Saven Financial... Account Opening Nightmare. | Saven Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Saven Financial... Account Opening Nightmare.
June 2, 2022
12:44 pm
TD
Member
Members
Forum Posts: 10
Member Since:
June 1, 2022
sp_UserOfflineSmall Offline

Has anyone else encountered problems while signing up for a Saven HISA and unable to get through the TransUnion screening process? Saven is of no assistance if you can't pass the screening process and TransUnion for all intent and purpose are useless. I've opened a dispute with them over some minor glitches on my credit report but haven't heard anything back from them in over a month. I think the biggest issue and where the problem may be is in stating your occupation. The Saven questions (verified by TransUnion) don't seem to have a suitable category for my type of employment. To add insult to injury...3 wrong sign up attempts that don't pass screening gets you locked out of the Saven sign up process for 30 days. Any help or previous experience related to screening and the signing up process would be greatly appreciated. Thanks to all in advance.

June 2, 2022
3:37 pm
rpotter28
Kingston, ON
Member
Members
Forum Posts: 17
Member Since:
March 8, 2022
sp_UserOfflineSmall Offline

TD said
Has anyone else encountered problems while signing up for a Saven HISA and unable to get through the TransUnion screening process?  

Yes, me too! And I also thinks it's a occupation problem. I am a Realtor and work for Re/Max, but their signup doesn't like the "/" in Re/Max I worked on this several times over several months and every time I called in they said call TransUnion. I never did, because I know that would be a complete waste of my time.

They told me signup *has to be* done online, no other alternative, so I gave up!

Edit: And in case anyone is wondering, I have an excellent credit score. Everyone else wants to lend me money, or will take my money except Saven !

June 5, 2022
12:05 pm
TD
Member
Members
Forum Posts: 10
Member Since:
June 1, 2022
sp_UserOfflineSmall Offline

rpotter28 said

Yes, me too! And I also thinks it's a occupation problem. I am a Realtor and work for Re/Max, but their signup doesn't like the "/" in Re/Max I worked on this several times over several months and every time I called in they said call TransUnion. I never did, because I know that would be a complete waste of my time.

They told me signup *has to be* done online, no other alternative, so I gave up!

Edit: And in case anyone is wondering, I have an excellent credit score. Everyone else wants to lend me money, or will take my money except Saven !  

TransUnion even had my date of birth wrong (out by a day) when I obtained my credit report. Opened a dispute regarding that inaccuracy and a couple of other minor things. Waited for the 30 days and they mailed the results out. They eliminated a few closed bank accounts but didn't even correct the wrong date of birth...very frustrating and horrible to deal with...sf-cry
Can anybody from Saven Finacial "chime in " hear from their end who could possibly offer assistance?? This flakey screening process is costing them a lot of potential "New" Customers.

June 5, 2022
12:28 pm
sbpep
Newbie
Members
Forum Posts: 1
Member Since:
June 5, 2022
sp_UserOfflineSmall Offline

I have also not had a good experience with Saven / Trans Union.
Been trying to open an account for 3+ months and still can't.
As bad as Trans Union's customer service is they at least answer the phone and try to help, this cannot be said for Saven. They are of no help if and when they respond to your inquiry. If Saven customer service is this bad when you don't have an account I wonder what what would happen if you had an account and had issues.
I never had this trouble with EQ, LBC Digital or TD direct investing. Saven has certainly lost my family's business. Too bad I like First Ontario Credit Union and would have preferred to support a local business with their online endeavour.

June 5, 2022
3:56 pm
TD
Member
Members
Forum Posts: 10
Member Since:
June 1, 2022
sp_UserOfflineSmall Offline

sbpep said
I have also not had a good experience with Saven / Trans Union.
Been trying to open an account for 3+ months and still can't.
As bad as Trans Union's customer service is they at least answer the phone and try to help, this cannot be said for Saven. They are of no help if and when they respond to your inquiry. If Saven customer service is this bad when you don't have an account I wonder what what would happen if you had an account and had issues.
I never had this trouble with EQ, LBC Digital or TD direct investing. Saven has certainly lost my family's business. Too bad I like First Ontario Credit Union and would have preferred to support a local business with their online endeavour.  

