Saven Financial... Account Opening Nightmare. | Page 2 | 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 29, 2022
10:38 am
TD
Member
Members
Forum Posts: 10
Member Since:
June 1, 2022
sp_UserOfflineSmall Offline

lifeonanisland said

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.  

Saven finally got to the bottom of the problem....seems that I only have one FI listed with TransUnion which has a credit card attached and no other creditors listed. Having just one creditor doesn't pass TransUnion's verification process as it looks for multiple creditors. Stupid verification process if you ask me...my credit file/report is perfect yet I can't open an account with them. Their loss in my opinion...was gonna make a very LARGE deposit....

June 29, 2022
1:26 pm
lifeonanisland
Member
Members
Forum Posts: 234
Member Since:
January 13, 2022
sp_UserOfflineSmall Offline

TD said

Saven finally got to the bottom of the problem....seems that I only have one FI listed with TransUnion which has a credit card attached and no other creditors listed. Having just one creditor doesn't pass TransUnion's verification process as it looks for multiple creditors. Stupid verification process if you ask me...my credit file/report is perfect yet I can't open an account with them. Their loss in my opinion...was gonna make a very LARGE deposit....  

Exactly the case with me and Motive...perfect credit rating, but a bad business model to base their entire vetting process on a credit rating service and its bad record keeping system. The alternative would be having a CSR dedicated to these types of situations...spend five or ten minutes, do a little digging, and resolve the issue. In my case, between me and other family members, Motive has lost at least a seven figure deposit and now has me slagging them any opportunity I can for their abysmal lack of service. Now we just need Norman to step in and tell us how it's "all part of their business model...they really don't want you as a client."

June 29, 2022
8:48 pm
RetirEd
Member
Members
Forum Posts: 976
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

Hmm... since my phone company forced me to switch to annual pre-pay, I now have only one creditor, Amex, reporting to credit bureaux. Will I now be an unwelcome customer?

At the moment, I'm glad to have my Oaken and Peoples accounts open, and several others lying fallow. I won't fully shut down Coast Capital as I'm grandfathered both for acceptance and free monthly paper statements.
RetirEd

RetirEd

June 30, 2022
4:38 am
canadian.100
Member
Members
Forum Posts: 934
Member Since:
September 7, 2018
sp_UserOfflineSmall Offline

RetirEd said
At the moment, I'm glad to have my Oaken and Peoples accounts open, and several others lying fallow. I won't fully shut down Coast Capital as I'm grandfathered both for acceptance and free monthly paper statements.
RetirEd  

"Free monthly paper statements" - if you have a computer, do you really need PAPER statements - in 2022 that is a needless waste of resources. You probably put them in the garbage after a few months.

June 30, 2022
6:22 am
phrank
Member
Members
Forum Posts: 303
Member Since:
January 3, 2009
sp_UserOfflineSmall Offline

canadian.100 said

"Free monthly paper statements" - if you have a computer, do you really need PAPER statements - in 2022 that is a needless waste of resources. You probably put them in the garbage after a few months.  

It must be amazing to be a person who wastes nothing in anyones opinion.

June 30, 2022
7:30 am
canadian.100
Member
Members
Forum Posts: 934
Member Since:
September 7, 2018
sp_UserOfflineSmall Offline

phrank said

It must be amazing to be a person who wastes nothing in anyones opinion.  

Thanks. I try my best.

June 30, 2022
9:14 am
Norman1
Member
Members
Forum Posts: 6675
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

RetirEd said
Hmm... since my phone company forced me to switch to annual pre-pay, I now have only one creditor, Amex, reporting to credit bureaux. Will I now be an unwelcome customer?

Yes, when the information from the other creditors are purged from your credit file, the file will have less than two tradelines and will no longer meet FINTRAC requirements for the credit file verification method:

b. Credit file method

You may verify the identity of a person by referring to information that is in their credit file.4 To do so, the credit file must:

  • contain information that is valid and current5
  • be from a Canadian credit bureau (credit files from foreign credit bureaus are not acceptable);
  • have been in existence for at least three years;
  • contain information that is derived from more than one source (i.e. more than one tradeline); and
  • match the name, address and date of birth of the person being identified.

You have at least a few years after the loan is paid off or the credit card is closed before it is purged. Depends on the info and province.

Manitoba requires derogatory info to be purged from a credit file after six years. No limit on info for positive items that are "paid as agreed". But, the credit bureaus there will purge anyways around six years as it is difficult to confirm information that is older than that with their sources. Financial institutions, for example, are not required to keep records forever.

July 2, 2022
1:31 pm
RetirEd
Member
Members
Forum Posts: 976
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

canadian.10: I am that guy who refuses to use web banking and demands hard-copy records. I never, ever throw out any banking or billing records.

I don't trust anyone's copies of their accounts with me unless I have a matching copy. And experience has proven the need. This isn't the thread to go into all the incidents involved.
RetirEd

RetirEd

July 2, 2022
5:40 pm
Loonie
Member
Members
Forum Posts: 9212
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I keep most stuff too, on paper. I don't trust that computers will always be accessible. Electrical grid breakdown, massive scale hacking, shortages of essential minerals for computers etc are risks I prefer to avoid.
I print them on the unused side of previously used paper, of which I have an enormous supply, so no new trees involved. Storage can be an issue. I try to keep only what I can foresee a possible use for, which includes almost everything to do with government..
I even still have a quaint document from CPP which promises a Survivor Benefit of 60%. I'm keeping it for old time's sake, sort of like a stock cert for a defunct mine.

July 3, 2022
6:59 am
Bill
Member
Members
Forum Posts: 3887
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

Computer printer industry, ink cartridge industry, another enviro nightmare! Recycling paper, all those recycling trucks and facilities, etc! I keep mine on USB, another enviro nightmare industry, oh no!

July 3, 2022
8:45 am
phrank
Member
Members
Forum Posts: 303
Member Since:
January 3, 2009
sp_UserOfflineSmall Offline

Bill said
Computer printer industry, ink cartridge industry, another enviro nightmare! Recycling paper, all those recycling trucks and facilities, etc! I keep mine on USB, another enviro nightmare industry, oh no!  

There's no free lunch, only those who think they know better! sf-laugh

July 3, 2022
11:03 am
Bill
Member
Members
Forum Posts: 3887
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

That, and these days pretending you're green is a major popularity enhancer and some folks like that part.

No permission to create posts

Please write your comments in the forum.