Oh no, who could have seen it coming that a bank that used illegal methods to try to prevent the formation of of a works council (which they are legally required to allow in Germany) might not be all that great?
I mean, not to say people are responsible for being fucked over or anything, but the signs were there.
So that’s what’s happening ? I heard a lot of complaints about people’s accounts being locked.
So they’re just fucking everyone over ?
when startups start to blow up
tja
I just moved almost all my founds in my other bank account, leaving only 50€.
In theory, they should only have targeted people with “strage” movements. In practice, no one knows.
Good riddance. Pity because it was one of the few banks which didn’t give problems with crypto exchanges.
Probably the result of an overzealous and broken compliance policy.
Financial regulators are coming down hard on digital finance companies to police private individuals. Apparently ignoring corporate fraud has given them the time to worry about the actual serious offenders.
Nothing new. I always recommended people to go with other companies. Even Revolut is more reliable.
Use proper banks people. The fees are worth the hassle.
why anyone would trust a fucking startup with their money is beyond me
They gave me €10k overdraft at 4% interest. If they wanna close my account while I am overdrafted ve my guest lol.
Read about AML laws. It’s never about the company.
N26 is having problems with the German regulator BaFin over anti money laundering issues for a long time, that’s why they are restricted with a waiting list. Bank of Italy also forbid them of taking in any new customers in Italy. In France innocent clients got their accounts blocked without warning and filed a lawsuit, because they haven’t received their money back.
N26 is known as a bank used by scammers a lot, but in their recent measures on anti money laundering, the algorithm has worked so aggressively, that innocent clients were falsely identified as fraudulent, thus leading to a immediate closing of their account.
It’s a reminder to have financial backups and not be surprised when you don’t have access to your money, when N26 locks you out of your account, or be prepared to fight for it and get it back with a lawyer.
I took all my money out of N26 years ago when I needed customer service and wasn’t able to get into contact with them for 2 weeks. What if it had been an emergency? I realised they were not a properly-run company.
I also used to think restrictions on German fintechs were good but that’s also not true. Just take a look into Savedroid. They made off with millions of euros of people’s money.
Don’t use a startup as a bank or for any financial service.
15 comments
Oh no, who could have seen it coming that a bank that used illegal methods to try to prevent the formation of of a works council (which they are legally required to allow in Germany) might not be all that great?
I mean, not to say people are responsible for being fucked over or anything, but the signs were there.
So that’s what’s happening ? I heard a lot of complaints about people’s accounts being locked.
So they’re just fucking everyone over ?
when startups start to blow up
tja
I just moved almost all my founds in my other bank account, leaving only 50€.
In theory, they should only have targeted people with “strage” movements. In practice, no one knows.
Good riddance. Pity because it was one of the few banks which didn’t give problems with crypto exchanges.
Probably the result of an overzealous and broken compliance policy.
Financial regulators are coming down hard on digital finance companies to police private individuals. Apparently ignoring corporate fraud has given them the time to worry about the actual serious offenders.
Nothing new. I always recommended people to go with other companies. Even Revolut is more reliable.
Use proper banks people. The fees are worth the hassle.
why anyone would trust a fucking startup with their money is beyond me
They gave me €10k overdraft at 4% interest. If they wanna close my account while I am overdrafted ve my guest lol.
Read about AML laws. It’s never about the company.
Source: worked for a N26 competitor.
*Pretends to be shocked *
https://m.fondsprofessionell.at/newssingle.php?uid=215065&rd=1
https://app.handelsblatt.com/finanzen/banken-versicherungen/banken/smartphone-bank-n26-begruendet-kontokuendigungen-wichtiger-bestandteil-gegen-finanzkriminalitaet/28263644.html
They didn’t “disappear with the money”. Although it’s pretty outraging to lose access to your bank account, without any explanation.
Holy fuck! I was close to signing up couple years ago.
[This is what’s going on](https://www.reddit.com/r/germany/comments/u8qhx6/psa_n26_is_at_it_again). N26 recently blocked a lot of people’s accounts.
N26 is having problems with the German regulator BaFin over anti money laundering issues for a long time, that’s why they are restricted with a waiting list. Bank of Italy also forbid them of taking in any new customers in Italy. In France innocent clients got their accounts blocked without warning and filed a lawsuit, because they haven’t received their money back.
N26 is known as a bank used by scammers a lot, but in their recent measures on anti money laundering, the algorithm has worked so aggressively, that innocent clients were falsely identified as fraudulent, thus leading to a immediate closing of their account.
These problems [are known in Germany](https://www.reddit.com/r/germany/comments/s0jh2p/n26_locked_all_my_money_and_wont_release_it_be) for years (just search N26 on Reddit), but aren’t as widely known outside of Germany or among expats.
It’s a reminder to have financial backups and not be surprised when you don’t have access to your money, when N26 locks you out of your account, or be prepared to fight for it and get it back with a lawyer.
I took all my money out of N26 years ago when I needed customer service and wasn’t able to get into contact with them for 2 weeks. What if it had been an emergency? I realised they were not a properly-run company.
I also used to think restrictions on German fintechs were good but that’s also not true. Just take a look into Savedroid. They made off with millions of euros of people’s money.
Don’t use a startup as a bank or for any financial service.