I had a similar issue with LBC Digital a couple of years ago but was with Equifax instead which was preventing me from signing up...seems it turned out they had an old landline phone of mine listed as the main phone number.
I was think on leaning on First Ontario Credit to see if they can offer any assistance seeing as they have the same sign up interface and see if their Customer Service is any better and cares a little more about gain Customers...not holding my breath though.
Saven really needs to get this resolved with Trans Union or switch to another verification method as the why I see it, it presently isn't a very good business model to be loosing all these Customers because of TransUnion and their inaccurate info which is horrendous as trying to guess what needs to be changed.
Would be nice to see if Saven can comment and assist through this post.....sf-confused

June 23, 2022
2:27 pm
TD
Member
Members
Forum Posts: 10
Member Since:
June 1, 2022
sp_UserOfflineSmall Offline

If you have a similar issue with not being able to pass TransUnion verification don't expect any help from Saven Financial Customer Service. Their "back office" communicated with TransUnion , they tried a few things on my behalf which didn't work and then their backoffice " threw up their arms" and did nothing more, let TransUnion off the verification "glitch" hook and left a dissatisfied potential Customer.
Moving on from Saven Financial, they don't seem to be interested in resolving a Sign-up issue for a potential Customer....not my kind of financial institution and probably shouldn't be yours either....sf-confused

June 24, 2022
9:52 am
Norman1
Member
Members
Forum Posts: 5054
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

I think you should be resolving the inaccurate data issue with TransUnion.

There's nothing wrong with an online-only operation, like Saven, declining clients with messed up data in their TransUnion credit file.

The FINTRAC rules are clear. If the name or date of birth on the credit file doesn't match exactly, then the credit file does not confirm the client's identity. No confirmation of identity, no account.

June 24, 2022
10:31 am
lifeonanisland
Member
Members
Forum Posts: 109
Member Since:
January 13, 2022
sp_UserOfflineSmall Offline

Norman1 said
I think you should be resolving the inaccurate data issue with TransUnion.

There's nothing wrong with an online-only operation, like Saven, declining clients with messed up data in their TransUnion credit file.

The FINTRAC rules are clear. If the name or date of birth on the credit file doesn't match exactly, then the credit file does not confirm the client's identity. No confirmation of identity, no account.  

Norman, I can't understand why you try to defend FIs like this. Saven is not the only guilty party when it comes to denying new clients because they're too damn lazy to spend five minutes confirming IDs, etc. with a tiny amount of personalized service. Motive recently did this to me, and I recall you saying the same thing. Not only are these institutions losing valuable new customers, their reputations are being dragged in the mud as well. Just plain stupid, and can't understand why you defend them.

June 24, 2022
10:36 am
JohnnyCash
Member
Members
Forum Posts: 80
Member Since:
April 21, 2022
sp_UserOnlineSmall Online

Norman1 said
I think you should be resolving the inaccurate data issue with TransUnion.

There's nothing wrong with an online-only operation, like Saven, declining clients with messed up data in their TransUnion credit file.

The FINTRAC rules are clear. If the name or date of birth on the credit file doesn't match exactly, then the credit file does not confirm the client's identity. No confirmation of identity, no account.  

I recall having challenges with B2B and LBC Digital when opening accounts with them a few years ago. Their on-boarding identity verification through Equifax was very glitchy, In my case, I was fortunate in that my credit bureau file contained the correct information. I did eventually get the accounts opened.
When a failure occurs, it's not the prospective banks responsibility to investigate issues, or problems with identity verification, unless it's an internal system issue. People really need to wrap their heads around that and stop whinging and whining on forums.

