OneFinance/2021/05/15/2

Me to OneFinance

I want you to know that while I find your goals admirable, it's a serious problem when you refuse to give any reason for rejecting an account application.

The only reason I initially opened my One account was that, after BBVA shut down Simple, my family needed another bank where we could transfer money to each other and keep a shared account for household expenses.

Two days after you accepted my application, you denied my partner's application and refused to say why. This basically leaves me with no reason to keep my account open.

I assume this practice of opaque refusal is legal, given that it seems to be popular in the online banking business -- but I would very much like to understand why you feel it is necessary, as it seems not at all in keeping with your goal of "building a customer-centric product and company". For one thing, if a bank can deny accounts for no stated reason, that allows the possibility of doing so for discriminatory reasons.

I welcome your thoughts on this.

Notes

• Crossposted to Twitter.