3 ms·

Well, unlike some N26 users who get their accounts locked without warning explanation or anyone to turn to - at least the UK gets a notice.

btzll 7y ago
Could you expand? People get their accounts locked for no reason?
- seemslegit 7y ago
  Well there was probably a reason but they weren't told it and with N26 being online-only had noone to turn to, you can do a google/twitter search for someone getting police called on them for showing up at their Berlin HQ/Backoffice trying to get some answers.
  - bpfrh 7y ago
    To be fair, that is nothing unique to N26. In fact in austria easybank is also a bank that afaik only exists "online" and easybank is much older than n26. Edit: Forgot something
    - seemslegit 7y ago
      To be even fairer, this isn't even unique to online banks - regular banks in the US can "fire" customers without a reason and even if only because their heuristics find their profitability to be too low, but at least they get a notice and a chance to move their money.
- odiroot 7y ago
  Yes, very common here in Berlin expat community.
  - seemslegit 7y ago
    I don't think it's about the expats specifically, native Germans just don't encounter it because they have little need for N26 in the first place and are mostly happy with their traditional banking services.
peshooo 7y ago
Sources on this? I have read similar stories about revolut, but haven't heard about n26.
- seemslegit 7y ago
  Do a twitter search for N26
hocuspocus 7y ago
Well that's kinda the deal when you pick a product that's cheaper and more convenient because it's run by more algorithms and fewer humans. Other challenger banks are no better and have also been pretty heavy-handed when dealing with suspicious activity. Typically after an initial period where said banks were too lenient and easily abused for money laundering and other kind of fraud. And to be honest, the quality of customer service with big traditional retail banks in the Eurozone has become pretty terrible overall. KYC and fraud detection mechanisms can be very annoying if your situation is a bit special.
- seemslegit 7y ago
  No it really isn't. Nothing in their onboarding process tells you "Oh, better keep some cash stashed in your underwear drawer or another active bank account cause we might cut off your access at any time and blame an algorithm if you even get a chance to contact us in the first place"

btzll 7y ago

Could you expand? People get their accounts locked for no reason?

seemslegit 7y ago
Well there was probably a reason but they weren't told it and with N26 being online-only had noone to turn to, you can do a google/twitter search for someone getting police called on them for showing up at their Berlin HQ/Backoffice trying to get some answers.
- bpfrh 7y ago
  To be fair, that is nothing unique to N26. In fact in austria easybank is also a bank that afaik only exists "online" and easybank is much older than n26. Edit: Forgot something
  - seemslegit 7y ago
    To be even fairer, this isn't even unique to online banks - regular banks in the US can "fire" customers without a reason and even if only because their heuristics find their profitability to be too low, but at least they get a notice and a chance to move their money.
odiroot 7y ago
Yes, very common here in Berlin expat community.
- seemslegit 7y ago
  I don't think it's about the expats specifically, native Germans just don't encounter it because they have little need for N26 in the first place and are mostly happy with their traditional banking services.

peshooo 7y ago

Sources on this? I have read similar stories about revolut, but haven't heard about n26.

seemslegit 7y ago
Do a twitter search for N26

hocuspocus 7y ago

Well that's kinda the deal when you pick a product that's cheaper and more convenient because it's run by more algorithms and fewer humans. Other challenger banks are no better and have also been pretty heavy-handed when dealing with suspicious activity. Typically after an initial period where said banks were too lenient and easily abused for money laundering and other kind of fraud. And to be honest, the quality of customer service with big traditional retail banks in the Eurozone has become pretty terrible overall. KYC and fraud detection mechanisms can be very annoying if your situation is a bit special.

seemslegit 7y ago
No it really isn't. Nothing in their onboarding process tells you "Oh, better keep some cash stashed in your underwear drawer or another active bank account cause we might cut off your access at any time and blame an algorithm if you even get a chance to contact us in the first place"