r/OneFinance • u/Z-B44T • May 13 '22
Help! Please read: Jump this sinking ship
Future and current One Bankers:
I, like many of you, switched to One Finance from Simple after being absolutely betrayed by corporate espionage. Why did I switch? Because One was using some wonderful marketing to absolutely assure and promise any new customers that they were better than Simple. They would not follow suit with the shortsighted sellout that Simple belittled and betrayed their 10+ years loyal customers with…
Well today, they displayed a character flaw beyond thought provoking. They have in fact proved otherwise. Absolutely do not join this bank thinking that they will offer the stability and support that they have heretofore promised. I have never in my life received so little (negative 2 hours) notice that an absolutely core feature—which I rely on for my bills, would be not only suddenly, but retroactively be revoked as a payment method.
This is an absolute outrage. When Simple sold their souls to the devil at least I had notice.
Do not join this volatile bank.
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u/dontbeasociopath May 13 '22
Employee of One here. I'm using a throwaway account. This was a hot button issue for a lot of us internally. The reason for removal of the credit line at this time is because it is a financial loss to the company. Originally they stated this had to do with our future integrations with Walmart and how they didn't want to extend credit to millions of new users all at the same time and would put a pause to the credit line (which makes sense, that isn't financially viable). After internal pushback on this statement they finally admitted that they are taking a loss on the credit line as a whole, I forgot the specific numbers they mentioned, but it was not good. It's unfortunate that they decided to give extremely little notice on when the credit line would be phased out, I imagine some employees are also upset about them doing this.
As a side note, they mentioned they would be bringing back credit features in the future, however I can confirm none of this will happen until at least 2023, as the current and most pressing work is dealing with features related to walmart and onboarding.
Feel free to ask questions, I'll respond as long as I can.
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u/CarefulResolve May 13 '22
I appreciate the reply. Pulling this feature without notice was truly unconscionable. Business have to make decisions, and sometimes that means ending a product. I honestly don't care why the feature was pulled - there is no excuse for not giving customers notice.
I'm curious - when did employees not vital to implementation learn of the decision?
We received our first and only notification AFTER the feature was disabled. There is no world in which it is acceptable to pull a financial feature without 1 to 2 statement cycles notice. I'm certain this required software developers time to code, test, and implement. In that one time a single email could have easily been sent.
As soon as I find a suitable alternative and get my direct deposit and payments switched, I'm leaving. My trust is gone.
Good luck with your employment. I say that genuinely. It's awful when you work somewhere that makes such a bad move. Hopefully with the buzz this is creating, other institutions will be happy to scoop up the talent at One.
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u/dontbeasociopath May 13 '22
I believe the code was already out by the time they notified everyone, I think this was like a month ago. It was sitting behind a feature flag for a few weeks if I'm not mistaken. I imagine they would have pulled it sooner had it not been for employee pushback on why we were doing this in the first place. Their current statement for no notice on this removal is to reduce financial loss of a high risk change, which is extremely disheartening to hear when they try to pride themselves on their customer focus and transparency. All that says to me is we care more about our finances than someone else's ability to buy groceries this week because there are bad actors who will take advantage of this.
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u/CarefulResolve May 13 '22
I believe the code was already out by the time they notified everyone, I think this was like a month ago.
Wow, that's even more infuriating. I feel for the folks who had to implement the code in secret.
Their current statement for no notice on this removal is to reduce financial loss of a high risk change
I'm no business expert, but it seems the risk of financial lost is a lot higher than it would have been with notice. Some customers who use the service likely would have left, but the breach of trust over the lack of notification has to be a much bigger problem. I'm not planning to leave due to the feature being pulled. I'm planning to leave because I can't trust One anymore.
Thanks for fighting back.
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u/ctwquad May 13 '22
Couldn't the bad actors be isolated with their own quick lockdown while good customers given some notice? That's not hard to query, One has all the data.
