“Possibly fake,” read a bank underwriter’s notes in regards to the 30,000+ likes this business had on their Facebook account. Ouch.
We’re talking about a money transfer business that had come to me earlier this year about a rejected bank account application and my consulting services.
I coincidentally work closely with the bank that had denied them. The bank’s team told me that because a few months had passed since their submission perhaps the applicant has made enough strides to get approved — under the condition that I had been consulting for them.
The bank would be willing to review them again. Amazing.
So why was this business suspected of fraud? How customers could send money transfers and what countries they could send funds to were not clearly described anywhere online. As a result, the likes and the online footprint didn’t add up, and this contributed to their rejection. The rest of their application was judged much more harshly than I’ve seen other similar candidates.
How could this have been avoided? My best clients keep blogs that stay up-to-date on their mission, hurdles, and successes filling in the gaps so that underwriters don’t assume the worst. There are many reasons to watch your public relations, and getting a bank account is no exception.
As a result, when helping clients obtain bank accounts, sponsorship, and other services, my team and I take a holistic approach helping you with your business plan, online footprint, flow of funds, compliance program and all the facets that concern putting you in the best light. Have questions about how this applies to your United States operating strategy? I’d love to hear from you.
Email me at o@yokip.consulting