r/OneFinance • u/Infinite_Tradition87 • Aug 12 '21

Warning: OneFinance has no fraud protection. Be careful. One Responded

On July 30, 2021, $4,900 was taken from OneFinance account and on August 01, 2021, an additional $3,100 was stolen from my account. Both were taken by means of debit card charge by an unknown international company. I have not received the physical card by mail and so I am assume that the charges were done via the virtual card. After the transactions posted, I immediately filed two separate disputes(Claim #197014 and #197017). Today, August 12, 2021, I received an email from OneFinance that stated: " This letter is to inform you that we have made a final determination regarding the above noted claim dated Aug 2. Based on our investigation, we do not find that an error has occurred. Therefore, no funds will be credited to your account as a result of your claim and this matter is considered closed."

Upon receiving the letter, I called the OneFinance customer service number to ask why the claim was denied. The representative stated that he did not know. He stated that OneFinance is FDIC insured but does not offer any sort of fraud protection. Also, it appears that the customer service department of OneFinance and their dispute team do not communicate to each other, which is concerning. The dispute team can only be reached by email and takes several days to respond. Unfortunately, I had to learn the hard way and would like to warn everyone against keeping large amounts of money in their OneFinance account. Only keep what you can afford to lose because if the funds are stolen, there is no protection.

I suggest sticking to large banks such as Chase, Wells Fargo, Bank of America, CitiBank, and ect. if you plan to keep a large balance. These banks will cover and reimburse Fraudulent charges.

Edit: To further clarify, I was made to wait until the charges posted to the account before being able to file the dispute, which resulted in a few days delay.

Edit2: After making this Reddit post, I received an email from the dispute team. They stated that my claim was denied due to two reasons:

Reason #1) I failed to report to OneFinance that my phone was lost/stolen.

  • Where does the terms and condition ever say that I am required to report this matter to OneFinance?

Reason #2) They stated that the merchant who charged the card was an international-based cryptocurrency company. They also stated that my OneFinance account was linked to my ACORNS investment account, and according to this fact, I am somehow involved with crypto purchases.

  • This is the lamest excuse that could have be given. A simple google search reveals that ACORNS do NOT offer cryptocurrency. They are simply a savings account. If you are going to find excuses to deny a claim, at least try to make sense. Secondly, from all of this, it appears that OneFinance never investigated the fraud claim. They denied the claim because they are accusing that it was my fault of never reporting the lost phone and assumed my association with cryptocurrency. Absolute joke of a company OneFinance is.

Edit 3: I have since filed the dispute again. Same two charges. Claim #207671 and 207668. Please make this right. I am not rich and cannot afford to just lose $8,000.

52 Upvotes

90% Upvoted

View all comments

35

u/GhettoGopher Aug 12 '21

There’s been quite a few of these stories on this sub. Definitely nerve racking. I’ve used a neobank since 2013 (Simple) and can’t imagine using a “normal” bank again, but these are starting to turn my head.

4

u/Bennguyen2 Aug 13 '21

This is why I lock my debit card when not in use.

1

u/2deadmou5me Aug 13 '21

This, I leave my debit card locked, partially also because I leave it in my car instead of carrying it on me.

-3

u/SonosFuer Aug 12 '21

If you look at Simple's subreddit the same stories were frequently posted. This also often happens at the big banks as well.

22

u/GhettoGopher Aug 13 '21

My experience with fraud at Simple was an immediate temporary reimbursement of $400 after a chat while they investigated and then permanent reimbursement after about a week. Super smooth.

But One is giving answers like, “we don’t have a fraud department” and only communicating slowly through email?

Just a bit unsettling.

11

u/ConcernedBuilding Aug 13 '21

Yeah I had my card stolen while at Simple. I was working on the ambulance, and while I was getting out on my way to a call I got a notification that $2k was spent from my account. That was my entire account. I blocked the card before the call, and afterwards shot a message over to simple.

Simple responded the next day by sending a new card and reimbursing the full amount immediately (pending an investigation). A few weeks later they said they found in my favor and the credit was in my favor. I had even forgotten about it at that point, it worked seamlessly.

2

u/SonosFuer Aug 13 '21

That sounds like a communication issue. “we don’t have a fraud department” may be accurate to say if they use a third party fraud investigation team, or forward all dispute requests to their partner bank but they are required to adhere to regulation E and Mastercard's policies. If they don't, that's unfortunately what the judicial system is for and it would be wise to contact a legal advisor well versed in card fraud cases. I'm going to guess you had a relatively clear cut situation which resulted in a smooth experience, most customers with One should see the same thing.

2

u/Andruboine Aug 13 '21

I had fraud on my simple account right before they closed up shop and they cleared it up in 2 weeks after I filled out a form.