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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?

#91

Post by vxNsr »

corytheboyd wrote: post #75
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…

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.

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

#92

Post by swman »

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’ve used us bank for an auto loan and they were super helpful when I sold it. I honestly get anxiety and social lock up when dealing with financial stuff (it’s all so much bullshit after the basic accounting is done) and they were really chill about the whole thing

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

#93

Post by TylerE »

atty wrote: post #82
TylerE wrote: post #59

Earlier quoted context omitted.

Any typical user choosing a big corporate bank over a credit union for a personal account is insane.

As someone who has used both, I whole-heartedly believe that anyone who would put some marginal financial benefits of a CU over the ease of use, consistency and convenience of a big corporate bank is insane. So it appears we’re at an impasse.

See, whenever I’ve had any sort of issue, the CU has been way more helpful and responsive. It ain’t about the rates.

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

#94

Post by enonevets »

corytheboyd wrote: post #75
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…

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.

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

#95

Post by vxNsr »

jnwatson wrote: post #74
bklyn11201 wrote: post #68

Earlier quoted context omitted.

1. Zelle: all of the big banks have it. Credit unions are slower to adopt. 2. Mobile apps: big bank mobile apps are pretty great these days. 3. Credit cards: Bank of America rebates 2.625% for top customers. 4. Bill pay: the big bank bill pay integrations with vendors and ebills is better

Zelle should be avoided for almost every transaction. There is no fraud protection.

Not really, there is as much fraud protection as ACH. If you’re will to make use of direct deposits and ACH transfers, you can use Zelle. Just don’t expect to be handled with kid gloves.

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

#96

Post by duxup »

axg11 wrote: post #64
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…

Why do this rather than offer customers a chance to continue service at some higher cost?

Perhaps they know they can’t offer a cost that makes sense / is competitive for those customers and would rather devote resources to a product that is competitive?

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

#97

Post by csomar »

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…

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?

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

#98

Post by eins1234 »

sebmellen wrote: post #71
eins1234 wrote: post #55

Earlier quoted context omitted.

That's totally understandable, for the small business segment. I was just saying that for a VC-backed tech startup, the lack of rewards is a huge turn-off, compared to some of the other options for spending available to us.

I don’t know of many banks that offer high reward debit cards. IMO Mercury has almost perfected the banking experience, and I am perfectly happy with that. If I want a high-reward card I’ll get an Amex Platinum (a credit/charge card) and stick with Mercury as my bank.

That's a perfectly valid choice! FWIW, I actually do like Mercury's UX marginally better than Brex.

I would just prefer to have my banking and spending in 1 place, and if I did that with Mercury, I'd be sacrificing 1%+ rewards, which I would not consider a financially responsible option when Brex exists and has a good enough banking experience.

Wouldn't it be nicer for everybody if there were more options that had both a great banking experience and credit-level rewards that all competed for our business? That's all I was trying to encourage with my feedback, but the fanboyism in this thread has proved to be too strong for that message to get through.

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

#100

Post by MaxGabriel »

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.

> 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. Ideally that would be more fleshed out.

You’d still be sharing balance and transaction data with Plaid though, that part isn’t solved by Oauth. I think to solve that you need to have a European style standard banking API that makes direct bank-to-bank data sharing tenable?

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