowed makes me feel more comfortable.

I'd still support an open-banking API law, but your citations here have really turned down the urgency for me on that issue.

(And, yep I'm familiar that Plaid does not share the password beyond itself and the relevant bank it's authenticating with)

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

#344

Post by reuven »

I just (June 23rd) got e-mail from Brex indicating what their criteria are:

We feel confident in delivering a best-in-class service to customers who meet any of the following criteria:

    Received an equity investment of any amount (accelerator, angel, VC or web3 token);
    More than $1 million a year in revenue;
    More than 50 employees;
    More than $500k in cash;
    Tech startups who are on a path to meeting the criteria above, and are referred by an existing customer or partner.
I'm still rather shocked by how badly they handled this. Even if I weren't a one-person (and highly profitable) consulting business, I wouldn't want to stay with a firm that treats its customers so poorly.

That said, the tone of this letter was far, far better than the previous one. And it gave some clear criteria for who is in, and who is not.

So they handled this poorly, but they've at least made some effort to make things less bad.

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

#345

Post by ROTMetro »

heretogetout wrote: post #116
ch4s3 wrote: post #111

Earlier quoted context omitted.

That definitely used to be a thing. I'm 35 and I've done that twice in the past and it was a huge pain.

I wonder if it depends on which states you're moving between.

It was state dependant, but also only had to be done with our Wells Fargo accounts, meaning it was do to Wells Fargo's choices not specifically state requirements.

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

#346

Post by ROTMetro »

em-bee wrote: post #112
ROTMetro wrote: post #58

Earlier quoted context omitted.

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…

if it's not to personal, what kind of legal BS might someone throw at an estate and how would the bank protect against that?

Seeing as I have been dumb and posted things under this account I would rather keep anonymous, and court records are public, I can't really elaborate.

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

#347

Post by ROTMetro »

csomar wrote: post #97
ROTMetro wrote: post #58

Earlier quoted context omitted.

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…

US Bank is the 8th largest bank. I'm surprised with your experience with Wells Fargo since they didn't require that for my sister. Maybe they changed rules or it was a particular state? How good is the online/mobile app access for US Bank?

It was because of the state we moved to, but we only had to do it for our Wells Fargo account. Not a mobile app power user but it does everything expected (deposit checks from phone, balance info), and I get large transfers in (trust and business) through Zelle and send to my son through Zelle instantly in the app.

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

#348

Post by danial »

pedrofranceschi wrote: post #10

Brex founder here. We've made the difficult decision to no longer offer services to the small business market. Back in April we launched Empower, and we decided to put the full weight of Brex towards building the best global payments platform for tech startups and larger companies. With that, we realized we couldn't do a great job serving the small business community at the same time. This has been an incredibly diff…

I was in the middle of transitioning my existing account to Brex. I have many things to do and so this lower on my priority list. I'm glad I was only in the beginning of the transition and that I hadn't moved over completely. While I wasted a few hours of my time, nothing near what I would have wasted if you had pulled this on me later.

Good riddance. I dodged a bullet.

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

#349

Post by BasedCourier »

MaxGabriel wrote: post #125
markdown wrote: post #106

Earlier quoted context omitted.

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

Yes we do, this is a very common customer profile for us

Whats the requirement for an LLC? I tried signing up for Mercury after getting the email from Brex and seeing it mentioned here but was rejected today. This is a Florida LLC that is around a year old. After linking my Brex account and providing my information I received an email saying that you guys cannot move forward but did not provide a reason why.

Could you clarify the minimum requirements for being a Mercury customer?

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

#350

Post by [deleted] »

MaxGabriel wrote: post #46
toomuchtodo wrote: post #33

Earlier quoted context omitted.

I assume they will support FedNow instant payments as they’re rolled out over the next 18-24 months. Those payments cost the financial services provider 5 cents per transaction up to between $100k and $500k (depending on configuration with the Fed). They settle immediately 24/7/365. Wires via FedWire will be reserved for amounts between $500k and $50M, which doesn’t sound like a $20 fee would be unreasonable for to a…

(I'm CTO of Mercury) To clarify, when rawtxapp said "Wire transfers cost 20$ each", they probably mean wiring _to_ Mercury from their bank costs $20. Mercury doesn't charge for sending wires. The reason they're mentioning the 3rd party bank fees is they'd prefer to use ACH pull to have Mercury take the money directly from their existing bank account (similar to how your gym or electric company might do). We do offer…

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