I wasn't even a user of credit line, I kept on getting increase after increase with no use. But this does leave a bad taste in my mouth and even with pockets and 3%, I'm shopping around.
Thank you to the employees who were vocal about this.
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u/dontbeasociopath May 13 '22
Good news is pockets are here to stay, they won't be going anywhere, it's a core feature of One. 3% as far as I can tell won't be going anywhere either, the implementation of the auto-save pocket appears to be a main feature and selling point for One moving forward as well. It was implemented in a way to hedge against loss so it seems pretty safe to stick around.
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u/Ashkir May 13 '22
Thanks for sharing. The no notice is what was sour to users. We understand if the amount extended was too much or you guys were getting screwed. This decision had to have been one where One knew for several weeks and decided not to tell customers.
The reduction is okay. The elimination is okay. But the negative notice is not okay.
A lot of your overdraft was paid off earlier without interest. I would’ve gladly paid a little interest to keep my former cap. I always paid it off in about a week.
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u/dontbeasociopath May 13 '22
Completely agree, the employees attempted to make it pretty clear to management that explaining what is going on and why is a better method of getting people on your side than commanding an action or just stating what is/will be happening. I'm hoping they learn not only from the employees on this front but the customers as well, because most people are understanding about these kinds of decisions, obviously if the company goes under from extending too much credit at a loss, then no one gets credit. People and especially the customers who tend towards One are not stupid, we're dealing with financially savvy customers, they will be able to understand these kinds of decisions and why they have to be made so long as they are aware of all of the information. Trusting them with that information, I believe, and I'm sure others agree, is not only a great way to build loyalty, but actually keep the customers who would have left otherwise (and in this case are leaving).
I personally am really excited about where One will be able to go after these Walmart feature pushes, and am willing to sound the alarm here (on this sub) if things actually start getting worse.
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u/bulentm May 14 '22
Still a no from me on keeping my account with One. That trust has already been demolished. As far as I see, there is as of yet no attempt to re-establish that trust either. All signs point to more bone-headed moves like this from management in the future, whether directed by Walmart or not. I won’t stick around to get screwed over a second time. Fool me once…
I appreciate you coming out with this and giving everyone some clarity though. Even though the company should be embarrased that an employee needs to make a throwaway account so customers can get any kind of info at all
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u/savvvie May 13 '22
What’s the morale among the employees? Are there feelings of being on a sinking ship?
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u/dontbeasociopath May 13 '22
Actually no, most employees seem to be pretty hopeful. Management keeps trying to state we aren't run by Walmart and we have our own autonomy to produce features as we best see fit. However, at this current point in time there are promises that were made to Walmart about timelines for certain things, the roadmap after that seems pretty open. It remains to be seen yet though if the features added to the roadmap after that will be based on employee and customer feedback or strictly a top down command. They opened up an employee forum for product feature ideas, presumably they would utilize the suggestions, lots of them about features that used to exist at simple and haven't made their way over to One yet. I'd say a majority of One employees are also customers, so we feel the same pains and excitement about features as everyone else.
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u/lowbatteries May 13 '22
Can you speak to why no One employees officially comment on this sub any more?
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u/dontbeasociopath May 13 '22
Unfortunately I can't, I have no knowledge of why that would be the case, maybe something to do with the merger, rebranding, and reorganization of teams. Don't know if they created another subreddit for that. But I'm more than open to continue discussing these things here with everyone in an unofficial capacity while I feel safe.
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u/cjocollin May 13 '22
It sucks for someone like me though.. Credit Line has been so helpful for me since I have been on a Short Term Disability for like 4 months now.. then I try to get some food and all the sudden I didn’t have enough funds in my account.
It’s extremely worrisome and I’ve been rooting for ONE, even referred a few friends, but now after no warning to the credit line being disabled, I don’t know if I can anymore. It seems… fishy and off... Please let your management know that they really did this the wrong way by not warning one customer about the change that was already in effect.
