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If they aren’t part of the legitimate banking system then likely your funds are not safe. In the US you are automatically insured by the FDIC for up to $250k pe
by wil421 8y ago
If they aren’t part of the legitimate banking system then likely your funds are not safe. In the US you are automatically insured by the FDIC for up to $250k per bank and per account type (like savings and checking).
Does the EU have a similar concept? If so, will you lose insurance if their license is revoked?
- megous 8y agoYes, EU has something like that for up to 100000 EUR per person per bank. Revolut is not a bank, so this doesn't apply there.
- fastball 8y agoIf they currently have a European banking license, how are they not a bank?
- megous 8y agoAsk them. You can have a banking license and operate a grocery shop. I guess you can have a banking license, not be a bank, and do some other money related business. Edit: I just looked at their website and didn't found any mention that they are a bank. I'll violate their ToS and link to their website here: https://www.revolut.com/legal/website-terms/ https://www.revolut.com/legal/website-terms/ > We are regulated by the Financial Conduct Authority as an Electronic Money Institution under the Electronic Money Regulations 2011 for the issuing of electronic money. We are included in the FCA’s registered of electronic money institution firms (Firm Registration Number 900562) which can be found on the FCA website. "Electronic Money Institution" is not a bank. Interestingly you can't link to their website from social media without violating their ToS. Funny. Also you can't link to them if you want to criticize them.