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I disagree. I've seen forced account closure, and it's ugly. They're giving 2 months notice, which is far better from what I've experienced. Let me explain t
by zhte415 7y ago
I disagree. I've seen forced account closure, and it's ugly. They're giving 2 months notice, which is far better from what I've experienced.
Let me explain that:
Get a picture taken on a Blackberry of a DHL package with containing notice of account closure notice, when it was going through the counter for delivery, before delivery, as proof sent to the head office of the company. And bang! Accounts, thousands of regular/netting/sweeping accounts for a reasonably large company, are instantly closed around the world while the CFO of the customer is sleeping. The money's not gone, it's Nostro'd, but the liquidity is. A desperate call from the relationship manager of a client that woke up, realised they didn't check their emails for a couple of months while this was in the planning, and found their client has a serious business problem. You're talking of paying employees, suppliers, rent, of staying in business.
Forced account closure is never nice, it is brutal. One of the reasons I left banking, well, that company, I do have strong faith in how banks and a well run, ethical financial system can facilitate our lives. Two months notice, whatever the reasons, Brexit, or not, is pretty OK.
N26 were also one of the few challenger banks that actually had a website aside from a phone app, a bit sorry to see that leave.