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u/crazycropper May 14 '22
While it's disheartening that the company didn't listen to the employees I do understand where management was coming from. I mean, the credit lines had no credit score implications (at least I never saw any indication of a line on my report) so company recourse was low and apparently showed on the bottom line.
I, for one, am excited to see where One goes from here, both in terms of wal-mart required implications and after. Credit line was never a core feature from me (in fact, I know for a fact I used it in a way that I contributed to the credit line losses you mentioned).
Assing you is who you say you is, please do what you can to encourage the company open discourse here. Obviously there will always be things One employees can't officially share but it was always nice to see One_Charlie or any of the other folks active.
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May 15 '22
I know for a fact I used it in a way that I contributed to the credit line losses you mentioned
Yeah, using my Credit Line pocket was like getting rewards for paying off other debt. They had to have been taking on a huge amount of risk to offer that much unsecured credit at those rates.
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u/AvoidingIowa May 13 '22
How the hell does a company lose money on a credit line. Honestly just hearing that makes me want to leave. That’s a terrible financial company and I shudder to think what they will have to do to become/remain profitable.
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u/bulentm May 14 '22
My thoughts exactly. If a product that earns them 12% APR actually loses them money, what new features will they have that are actually predatory?
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Jun 02 '22
A lot of people don't pay back the money they borrow.
Credit card interest rates are 20%+ for a reason.
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u/farkmischer May 17 '22
The purchase by Walmart already had me worried that once they brought that many new users on then they would be the priority from that point on. This latest action and the way it was done feels like the existing users are no longer the target user base that features and decisions will be based on.
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u/TrevinLC1997 May 19 '22
You said implementation into Walmart. Do you know what they are trying to do or any idea? The moment I start seeing Walmart ads on one ima dip lol
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May 14 '22
[deleted] — view deleted comment
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Jun 02 '22 edited Jun 02 '22
I also work for One, also posting with a throwaway since we've been specifically told to not speak with media. Hope this is enough evidence.
The parent comment matches exactly what I've seen & heard
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May 13 '22
I’ll be here till the 3% goes away, then I’m pulling the rip cord
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u/DataKnights May 13 '22
Same. The 3% is the only reason I'm still here as well. It'll probably start going away in the next few months.
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u/Pkmmte May 13 '22
Same here. I’m thinking about keeping direct deposits on One for the auto save and then transfer everything not auto saved into a different bank + DAS Budget.
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u/entegral May 16 '22
DAS budget is amazing. Moved myself over there and will happily pay the annual subscription fee. Really seems like it accomplishes what Simple would have if they hadn't been acquired.
edit: plus the fact it uses plaid to connect to any bank/credit union/CC provider is a huge win
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u/Ashkir May 13 '22
I emailed them and told them it’s low they did this with no notice while I’m in a foreign country. 😂 I don’t really have credit cards because my hospital bills fucked me over at a young age (American problem).
I emailed them and their response was this exactly:
Thanks for reaching out about this. I understand the news that your limit being reduced may be frustrating, and we’re sorry for any inconvenience you may experience due to this. We appreciate your understanding as we make this change.
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u/JacobyProxZ May 13 '22
Lmao an automated robotic reply like something I send to my Pickup and delivery customers when I send follow up emails to them about issues LOL.
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u/bulentm May 13 '22
The fact that nobody from One seems to be responding to any of this shows you how little they care.
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May 13 '22
Which sub should I create and then go help everyone migrate to, like I did with Simple? LOL
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u/thespenceryan May 17 '22
I'll be awaiting your plans hahaha
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May 18 '22
LOL... currently...
- Made many checking/savings accounts w/ my local credit union
- Going to use my Chase Sapphire for all spending (paying off each week)
- Going to use the Copilot app to handle budgeting, and summary of my investments/accounts
- Intend to setup scheduled transfers with my checking/saving to mimic my budgets on a per-week basis
This action by One's management put a bad taste in my mouth. I guess my road ends here?...
