Revolut - Closing Accounts and keeping money!

dr_adidas01

Thrugelmir said:

The_Urbanite said:

penners324 said:

The_Urbanite said:

eskbanker said:

MrsJollypops said:

I could see it online but there is no option for me to transfer the funds to my bank account

Hopefully if you have an actual bank account you're not relying on any significant money left in an unprotected facility like Revolut?

Re "Closing Accounts and keeping money!", you'll get your money back as long as there's no valid reason for them to retain it (e.g. fraud, etc).

I wouldn’t feel reassured by that. I lost £250 to Kube, who never returned the money before closing down and been in dispute with Pockit for several months - they’ve had all documents they’ve asked for and 5 months on all they can say is they can’t say how much longer their review will take.

Revolut have been known to stonewall people too so I really would not trust these kind of companies with anything.

Stop using your accounts for dodgy transactions

Define dodgy?

Anything unusual or abnormal. Retail banking is very straightforward transaction wise. 

Is it though.

The_Urbanite

Thanks - I was asking penners24 who assumed I did something “dodgy” but adding them to my ignore list is proving to be a better way of dealing with it!

The e-money kind of financial institutes I mentioned are very gung-ho with suspending accounts - clearly everyone’s experience varies but I’ve never had this with a legacy bank. Thing like fintechs appearing on Rogue Traders and having investigative articles published for not handling KYC within acceptable timescales is very much a warning sign. People use them at their own risk but I would never, ever put wages or bill money into one. 

Re crypto, it has never been a problem. Sometimes the legacy banks carry out security checks if transferring to an exchange but these are dealt with swiftly over the phone.