Revolut account frozen

eskbanker

grumbler said:

eskbanker said:

marek8760 said:
So, is there any advantage in letting the FOS pursue the investigation? For me? For the public good? Or should I take the money? Revolut have, it seems to me, been entirely cynical throughout this, and in many other similar cases. To what end I do not know, but probably not simply to comply with their statutory obligations. I am not inclined to simply let them off the hook, but, if there is no advantage, then I will take the money.

Comments welcome.

If FOS continue with the case, it would only be for your benefit, not for some greater public good...

Any fine bigger than £150 would make some greater public good, even if the OP doesn't get this money.

How would a bigger fine make any greater public good?

marek8760

eskbanker said.

How would a bigger fine make any greater public good?

It’s not so much the fine, although I am sure they have calculated what they can get away with in their offer, rather it is the complaint being registered and investigated and on record. If they keep a blank sheet by paying me and others off then nothing goes forward in official records, and it is just word of mouth on forums like this that spread the truth of how they operate.

eskbanker

marek8760 said:

eskbanker said.

How would a bigger fine make any greater public good?

It’s not so much the fine, although I am sure they have calculated what they can get away with in their offer, rather it is the complaint being registered and investigated and on record. If they keep a blank sheet by paying me and others off then nothing goes forward in official records, and it is just word of mouth on forums like this that spread the truth of how they operate.

But you've gone through the Revolut formal complaints process, which already necessitates its inclusion on their complaints data submission to the FCA.

It may be that it doesn't appear on FOS stats if settling at this stage, but it would seem disproportionate to consider progressing the FOS escalation specifically to make such a small potential difference to stats that aren't particularly significant?

Band7

marek8760 said:

....... as they had decided they don’t want me as a customer for no good reason .....

No financial provider needs to give you a reason for closing your account. Like you, they have the right to terminate the relationship at any time. See the T&Cs.

Whether it is commercially and/or reputationally smart for a financial provider to just close people's accounts is a different matter.  Fact remains that they can do as they wish.

marek8760

eskbanker said:

But you've gone through the Revolut formal complaints process, which already necessitates its inclusion on their complaints data submission to the FCA.

Had not thought of that. Good.

Band7 said:.

Whether it is commercially and/or reputationally smart for a financial provider to just close people's accounts is a different matter.  Fact remains that they can do as they wish.

I understand that, just the timing gives them away - as soon as I stand up to their behaviour, they don't want me as a customer.
But your are right, for whatever reason it is their call, so I will satisfy myself with 1. Getting my money back, 2. Some compensation, 3. My complaint is on record , 4. If anyone asks, they will get a poor review from me, 5. I have learnt a thing or two about how this world works, sadly.
Not too bad an outcome really.

Band7

It might fill you with further satisfaction that Revolut is so well known for their dreadful CS that they have now deployed a behavioural team which they hope will help them to eventually succeed in getting a UK banking licence.

https://www.theguardian.com/business/2023/jan/16/fintech-revolut-psychologists-criticism-corporate-culture-uk-banking-licence

Mind you, they probably also need to apply better accountants, after failing to file their UK accounts not just once but three times, and having been fined in Lithuania for late filing of accounts.

marek8760

I wonder how they recruit for that (?)
Just read it - internally selected team of people with a psychology background.
They should start by listening to customer experience feedback.

born_again

grumbler said:

eskbanker said:

marek8760 said:
So, is there any advantage in letting the FOS pursue the investigation? For me? For the public good? Or should I take the money? Revolut have, it seems to me, been entirely cynical throughout this, and in many other similar cases. To what end I do not know, but probably not simply to comply with their statutory obligations. I am not inclined to simply let them off the hook, but, if there is no advantage, then I will take the money.

Comments welcome.

If FOS continue with the case, it would only be for your benefit, not for some greater public good...

Any fine bigger than £150 would make some greater public good, even if the OP doesn't get this money.

Where is the fine?

All the £150 is what FOS feel is a justified pay out (recompense) to the customer for the mishandling of the case.

TBH. They might as well take the money, as odds on getting any more are very slim & how long it then takes is anyone's guess.

grumbler

born_again said:

grumbler said:

eskbanker said:

marek8760 said:
So, is there any advantage in letting the FOS pursue the investigation? For me? For the public good? Or should I take the money? Revolut have, it seems to me, been entirely cynical throughout this, and in many other similar cases. To what end I do not know, but probably not simply to comply with their statutory obligations. I am not inclined to simply let them off the hook, but, if there is no advantage, then I will take the money.

Comments welcome.

If FOS continue with the case, it would only be for your benefit, not for some greater public good...

Any fine bigger than £150 would make some greater public good, even if the OP doesn't get this money.

Where is the fine?

OK, any compensation bigger than £150.

All the £150 is what FOS feel is a justified pay out (recompense) to the customer for the mishandling of the case.

That was what Revolut offered, not what FOS felt.

TBH. They might as well take the money, as odds on getting any more are very slim & how long it then takes is anyone's guess.

I didn't say that a bigger fine/compensation was likely. What I said was that it would make some greater public good.

eskbanker

grumbler said:

All the £150 is what FOS feel is a justified pay out (recompense) to the customer for the mishandling of the case.

That was what Revolut offered, not what FOS felt.

OP did clarify that FOS thought that the offer was aligned with their expectations:

marek8760 said:

Meanwhile the FOS wrote to me to inform me of an offer made by Revolut to resolve my complaint. It amounts to 8% interest on my funds for the time the account was frozen plus £150 for distress and inconvenience. If I accept the offer then the FOS will drop the investigation into my complaint. If I don’t accept, they will pursue the complaint. They advised me that, without looking into the details of the case, the offer was in line with what they would be seeking on my behalf.

grumbler said:
I didn't say that a bigger fine/compensation was likely. What I said was that it would make some greater public good.

But how?