6 ms·

Can you provide links or any other kind of source for these statements? Customers would be mostly concerned about the fifth one, probably: Many people have ha

by fauria 7y ago

Can you provide links or any other kind of source for these statements? Customers would be mostly concerned about the fifth one, probably: Many people have had their accounts frozen or even money stolen.

bad_user 7y ago
Revolut started blocking accounts with transactions going over some limit, demanding proof for the source of that money, to prevent money laundering. Happened to me, their response was slow, had my account unfrozen in a week or two. I've never heard claims of money being stolen though, might be hyperbole.
- wh1t3n01s3 7y ago
  While those things could be true, as a N26 and Revolut free customer, I have to say that yes, they use customer service chat bots, but when you ask for humans, their assistance to me was always good, quick, and solved my issues.
  - bad_user 7y ago
    I was on Premium when my account was frozen ;-) And I did ask for humans, on 3 separate days, as I said, took about 10 days to get a reply.
    - KptMarchewa 7y ago
      You're not talking to support when your account gets locked, you're talking to compliance. And it takes time due to same reason Monzo has talked about: https://monzo.com/blog/2019/10/18/watchdog-response https://monzo.com/blog/2019/10/18/watchdog-response
- luckylion 7y ago
  Did they give any explanation as to why they think that's legal, freezing accounts and blocking payments on a whim, without some court's decision?
  - khweroii 7y ago
    AML/KYC laws require you to freeze accounts if you suspect anything. Traditional banks blocked my transfers a few times and required proof of source.
    - luckylion 7y ago
      Did you do anything "weird" or was it just during your average months that they suddenly went ballistic? I know they're supposed to alert the authorities on suspicious activity, but I believe(d) freezing an account unilaterally is the ultima ratio for extreme cases and wouldn't be done easily, as it will leave the bank open for damages claims, and really makes banks somewhat useless if it happens frequently.
    - ValentineC 7y ago
      When Revolut first launched in Singapore, it was almost common knowledge that depositing more than $5,000 SGD (approximately $3,500 USD) would more or less cause one's account to be limited for weeks (until one tweets at them to hurry up), because they've triggered the Source of Funds check.
- rcruzeiro 7y ago
  I had the "please tell us where your money comes from" message and my app continued working just fine (I use Revolut for all my personal transactions). Once I sent them a copy of my bank statement and some invoices between my company and me, they restored full access to my account super quickly.
quakegen 7y ago
r/revolut is full of experience.
- whoisjuan 7y ago
  Wow! There are some crazy stories there.
randunel 7y ago
Revolut also block the accounts of members of a certain political party ("PSD") in Romania, "blocking" (stealing) their money, but only if customers admit to being a socialist party member. Here's a screenshot with the questions https://universul.net/wp-content/uploads/2019/10/revolut-psd-teleorman-576x1024.jpg https://universul.net/wp-content/uploads/2019/10/revolut-psd... Transcripted from the Revolut app: Have you ever held any of the following positions? Select all that apply - Member - Specialized Commission for Local Government, Legal, Defence, Public Order, Rights and Freedoms of Citizens - Councilor - Teleorman County Council (as of July 2012) - Member - Partidului Social Democrat (PSD) - None of these apply
- bad_user 7y ago
  PSD is a populist party of crooks, mobsters and money launderers. With knowledge of what goes on with PSD in Romania, I would probably deny doing business with them too.
- nottorp 7y ago
  Lol that's not a socialist party, it's a criminal organization. The specific reference to Teleorman is probably because of the ongoing EU investigation concerning fraud with european funds. Considering they're extremely overzealous with money laundering related freezes, it makes sense for them to avoid doing bussiness with the mob in the first place.
- Angostura 7y ago
  For context https://en.wikipedia.org/wiki/Social_Democratic_Party_(Romania)#Controversies https://en.wikipedia.org/wiki/Social_Democratic_Party_(Roman...
- KptMarchewa 7y ago
  That's due to PEP regulations.
  - randunel 7y ago
    So members of the other 20-30 parties are not PEP? What about councillors of other counties, would they not be PEP? Specific organisations were targeted.

