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N26 Bank Closing Accounts Without Notice

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Re: N26 Bank Closing Accounts Without Notice

#11

Post by londons_explore »

tehwebguy wrote: post #5
londons_explore wrote: post #3

I know of a similar company to N26 where not a single customer flagged up by the AML system ever managed to get a payout of the money's in their account. There were literally thousands of frozen accounts. The phone customer service people were told to reply "I'm afraid the issue is still under investigation and we can't discuss it further until the investigation is complete. [Hang up]". Letters got similar replies. T…

Does this company still exist? Care to name them as a warning to others?

Alas, I can't name them. Wish I could!

Re: N26 Bank Closing Accounts Without Notice

#12

Post by ig-88ms »

mcntsh wrote: post #10
sh33sh wrote: post #6

In Europe, absolutely NOBODY should use those scam banks as their primary one, we have very strong regulations and having physical banks allows to have an immediate answer and contact guarantee. I’ve never heard of account closing, money blocking and lack of contact in traditional banks (at least in Germany/France/Switzerland) while N26/Revolut ask for additional personal info to data mine like bank statements from f…

N26 is regulated by BaFin and has a full German banking license; it's just as secure as your Deutsche Bank or Sparkasse account. They also must follow the same data privacy and security laws as those banks.

N26 spared no effort to ignore and avoid any interference and control by BaFin. They are a different beast than Sparkasse or Deutsche. At one point, the only way for BaFin to contact N26 was via the customer hotline. There was no way for the banking regulation and control entity to contact them. N26 evaded BaFin as long as they coud. They've built their company and infrastructure extremely fast and extremely recklessly. https://www.reuters.com/article/us-n26-money-laudnering-idUS... https://fintechmagazine.com/banking/n26-customer-growth-limi...

Re: N26 Bank Closing Accounts Without Notice

#13

Post by mcv »

mcntsh wrote: post #10
sh33sh wrote: post #6

In Europe, absolutely NOBODY should use those scam banks as their primary one, we have very strong regulations and having physical banks allows to have an immediate answer and contact guarantee. I’ve never heard of account closing, money blocking and lack of contact in traditional banks (at least in Germany/France/Switzerland) while N26/Revolut ask for additional personal info to data mine like bank statements from f…

N26 is regulated by BaFin and has a full German banking license; it's just as secure as your Deutsche Bank or Sparkasse account. They also must follow the same data privacy and security laws as those banks.

But isn't Deutsche Bank involved in all sorts of money laundering around Putin and Trump?

Re: N26 Bank Closing Accounts Without Notice

#14

Post by usrn »

NoPie wrote: post #4

Although I can understand the need to fight money laundering, it is very scary. From the explanation provided by the N26, it is basically that we may sometimes close your account due to error and there is nothing you can do about that. My friend had deposited some money in one of those online banks. Then it got frozen and they requested some additional documentation which my friend provided. When the service did not…

>Although I can understand the need to fight money laundering

I fucking can't. It's the banks themselves laundering on the large scale and they just pay a fine that's less than what they make doing it. If little people wanted to launder money they've got cash and crypto. All this does is fuck normal people over. If I hadn't moved somewhere I make more than twice the median salary working remote I would have been homeless after Truist did something similar to me.

As to fighting "money laundering." That's completely fucking retarded. Make the actual crime illegal and go after criminals. Put them in jail if you need to. The idea that no one can have privacy (or even functioning banking, bitcoin works better than this) because some people are poorly behaved is completely braindead.

Re: N26 Bank Closing Accounts Without Notice

#16

Post by satyamkapoor »

mcv wrote: post #13
mcntsh wrote: post #10

Earlier quoted context omitted.

N26 is regulated by BaFin and has a full German banking license; it's just as secure as your Deutsche Bank or Sparkasse account. They also must follow the same data privacy and security laws as those banks.

But isn't Deutsche Bank involved in all sorts of money laundering around Putin and Trump?

Personal banking with D bank is so crap that you start loving banks like N26
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