Consumer complaint received 2024-06-13
Product: Money transfer, virtual currency, or money service — International money transfer
Issue: Other service problem — 
Company: Ria Envia, LLC (FL)

I am writing to file a formal complaint against Xe.com XXXX regarding their handling of my business account application. 

Timeline : Date of Application with Required Documentation Submission : XX/XX/year> Date of Submission Confirmation : XX/XX/year> Date of My Follow-Up : XX/XX/year> Date of Rejection Notice : XX/XX/year> Details of Issue : Despite submitting all required documentation and following the application process, my business account application was rejected without any explanation. Xe.com policies confirm that application approvals for new accounts typically take one day or longer. However, my application sat unprocessed for two full weeks. I followed up on XX/XX/year>, and immediately after inquiring about my application, I received a generic rejection email. 

XX/XX/year> Email Title : Unable to Assist Thank you for being so interested in Xe. Please note that we have reviewed your application and have made the decision to not pursue it further. We apologize for any inconvenience this decision may have caused.

I immediately followed up via email, requesting information for the rejection and asked to understand why I was not given the opportunity to cure any deficiencies. My follow-up request for clarification received no response. 

Potential Regulatory Violations : 1 ) Unfair Business Practices : Xe.com 's failure to provide a reason for the rejection of my application and their lack of response to my inquiries constitutes unfair business practices. The arbitrary rejection without explanation undermines trust and transparency.

2 ) Discrimination and Gatekeeping : As a XXXX XXXX, I am concerned that my application may have been unfairly rejected based on XXXX  practices. Any form of gatekeeping or XXXX  in the account approval process is a serious legal violation. 

3 ) Lack of Transparency and Accountability : Transparency is crucial in financial services. Xe.com 's lack of clear communication and failure to provide a reason for the rejection of my application raises concerns about their accountability. This failure to communicate violates consumer protection standards.

4 ) Consumer Protection Violations : Consumer protection laws are designed to prevent unfair and deceptive business practices. Xe.com 's actions, including the lack of transparency and potential discriminatory practices, violate these laws.

Impact on Business : The arbitrary rejection and lack of communication from Xe.com have significantly impacted my business operations and planning. This includes delays in setting up essential international payment processes crucial for my business activities.

Request for Action : I request an investigation into this matter and a resolution that includes a detailed explanation for the rejection of my application. Furthermore, I request an explanation as to why I was not allowed to cure any deficiencies in my application.

Lastly, I seek assurance that Xe.com will adhere to regulatory standards for transparency, non-discrimination, and fair business practices in their dealings with potential, existing, and previous customers.