Fidor - current account w/o credit check

Paul_1977

Is it not covered by a German compensation scheme, if such a thing exists.

I know handelsbanken is covered by Swedish version.

edit: Yes it is covered.

The Bank is a member of the deposit protection fund of German banks (Entschädigungseinrichtung deutscher Banken GmbH) (the "Deposit Protection Fund"). The Deposit Protection Fund covers all liabilities recognised in the balance sheet as "due to customers", in addition to all types of deposits, primarily demand, fixed-term and savings deposits, including registered savings certificates and Investment Certificates. The scope is set out in § 4 and § 5 of the Deposit Guarantee and Investor Compensation Act (EAEG). The deposit protection limit per 100k Euro

Up to the customer if they trust it.
.

colsten

Paul_1977 wrote: »

Is it not covered by a German compensation scheme, if such a thing exists.

All EU countries have a €100,000 Euros (or local currency equivalent) protection scheme. This is an EU Directive, and the reason why our guarantee is more than £50K.
http://ec.europa.eu/finance/bank/guarantee/index_en.htm

Claiming from a compensation scheme in another EU country is possible but there is no guarantee that it would be easy. It isn't even easy to claim from the FSCS, as I know from first hand experience.

NiftyDigits

djpailo wrote: »

Looks a load of nonsense. First MetroBank came along with their casino-like branches and now this company comes along with their amateurish website and pathetic "like me on facebook" interest rate.

Who in their right mind would invest money, not protected by FSCS, for only a lousy 2% interest when many current accounts offer superior rates and their are a few savings accounts with better rates than that, all protected.

Why is Metro Bank included with your rant about Fidor?
They have useful debit and credit card products.

darkidoe

Too bad Fidor isn't part of current account switching scheme. If not it would prove to be a useful donor account.

Krash420

I believe Fidor don't have debit or credit cards yet either.... Or so said Metro... (More of an FYI)

Chino

Krash420 wrote: »

I believe Fidor don't have debit or credit cards yet either

Fidor Bank admits that it doesn't offer a debit card:

"Soon you will also be able to get your Fidor Debit MasterCard".

and:

"Coming soon: Debit MasterCard"

https://www.fidorbank.uk/personal-banking/smart-account

colsten

No debit card seems to render the entire account utterly useless. How would you get any cash?

ChiefGrasscutter

Well I suspect the general idea is that their customers operate in a "cash free environment".

Like @archi... above I started on the 48 page T&C's as I was bored over the weekend but also lost the will to live so to speak.
I did notice somewhere a statement that "Geman law" will prevail. I'm suprised the BofE would allow a retail deposit taker to operate in the UK if any legal disputes would not be subject to UK law. Does this mean that no appeal to the ombudsman is possible in the event of a complaint?

Further googling seems to suggest the bank is "into" bitcoin.

All in all, it really does sound like something to take very large steps away from as fast as possible.

Kim_13

Debit Mastercard seems non-standard though. Are there no Visa Debit cards for the time being?

System

Because its a business to consumer contract, you'd always be able to enforce the contract in your jurisdiction i.e. Scotland, England and Wales or Northern Ireland ( in addition to Germany) .