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Thanks for posting this. I haven't yet got on the 'challenger bank bandwagon' mainly due to laziness. This has made me a lot more hesitant to do so. Certainly not with revolut, who are now notorious for a broken growth-first mindset.
It feels like the "unique" part that makes this something novel about this is that they claim you authorized fraud when you raised your limit, accidentally letting a transaction you couldn't see through. So the scenario is roughly (numbers made up): 1. You set a £500 monthly card limit 2. Your card is stolen and somebody charges £1000 3. You get a notification saying you have hit your limit 4. The failed, fraudulent,…
I don’t know European banking law. But in the U.S., this isn’t Revolut’s call to make [1]. They can issue the chargeback and then cancel your account, if they think you’re being screwy. But they can’t deny the chargeback unilaterally.
OP should reach out to their national financial services regulator.
[1] https://www.federalreserve.gov/boarddocs/supmanual/cch/efta.... Liability of Consumers for Unauthorized Transfers—12 CFR 1005.6
Another PayPal, another decade.
PayPal almost always sides with the consumer, at least. Revolut's treatment was inexcusable. I've been a customer for three years and use them every day, I did not expect to be treated like this in a million years. This would also never have happened if the message said anything more than "you've reached the limit". Even the mention of amount would have made me immediately suspicious. As it happened, I just didn't th…
You're in Greece? Under the GDPR they're legally required to give you all the data they have on you; this is non-negotiable. I hope you included that in your complaint.
As for the rest, I guess they're just garbage and I'm glad to know I don't ever want to be using their services. Maybe someone from Revolut will chime in here and try to explain the situation.
The story is just bizarre and I do not understand how the card issuer/bank can act like that in good faith, of course we only have one side here. Still it really comes off as an organization who acting in a space they are not qualified to be in. Let me guess, they started out to disrupt this space? anecdotal+ As for his comments about banks not wanting to act on fraud, I have had two fraudulent CC transactions in one…
[1] https://www.theverge.com/2019/3/3/18248826/revolut-workplace...
[2] https://twitter.com/phillipcaudell/status/110108122935141580...
[3] https://cryptonomist.ch/en/2019/03/01/revolut-cfo-money-laun...
Revolut's CFO recently 'resigned' from the company in light of claims that Revolut switched off an anti-money laundering system that flags suspect transactions. Revolut cited 'personal and health reasons' for the CFO's resignation. Whatever those personal and health reasons really were, they clearly passed quite quickly as within the space of a few weeks, said CFO has joined another FinTech company as their new CFO.…
It feels like the "unique" part that makes this something novel about this is that they claim you authorized fraud when you raised your limit, accidentally letting a transaction you couldn't see through. So the scenario is roughly (numbers made up): 1. You set a £500 monthly card limit 2. Your card is stolen and somebody charges £1000 3. You get a notification saying you have hit your limit 4. The failed, fraudulent,…
It's even more insane because I set the limit to 200ish, so bill payments routinely give me that error message, so I didn't really think anything of it. Also, apparently the declined transaction shows up, but it takes a while. It didn't show up on my list even though I got the notification, so I thought it just doesn't show and I went to the limits to raise them.
I have had multiple times when the most recent transaction showed up only after restarting the Revolut app.