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Revolut staff claim they’ve been told to quit their jobs or be fired

wired.co.uk

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Re: Revolut staff claim they’ve been told to quit their jobs or be fired

#71

Post by avianlyric »

frei wrote: post #43
joncrane wrote: post #9

Earlier quoted context omitted.

Sounds like the employees should go to court, then.

It sounds like the employees are foreigners who are probably unfamiliar with the polish legal system, with no income or health insurance as more pressing issues.

> It sounds like the employees are foreigners who are probably unfamiliar with the polish legal system

I would be a little surprised if this was true. One of the big reasons for Western European companies to hire in Poland is because Eastern European countries are very cheap.

For most Western European companies, Polish people _are_ the foreigners (along with all the unfair preconceptions and prejudices that comes with that).

Re: Revolut staff claim they’ve been told to quit their jobs or be fired

#72

Post by Ayesh »

pavlov wrote: post #53
rb808 wrote: post #36

I dont understand how these new startup banks can stay in business. Previously banks could make money on the deposits in check accounts, now with negative rates they can only lose. Even big European banks are slowly dying.

It's like WeWork. These "fintech" companies are primarily in the business of taking money from giant investors who have too much cash (Softbank, Saudi Arabian sovereign wealth fund etc.) These investors love to make oversized bets in WeWork-style startups which are actually just tech-colored lipstick on an old unprofitable industry, because it ticks the boxes on their "disruption" checklists.

Yep! These companies have quite deep pockets but they systematically ruin the opportunities for smaller players to make an organic growth.

Most of the "Uber, but for *" startups get funding with these companies, and I don't even feel bad about using their 60% off codes if 8t provides something I'd pay otherwise anyway. When the promotions stop, I stop using the app too.

Re: Revolut staff claim they’ve been told to quit their jobs or be fired

#73

Post by avianlyric »

ddon wrote: post #14

Revolut is really scary organization... used them for a year or so, and then one day locked my account... harassed me for 6 months, asking for all sorts of documents, which I provided them. then one day, they closed my account, and sent back 2K balance to random people who sent me money in the past. When contacted them via twitter, the blocked my the same day :)

This is pretty standard banking behaviour if they suspected you of money laundering, and closed your account on that basis.

To be clear, I have no idea if you were money laundering, and have no idea if your account usage had indications of money laundering (valid or otherwise). I can just tell you from personal experience that’s what a banks response to suspected money laundering is.

Re: Revolut staff claim they’ve been told to quit their jobs or be fired

#74

Post by pjc50 »

lucisferre wrote: post #24
saos wrote: post #20

Earlier quoted context omitted.

Yeah I knew they were a little farfetched when I saw their head of engineering job spec https://web.archive.org/web/20200406205828/https://jobs.leve... > School/university Olympic medal in competitions in physics, maths or programming :/

• 10+ years as an engineer • Minimum GPA 3.5/4 (US), 60% (UK), 8/10 in any other country "So we know you've been out of school for 10 years, but can you send us a copy of your report cards?"

> 60% (UK)

60% of what? I have a Cambridge degree with no percentage on it (II/1), and some A-level results with letters.

Re: Revolut staff claim they’ve been told to quit their jobs or be fired

#75

Post by avianlyric »

rb808 wrote: post #36

I dont understand how these new startup banks can stay in business. Previously banks could make money on the deposits in check accounts, now with negative rates they can only lose. Even big European banks are slowly dying.

You would be amazed at how much money a bank can make on card interchange (the fee they earn on every card transaction you make).

Also most central banks don’t have negative base rates, so some money can still be earned from deposit interest. But COVID has of course slashed that revenue stream.

Re: Revolut staff claim they’ve been told to quit their jobs or be fired

#76

Post by ddalex »

StavrosK wrote: post #61
philjohn wrote: post #58

Earlier quoted context omitted.

Transferwise - they also have a borderless Mastercard. I use them to bring proceeds of RSU's back to the UK (0.6% commission on mid-market rate).

To mention my experience, for some reason whenever I try to open an account with them, they lock it without telling me why. They've put me on some sort of blacklist without any explanation, and all I ever tried to do with them is send $100 from one of my accounts to another.

I must have transferred multiple 10K s for various reasons and didn't have any problem with them.

Monzo is amazing in UK, but they don't support larger EU :(

Re: Revolut staff claim they’ve been told to quit their jobs or be fired

#77

Post by tonyhb »

avianlyric wrote: post #73
ddon wrote: post #14

Revolut is really scary organization... used them for a year or so, and then one day locked my account... harassed me for 6 months, asking for all sorts of documents, which I provided them. then one day, they closed my account, and sent back 2K balance to random people who sent me money in the past. When contacted them via twitter, the blocked my the same day :)

This is pretty standard banking behaviour if they suspected you of money laundering, and closed your account on that basis. To be clear, I have no idea if you were money laundering, and have no idea if your account usage had indications of money laundering (valid or otherwise). I can just tell you from personal experience that’s what a banks response to suspected money laundering is.

Maybe this would be the case if they froze the account instead of blocking the user and sending money to random people.

You wouldn't send money back to criminals. This isn't normal behaviour.

Re: Revolut staff claim they’ve been told to quit their jobs or be fired

#78

Post by hocuspocus »

rb808 wrote: post #36

I dont understand how these new startup banks can stay in business. Previously banks could make money on the deposits in check accounts, now with negative rates they can only lose. Even big European banks are slowly dying.

There are still many ways for banks to make money, and challenger banks are betting on the fact they can do it with less overhead.

Big European banks have started closing down branches and laying off staff, while they were pumping VC money to scale across several countries/continents and acquire a customer base among socio-demographics with high potential (mostly young, tech-savvy, traveling, reasonably good with money). These people eventually grow a bit older and need loans, mortgages, investments...

Re: Revolut staff claim they’ve been told to quit their jobs or be fired

#79

Post by agilebyte »

pjc50 wrote: post #74
lucisferre wrote: post #24

Earlier quoted context omitted.

• 10+ years as an engineer • Minimum GPA 3.5/4 (US), 60% (UK), 8/10 in any other country "So we know you've been out of school for 10 years, but can you send us a copy of your report cards?"

> 60% (UK) 60% of what ? I have a Cambridge degree with no percentage on it (II/1), and some A-level results with letters.

2:1 is 60-70%

Re: Revolut staff claim they’ve been told to quit their jobs or be fired

#80

Post by mnw21cam »

AlexandrB wrote: post #70

> “I thought maybe I should speak to another institution for legal advice because I am a foreigner,” Elena says. “[But] they said I had no additional time and that I have 30 minutes to make this decision.” Really nasty tactics. Impossible to understand the consequences of what you're signing in that short of a time.

Correction: Really illegal tactics.
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