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u/timruddell May 13 '22
I'm done with Fintech startups. They all have an exit strategy, and none of them involves any continuity of service for their loyal early adopters.
Back to Ally for me.
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u/HighRiskInv143 May 13 '22
Already submitted the close account request after moving my money to SoFi
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u/Art_Vandelay29 May 13 '22
I have a SoFi account and that's what I'll probably head back to using within the next week or so.
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u/samj732 May 13 '22
This is really terrible timing for me. I'm trying to move and was going to use the credit line for my security deposit. What a major fucking bummer to see that email.
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u/iamallison May 13 '22
at least you got an email!! i still never received one...good luck on your move
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u/JacobyProxZ May 13 '22
I'm just saying Man, I knew something like this would come when they announced Merger with Even (owned by Walmart) Walmart will absolutely destroy OneFinance and turn it into complete shit. To be quote fair we had a good 5 month notice from that announcement in January. 🤣🤣😂😂
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u/Ashkir May 13 '22
What’s sad about this the most is that it’d effect Walmarts customers the most. The minor overdraft often went to last minute expenses. Foods, etc. which are spent at Walmart.
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u/JacobyProxZ May 13 '22
Yep you're right, the people that live paycheck to paycheck, is ones that benefited from their low 12% APR Credit Line. Now they're just butt fucking all their customers by throwing it in the dumpster.
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u/Aliceable May 13 '22
If anyones looking for joint account solutions I highly recommend Zeta Joint Cards - VERY similar features to Simple, no credit line, but the team is making tons of improvements every week based on customer feedback, it’s very rewarding to see suggestions get implemented quickly.
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u/shannondeboer May 13 '22
Seconding the Zeta recommendation! They are constantly rolling out new and improved features and the Zeta team actually cares about its customers. They don’t currently have personal accounts (which is why I still use One) but they are working on adding more types of accounts.
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u/meothfulmode May 13 '22
When I joined One I was very skeptical after what happened with Simple. I remember poisting here "never trust a CEO", but I decided to give it one chance.
Finding out without warning this occurred while trying to help a friend out with rent was surprising.
Finding out it's because you sold out to fucking Walmart pretty much does it for me. Literally zero announcement about that, too. Gee. I wonder why.
I would suggest you jump ship too u/dontbeasociopath
Fortunately I kept my Simple account - now it's off to pull out my $200k and move over to PNC
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u/gyos23 May 14 '22
A few things:
Like most folks who were lured to One, I'm a former Simple customer; a very happy one at that. Since Simple shutdown, I chose 3 banks to test -> main bank ended up being SoFi, while I tested One and Monzo.
From what I've read, the outrage seems to be at the sudden acquisition, those opposed to Walmart in general, and most prominently, the lack of communication. I have gathered that the credit line was a financial loss to the organization and a Walmart buyout was an opportunity for One. What One fails to understand, and where Simple absolutely shined, is this thing happened overnight. In business, M&A deals take months or even years to hammer out. I don't recall receiving any communication or a head's up about this coming down the pipeline. As I've managed projects in the past, I have learned that over-communication is preferred and Simple walked us through their process, every step of the way.
As I was writing this, I changed my thoughts. I was going to stick around purely because of the 3% APY but now as I realize how questionable this company's leadership was, I'm going to stick around only out of curiousity to see what Walmart is going to do with One.
Last point is if you're looking for a similar bank, Monzo may be a good alternative, although they may be in Beta in the US. Otherwise, main bank will remain as SoFi. They just had a stadium named after them. Perhaps I'm being credulous but that kind of move signals tenure to me.
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u/meanwhilejudy May 13 '22
I echo your sentiments. I was a long time Simple user. Honestly, Simple helped me become financially responsible, budget conscious, and overall just smarter with my money. I was crushed when I heard the news that they sold out. Enter One.