by fauria 7y ago

bad_user 7y ago

Revolut started blocking accounts with transactions going over some limit, demanding proof for the source of that money, to prevent money laundering. Happened to me, their response was slow, had my account unfrozen in a week or two. I've never heard claims of money being stolen though, might be hyperbole.

wh1t3n01s3 7y ago
While those things could be true, as a N26 and Revolut free customer, I have to say that yes, they use customer service chat bots, but when you ask for humans, their assistance to me was always good, quick, and solved my issues.
- bad_user 7y ago
  I was on Premium when my account was frozen ;-) And I did ask for humans, on 3 separate days, as I said, took about 10 days to get a reply.
  - KptMarchewa 7y ago
    You're not talking to support when your account gets locked, you're talking to compliance. And it takes time due to same reason Monzo has talked about: https://monzo.com/blog/2019/10/18/watchdog-response https://monzo.com/blog/2019/10/18/watchdog-response
luckylion 7y ago
Did they give any explanation as to why they think that's legal, freezing accounts and blocking payments on a whim, without some court's decision?
- khweroii 7y ago
  AML/KYC laws require you to freeze accounts if you suspect anything. Traditional banks blocked my transfers a few times and required proof of source.
  - luckylion 7y ago
    Did you do anything "weird" or was it just during your average months that they suddenly went ballistic? I know they're supposed to alert the authorities on suspicious activity, but I believe(d) freezing an account unilaterally is the ultima ratio for extreme cases and wouldn't be done easily, as it will leave the bank open for damages claims, and really makes banks somewhat useless if it happens frequently.
  - ValentineC 7y ago
    When Revolut first launched in Singapore, it was almost common knowledge that depositing more than $5,000 SGD (approximately $3,500 USD) would more or less cause one's account to be limited for weeks (until one tweets at them to hurry up), because they've triggered the Source of Funds check.
rcruzeiro 7y ago
I had the "please tell us where your money comes from" message and my app continued working just fine (I use Revolut for all my personal transactions). Once I sent them a copy of my bank statement and some invoices between my company and me, they restored full access to my account super quickly.

quakegen 7y ago

r/revolut is full of experience.

whoisjuan 7y ago
Wow! There are some crazy stories there.

randunel 7y ago

Revolut also block the accounts of members of a certain political party ("PSD") in Romania, "blocking" (stealing) their money, but only if customers admit to being a socialist party member. Here's a screenshot with the questions https://universul.net/wp-content/uploads/2019/10/revolut-psd-teleorman-576x1024.jpg https://universul.net/wp-content/uploads/2019/10/revolut-psd... Transcripted from the Revolut app: Have you ever held any of the following positions? Select all that apply - Member - Specialized Commission for Local Government, Legal, Defence, Public Order, Rights and Freedoms of Citizens - Councilor - Teleorman County Council (as of July 2012) - Member - Partidului Social Democrat (PSD) - None of these apply

bad_user 7y ago
PSD is a populist party of crooks, mobsters and money launderers. With knowledge of what goes on with PSD in Romania, I would probably deny doing business with them too.
nottorp 7y ago
Lol that's not a socialist party, it's a criminal organization. The specific reference to Teleorman is probably because of the ongoing EU investigation concerning fraud with european funds. Considering they're extremely overzealous with money laundering related freezes, it makes sense for them to avoid doing bussiness with the mob in the first place.
Angostura 7y ago
For context https://en.wikipedia.org/wiki/Social_Democratic_Party_(Romania)#Controversies https://en.wikipedia.org/wiki/Social_Democratic_Party_(Roman...
KptMarchewa 7y ago
That's due to PEP regulations.
- randunel 7y ago
  So members of the other 20-30 parties are not PEP? What about councillors of other counties, would they not be PEP? Specific organisations were targeted.