N26 Bank

Januaryjones

My daughter has had her N26 account closed without consultation and they have over £800 of her money in that account. She has dd due to come out and is completely hampered. Can anyone advise what to do. Its dreadful. I just want to get her money out and opt for another account.

agrinnall

I assume you mean N26 bank. Normally when an account is closed without notice it is because there is significant evidence of wrongful use, such as money laundering. I'm going to guess you haven't been told the whole story by your daughter (or if you have you're not telling us).

Januaryjones

It is N26 and I very much doubt she is into money laundering she is 22.

xylophone

Is there a reason why you are trying to deal with the matter?

If the bank has advised her that the account is closed (not access suspended), what have they told her should happen next?

Does she have another bank account?

Is there any reason why she should not open one?

colsten

Januaryjones wrote: »

It is N26 and I very much doubt she is into money laundering she is 22.

There isn't a minimum, or maximum, age for money laundering! In fact, a lot of young people get caught in money laundering quite inadvertently, by helping out a so-called friend, or by trying to make some extra money from complete strangers by passing money through the account (google money mule). Have you seen all the transactions that went through your daughter's account, are they all what can be considered clean?

https://www.moneywise.co.uk/news/2018-10-11/scam-watch-number-young-people-acting-money-mules-rises-26-one-year

agrinnall

xylophone wrote: »

Is there any reason why she should not open one?

If it's been closed without notice then there must be a good chance that there's now a CIFAS marker that could prevent opening another account.

SnowTiger

Januaryjones wrote: »

My daughter has had her N26 account closed without consultation and they have over £800 of her money in that account. She has dd due to come out and is completely hampered. Can anyone advise what to do. Its dreadful. I just want to get her money out and opt for another account.

N26 should explain to your daughter how she can get her funds returned.

She should arrange to pay whoever the DD is for in another way.

Januaryjones wrote: »

It is N26 and I very much doubt she is into money laundering she is 22.

Money laundering can be as simple as someone paying money in to your daughter's account and her forwarding it to another account. This means allowing funds to travel through her account for the benefit of a third party. Not usually a problem, but if, say, the owner of the sending account flags it as an unauthorised transaction it becomes problematic.

Banks have got their fingers burned in the past and are quite jumpy about suspicious transactions. For them, it's better to close a few accounts than end up under investigation by regulators and paying large fines.

xylophone

If it's been closed without notice then there must be a good chance that there's now a CIFAS marker that could prevent opening another account.

Possibly but possibly not.

https://forums.moneysavingexpert.com/discussion/comment/75664553#Comment_75664553

[Deleted User]

Januaryjones wrote: »

It is N26 and I very much doubt she is into money laundering she is 22.

Lots of young people are money mules and N26 has a terrible reputation in the industry for allowing money laundering to happen.

agrinnall

xylophone wrote: »

Possibly but possibly not.

https://forums.moneysavingexpert.com/discussion/comment/75664553#Comment_75664553

But that's different, the bank there is giving 65 days notice. Closing with no notice is a completely diffierent matter.

xylophone

Closing with no notice is a completely diffierent matter.

The account is not however "suspended" (as far as we know) - which may indicate that fraud is not suspected?

It may be they are simply not happy with the conduct of the account?