I applied for credit through Okinus at a store called The Furniture Mall in Kennesaw, GA. Because I am self-employed, Okinus requested three months of personal bank statements. I explained to the salesperson that I have two personal bank accounts in which money was deposited during those statement periods. He explained that Okinus will only accept proof of income from one of the accounts. Even using one of the bank accounts, my income level was sufficient to qualify under Okinus' average monthly income criterion. However, Okinus denied the application because my account was not "active enough, " even though sufficient money was deposited. I'm not sure why they care how many transactions I had each month running through my checking account as long as I was depositing sufficient income to qualify for credit & was not bouncing checks. What difference does it make how many transactions I have completed per month if I have deposited sufficient income and not overdrawn my account?
After being denied, I called Okinus. I explained that if they had also looked at my OTHER checking account statements, more than sufficient income and activity would be proved. The representative stated that it is not their policy to look at more than one bank account for income verification. Had I known three months ago that I would be applying for credit with a company that required me to put all of my deposits in a single checking account, I would have done so. What difference does it make whether a customer provides two, three, four, or even twenty different bank account statements to verify their income?
The representative stated that Okinus needs to draw the payments from a single checking account (ACH transaction). I told her that it would be no problem going forward to deposit income in whichever account they wanted to use for withdrawing the payments. Do they not understand the difference between the past, which I cannot change, and the future, which I can?
This company also has issues with business accounts. I stated that my business checking accounts would show more than ample income and more than a sufficient number of transactions. Okinus does not look at business accounts even for the self-employed (where do they think my income is coming from?). The salesperson at the store was told by Okinus that ACH withdrawals cannot be drawn from business accounts. Not true! (A payment from my business account to The Hartford via ACH cleared my business bank account last night.) Why do they have a problem with self-employed individuals using their business bank statements to prove income?
Okinus discriminates against businesses to the extent that they will not finance a transaction if you tell them you are buying the furniture for your office. I asked their representative 1) why they cared where the furniture was used as long as the payments were made on time and 2) how they could control what the purchaser does with the furniture. She had no logical explanation for question #1 (not that there could possibly be one) and admitted that they had no control over where the consumer uses the furniture (obviously). What difference does it make where the furniture is used as long as the payments are being made?
In summary, Okinus Credit Solutions has the following illogical policies:
They require an individual to have run a certain number of transactions through their checking account each month, despite the fact that income requirements were met.
They do not allow the applicant to submit statements from more than one bank to prove income.
They do not allow self-employed individuals to use their business bank statements as proof of income.
They do not finance transactions in which the purchaser admits that they are bringing the furniture to their office.
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