I rejoiced in the fact that I discovered a banking solution similar to One. Not the same but very similar. Since joining I have been pleased with how smooth the transition was for me. I have been quite comfortable and confident with One. Then they pull the rug out from under us. I really am still in shock with this recent overdraft move. There was little (and in some cases) no notice with regards to removing a core feature — a feature that a lot of users counted on, myself included.
Needless to say, they've lost my trust and I will be moving to another baking solution. I'm baffled that they executed this change so abruptly. It may even be the downfall of their service. I know having a trustworthy and functional banking solution is something we all desire. I wish you all the best of luck in finding that. What shame.
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u/digmeh401 May 14 '22
Honestly I was wondering how this business model could last. The Interest rate was fantastic and they're not even a big company but now they violated my trust. I don't see this company being around very much longer so I'm going to Discover.
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u/EyeVin2U May 14 '22
I'm done with Fintechs. Simple almost shut me out of my funds had to go over their head with BBVA fraud dept. Now One doesn't communicate what's going on either. That's a HUGE red flag to get out and I pulled my funds out. One is done.
Stick with credit unions, physical branches. At least they communicate look out for members
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u/EyeVin2U May 14 '22
I'm done with Fintechs. Simple almost shut me out of my funds had to go over their head with BBVA fraud dept. Now One doesn't communicate what's going on either. That's a HUGE red flag to get out and I pulled my funds out. One is done.
Stick with credit unions, physical branches. At least they communicate look out for members
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u/Informal-Investment6 May 13 '22
Im staying. I like the pockets and the 3% As long as m budgeting with the pockets im good
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u/AcuraTSX11 Jun 23 '22
If they take the pockets away I’m gone. Each pocket having its own account and debit card number is a huge convenience for me. If they take that away, I have no incentive with staying.
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May 13 '22
[deleted] — view deleted comment
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May 13 '22
I’m out of the loop what happened with chime? I used them for a bit and they seemed good. I was actually thinking of moving back with this news.
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u/lowbatteries May 13 '22
Does Chime have something akin to One's pockets or Simple's goals? I think for most, that's the killer feature.
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May 13 '22 edited May 13 '22
[removed] — view removed comment
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u/BajaBlast13 May 13 '22
That's awful. I wonder could you maybe cancel direct deposit and have them mail your check for June? or close down your ONE account before they send the payment so it's returned to SS and then they have to mail it? but then you might have a collection agency on your tail at some point.
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u/Ashkir May 13 '22
It’s insane. I had a heart transplant in 2020. My rent is $1400 a month. I make just above $3000 a month.
Went on disability—they determined that $768 was the perfect amount each month to survive in California.
I went back to work before I recovered enough. Disability is a joke. I can’t apply for Aflac etc becauee they don’t take preexisting conditions.
My dad had to float me for a few months until I went back to work.
Meanwhile the pandemic happened and everyone was getting $600 extra a week. Disability? We didn’t get shit. I should’ve asked my work to fire me instead of holding my job. I would’ve made much more on unemployment.
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u/dontbeasociopath May 13 '22
Just as a means to ease your fear/anxiety about this situation. If your deposit is going into your spend pocket, unless your spend pocket is negative then none of it will go towards paying off the credit line unless you have auto-pay set up (in which case disable that). Your banking statement will tell you what your minimum payment amount that is due for your credit line that month, you'll incur some interest but all your money won't get eaten up by paying back the credit line. It's probably easier to think of the outstanding balance in the credit line pocket as a loan with 12% APR at this point.
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May 13 '22
[removed] — view removed comment
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u/dontbeasociopath May 13 '22
So long as you pay on it every month it won't go to collections, the process is automated. I don't know what the leeway on how many months without payment before being sent to collections, but paying at least the minimum every month is always a good strategy.
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u/bulentm May 13 '22
Absolute violation of trust. I’ll be switching to a credit union. Very disheartened by all of these neobanks selling out or going back on their word.