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I just had over a thousand Euros stolen and Revolut is siding with the thief

stavros.io

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Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#91

Post by StavrosK »

tshanmu wrote: post #20

Under PSD2 this is illegal - sadly the implementation date is in Sep 2019. Appalling treatment and Revoult has been getting some bad press recently - you should complain to Financial Ombudsman - https://financial-ombudsman.org.uk (assuming you are dealing with Revolut UK, and they have not switched to Revolut Payments UAB for EU customers)

I already filed a complaint with them, but apparently Revolut can just refuse to reply and that's that. They also told me as much, they said I have to file a formal complaint with them first. They said something like "we will refuse to process any other complaint until the formal complaint process is complete", but since they're judge, jury and executioner on this, I don't have much faith.

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#92

Post by JumpCrisscross »

glogla wrote: post #39
Peroni wrote: post #7

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.…

Also Revolut CEO's father is CEO of Gazprom (or some division, I'm not sure I understand their structure). And it got it's money from DST Global incubator, which has Kremlin ties. Meaning, despite their London HQ, Revolut is Russian owned and Russian managed pseudo-bank. Giving them more money might not be great idea.

Gazprom ties, AML system randomly going offline, regulated by Lithuania...this looks more like a money-laundering scheme than a bank.

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#93

Post by tshanmu »

StavrosK wrote: post #91
tshanmu wrote: post #20

Under PSD2 this is illegal - sadly the implementation date is in Sep 2019. Appalling treatment and Revoult has been getting some bad press recently - you should complain to Financial Ombudsman - https://financial-ombudsman.org.uk (assuming you are dealing with Revolut UK, and they have not switched to Revolut Payments UAB for EU customers)

I already filed a complaint with them, but apparently Revolut can just refuse to reply and that's that. They also told me as much, they said I have to file a formal complaint with them first. They said something like "we will refuse to process any other complaint until the formal complaint process is complete", but since they're judge, jury and executioner on this, I don't have much faith.

this is scary - I am sure you can take them to small claims court for this if you are in UK as they are refusing to engage via the ombudsman.

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#94

Post by Lucadg »

don't use their insurance. Recently I was in Istanbul and the insurance didn't activate. Their app did not register me as in Turkey. All permissions were ok, Google Maps worked and I purchased a cappuccino with the Revolut physical card in Istanbul. Still, according to them I was not in Istanbul and there was some problem on my end.

So, I was uninsured. Imagine if this happens when you are in the US and you get sick. This is serious stuff, it's just too risky to let them play with it.

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#95

Post by fyfy18 »

JumpCrisscross wrote: post #38
thomersch_ wrote: post #4

"How hard must being a bank be, it's just a few numbers in a database." After all those new-ish, app-based banks are for people with too much time on their hands. You mostly can't talk to anyone, and when they answer it's just a copy-paste from their FAQ. They also lack features, e.g. Kontist doesn't support international bank transfers. Support will tell you "well it could work, but we can't give you any assistance"…

> You mostly can't talk to anyone No phone number should be a dealbreaker for banking. 99% of the time, you don’t want to talk to a banker. But that 1% of the time can make or break you for months or years. These start-ups ( e.g. Bank Simple, Revolut, et cetera ) prey on consumers who have only experienced the 99%. You don’t want to have a 1% event, like fraud, or an issue overseas, or a liquidity crisis, with a serv…

> No phone number should be a dealbreaker for banking. 99% of the time, you don’t want to talk to a banker. But that 1% of the time can make or break you for months or years.

To be fair, even having a phone number may not help. I spent four months at the beginning of the year trying to get HSBC to close a business account. When visiting the branch I was told I needed to phone head office as they deal with business accounts. After speaking to first line customer support I was told many times "someone will call you back" but nobody did.

Eventually they closed it, but I never received a refund for the account charges between when I requested the closure and it actually being closed, which I was promised.

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#96

Post by JumpCrisscross »

StavrosK wrote: post #91
tshanmu wrote: post #20

Under PSD2 this is illegal - sadly the implementation date is in Sep 2019. Appalling treatment and Revoult has been getting some bad press recently - you should complain to Financial Ombudsman - https://financial-ombudsman.org.uk (assuming you are dealing with Revolut UK, and they have not switched to Revolut Payments UAB for EU customers)

I already filed a complaint with them, but apparently Revolut can just refuse to reply and that's that. They also told me as much, they said I have to file a formal complaint with them first. They said something like "we will refuse to process any other complaint until the formal complaint process is complete", but since they're judge, jury and executioner on this, I don't have much faith.

> since they're judge, jury and executioner on this

They’re not. It sounds like Revolut is regulated in Lithuania; complain to them [1]. I’d also light up your own country’s national financial regulator.

(If you can find nexus with the U.K., they’re a good one to get involved [2], too.)

[1] https://www.lb.lt/en/sfi-disputes-between-consumers-and-fina...

[2] http://www.financial-ombudsman.org.uk/

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#97

Post by noir_lord »

_petronius wrote: post #43

This is why I will always bank with the old-school banks. Being able to reach someone on the phone -- or even turn up at a branch -- makes it a lot harder for them to ignore you when there is a major issue that needs resolving. But then, my "traditional" bank has a very good app, and treats me extremely nicely, even when I've had all of a few euros (or less than zero euros) in my account.

Even the old school banks have their issues, HSBC and money laundering for cartels comes to mind.

Money is power and power corrupts seems to apply too often with this stuff.

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#98

Post by literallycancer »

s_dev wrote: post #55

I'm with N26 -- tried signing up with Revolut as I heard they had some cool features I didn't have with N26 e.g virtualized cards and crypto currency support. Signed up with my Passport and transferred €50 to the newly created Revolut account. I wait a week still no money in the Revolut account -- contact support. They explain I'm not registered and that I have to register first -- I'm at a loss as they could issue m…

They only let you buy and sell crypto, you can't send it anywhere.

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#99

Post by michalu »

glogla wrote: post #39
Peroni wrote: post #7

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.…

Also Revolut CEO's father is CEO of Gazprom (or some division, I'm not sure I understand their structure). And it got it's money from DST Global incubator, which has Kremlin ties. Meaning, despite their London HQ, Revolut is Russian owned and Russian managed pseudo-bank. Giving them more money might not be great idea.

> it got it's money from DST Global

So does Facebook, DoorDash, FlipKart and hundred+ other Silicon Valley companies. Revolut also has money from Seedcamp, Balderton, Index and tons of other VCs.

> Revolut is Russian owned and Russian managed pseudo-bank

Since when being a Russian is a crime? Besides if a company is London based it is regulated by UK authorities.

You make it sound like the guy being Russian, DST being Russian (and allegedly having "ties" to Kremlin) is somewhat a red flag. I would like to hear more on the reasoning behind how all that is negative?

Don't Silicon Valley CEOs have ties to White House? Should I not use their products? :)

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#100

Post by madeofpalk »

thomersch_ wrote: post #4

"How hard must being a bank be, it's just a few numbers in a database." After all those new-ish, app-based banks are for people with too much time on their hands. You mostly can't talk to anyone, and when they answer it's just a copy-paste from their FAQ. They also lack features, e.g. Kontist doesn't support international bank transfers. Support will tell you "well it could work, but we can't give you any assistance"…

For what it's worth, Monzo seems to be the only 'challenger bank' that's getting this right. They have the 24/7 in-app chat support that's super helpful, but then also a phone number you can call if you're into that. My every interaction with them as a customer has been fantastic.
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