June 24, 2022
10:48 am
lifeonanisland
Member
Members
Forum Posts: 109
Member Since:
January 13, 2022
sp_UserOfflineSmall Offline

JohnnyCash said

I recall having challenges with B2B and LBC Digital when opening accounts with them a few years ago. Their on-boarding identity verification through Equifax was very glitchy, In my case, I was fortunate in that my credit bureau file contained the correct information. I did eventually get the accounts opened.
When a failure occurs, it's not the prospective banks responsibility to investigate issues, or problems with identity verification, unless it's an internal system issue. People really need to wrap their heads around that and stop whinging and whining on forums.  

Tone it down, JC. Clearly, you've never had this happen to you. Yes, potential clients should take the time to ensure their info is correct with the credit bureau involved. But here's the reality: often, you don't know there's an issue until you try to apply and get rejected. Yes, you can then find and fix the problem...but the FI has then blacklisted you, as Motive did to me for six months. And often, there is no problem...that was the case for me, as when I delved into Equifax, I determined all info was correct, and I had been assessed as having an "excellent" credit rating. So what you call whinging and whining is more often than not a legitimate complaint that ends up costing the FI much more than the consumer, who simply goes to another institution.

June 24, 2022
12:09 pm
Norman1
Member
Members
Forum Posts: 5054
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

lifeonanisland said

Norman, I can't understand why you try to defend FIs like this. Saven is not the only guilty party when it comes to denying new clients because they're too damn lazy to spend five minutes confirming IDs, etc. with a tiny amount of personalized service. Motive recently did this to me, and I recall you saying the same thing. Not only are these institutions losing valuable new customers, their reputations are being dragged in the mud as well. Just plain stupid, and can't understand why you defend them.

Saven is not guilty and potential clients that need face-to-face service, like you and TD, are not wanted at Saven, Hubert, LBC Digital, Simplii and other online-only operations.

Having staff and branch ready to do things like face-to-face ID verification costs. As a former Tangerine CEO said, they need to be careful not to "accidently" get clients who need or are looking for the services the higher service fees and lower deposit rates pay for.

Go open a savings a account at a First Ontario CU branch, Sunova CU branch, Laurentian Bank branch, or a CIBC branch instead if you need your ID verified face-to-face. Good luck with trying to get a savings account there that pays 2.4%!

June 24, 2022
12:22 pm
Norman1
Member
Members
Forum Posts: 5054
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

lifeonanisland said
…. So what you call whinging and whining is more often than not a legitimate complaint that ends up costing the FI much more than the consumer, who simply goes to another institution.

That's actually the idea! The FI want's the consumer to go elsewhere.

Go to a TD branch and want a 5-year GIC that pays 5%? They rather you go elsewhere.

It's not like the treasury at TD Bank doesn't know the GIC market and can't spot Oaken's recent 5% for 5-year GIC's.

June 24, 2022
1:32 pm
lifeonanisland
Member
Members
Forum Posts: 109
Member Since:
January 13, 2022
sp_UserOfflineSmall Offline

Norman1 said

lifeonanisland said
…. So what you call whinging and whining is more often than not a legitimate complaint that ends up costing the FI much more than the consumer, who simply goes to another institution.

That's actually the idea! The FI want's the consumer to go elsewhere.
 

No. You're just wrong. This is a broken system, as one decent CSR at Motive admitted to me. It's a serious flaw that is costing these FIs customers. But they probably appreciate that you seem to enjoy speaking on their behalf.

June 24, 2022
1:35 pm
lifeonanisland
Member
Members
Forum Posts: 109
Member Since:
January 13, 2022
sp_UserOfflineSmall Offline

Maybe stop and think about it before you reply. What do you think goes through the heads of prospective Saven clients if they happen to stumble across this thread? If they're anything like me, and others who have been frustrated by this such as the OP, they write bad reviews and take their deposits elsewhere. Are you really suggesting that's their strategy?

June 24, 2022
6:44 pm
Norman1
Member
Members
Forum Posts: 5054
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

That's their strategy.

If client costs too much to onboard, then it is no loss for the client to go elsewhere along with any other similarly high cost friends.

Deposits are actually not hard to come by. To parody one bank's commercials, you're not as valuable as you think.

June 27, 2022
10:00 am
TD
Member
Members
Forum Posts: 10
Member Since:
June 1, 2022
sp_UserOfflineSmall Offline

Norman1 said
I think you should be resolving the inaccurate data issue with TransUnion.

There's nothing wrong with an online-only operation, like Saven, declining clients with messed up data in their TransUnion credit file.

The FINTRAC rules are clear. If the name or date of birth on the credit file doesn't match exactly, then the credit file does not confirm the client's identity. No confirmation of identity, no account.  

For you information I already have online accounts at LBC Digital, Laurentian, Simplii, Motive and CTC. My credit report with TransUnion states my D.O.B. as being wrong...this has been identified twice and TransUnion request to fix it and they can't for some reason. Saven is aware of this and doing nothing about it so you can go ahead and defend them all you like as they loose potential new Customers....

June 27, 2022
10:01 am
TD
Member
Members
Forum Posts: 10
Member Since:
June 1, 2022
sp_UserOfflineSmall Offline

lifeonanisland said

Norman, I can't understand why you try to defend FIs like this. Saven is not the only guilty party when it comes to denying new clients because they're too damn lazy to spend five minutes confirming IDs, etc. with a tiny amount of personalized service. Motive recently did this to me, and I recall you saying the same thing. Not only are these institutions losing valuable new customers, their reputations are being dragged in the mud as well. Just plain stupid, and can't understand why you defend them.  

Agreed...sf-wink

June 27, 2022
10:09 am
TD
Member
Members
Forum Posts: 10
Member Since:
June 1, 2022
sp_UserOfflineSmall Offline

lifeonanisland said

Tone it down, JC. Clearly, you've never had this happen to you. Yes, potential clients should take the time to ensure their info is correct with the credit bureau involved. But here's the reality: often, you don't know there's an issue until you try to apply and get rejected. Yes, you can then find and fix the problem...but the FI has then blacklisted you, as Motive did to me for six months. And often, there is no problem...that was the case for me, as when I delved into Equifax, I determined all info was correct, and I had been assessed as having an "excellent" credit rating. So what you call whinging and whining is more often than not a legitimate complaint that ends up costing the FI much more than the consumer, who simply goes to another institution.  

That's exactly what happened to me with Equifax while trying to open an account...a 10 year disconnected landline phone number associated with my address aside from that I had an "excellent" credit rating. Once removed no problem. At least Equifax worked with me...not TransUnion. They even claimed to have fixed my D.O.B. after waiting 30 days in the letter sent but it's still wrong when the credit report is downloaded....frustrating with NO assistance from Saven even though they are aware of the problems.

June 27, 2022
12:45 pm
lifeonanisland
Member
Members
Forum Posts: 109
Member Since:
January 13, 2022
sp_UserOfflineSmall Offline

TD said

That's exactly what happened to me with Equifax while trying to open an account...a 10 year disconnected landline phone number associated with my address aside from that I had an "excellent" credit rating. Once removed no problem. At least Equifax worked with me...not TransUnion. They even claimed to have fixed my D.O.B. after waiting 30 days in the letter sent but it's still wrong when the credit report is downloaded....frustrating with NO assistance from Saven even though they are aware of the problems.  

But TD...this is their "strategy". They actually don't want you as a customer, and this is part of their "plan" to weed out problematic clients. Pay no attention to the fact that they spend millions on advertising, client acquisition, etc.

June 27, 2022
1:08 pm
HermanH
Member
Members
Forum Posts: 456
Member Since:
April 14, 2021
sp_UserOfflineSmall Offline

Part of the filtration process.

No permission to create posts

Please write your comments in the forum.