Why are Revolut ARS****** ?

[diro]

Almost 7 years ago, I opened a Revolut account, but I haven't used it for at least 6 years. They have repeatedly asked for new KYC documents, which I have ignored.

Now they claim that I owe them money because the account has gone into the negative!

You can't contact this SCAM bank except through their crappy app, which I refuse to install. They need to close my account.

It must be illegal to practice such business methods!

One should have easy access to contact such a bank to be able to close their account.

Does anyone know what to do?

 

[jafo]

You can easily contact them PUBLICLY here:

1. x.com
2. Revolut
3. Login • Instagram
4. Revolut - Mobile Finance - Apps on Google Play
5. https://www.reddit.com/r/Revolut/
6. Revolut
7. ad infinitum

Without doxxing yourself, tell them (and the world) the (general) problem! Prepare your complaint beforehand, e.g., in Word or Google Docs, and upload the text to every one of those sites.

Revolut HATES that!

They'll contact you quickly! Like within one hour.

 

[Martin Everson]

I have updated the thread title to remove your swear word. Please do not use such foul language when venting your frustration here.

They have repeatedly asked for new KYC documents, which I have ignored.

It sounds fair of them to ask for up to date KYC documents as part of their Customer Due Diligence process which is a regulatory requirement. For an account you have not used in 6 years hence very old KYC documents it sounds fair to me for them to ask.

It must be illegal to practice such business methods!

Have you fully read the terms and conditions you accepted in determing this?

Does anyone know what to do?

Email them below and if no response contact the regulator (I have no idea which Revolut entity you are with).

[email protected]

 

[ilke]

It sounds fair of them to ask for up to date KYC documents as part of their Customer Due Diligence process which is a regulatory requirement. For an account you have not used in 6 years hence very old KYC documents it sounds fair to me for them to ask.

Exactly. Expecting to never be re-KYC'd is unreasonable. Plus, the ECB is asking Revolut to become stricter due to a decently large quantity of problematic reports.

Have you fully read the terms and conditions you accepted in determing this?

The user most likely hasn't, as it is communicated relatively clearly (on the help center too) that one must have the Revolut app to use the livechat. It isn't a complex thing to sign into though.

 

[diro]

I will contact them using all the leads you gave me.

Point is I want to get rid of the account, I don't use them ever again. Why they not close the account when I don't provide KYC in 6 years, they have kept asking in 6 years and never got an answer from me.

 

[JackAlabama]

Just keep on ignoring. Its no big deal, esp if their fees caused the negative balance.
Eventually they will indeed close it.

it happened to me recently too with another one of my very many ignored accounts. Has been magically closed after many years.
I try with friendly emails first to close, but these get often ignored after which I will ignore them for life.

 

[jafo]

I will contact them using all the leads you gave me.

Point is I want to get rid of the account, I don't use them ever again. Why they not close the account when I don't provide KYC in 6 years, they have kept asking in 6 years and never got an answer from me.

They are scumbags, that's why!
Mail them a certified (nasty) letter return receipt requested on the off chance they don't respond and post the letter afterward on their social media! Of course, redact your personal info!

Good luck!

 

[benbao]

So in summary you ignored everything they are legally required to do, refuse to contact them in way that your issue can easily be resolved and then you think they are at fault? Tbh I think you're right there is some issue here, but it's not with revolut.

 

[clemens]

On one hand, OP is right, but on the other hand, he is also wrong! I just have to say that if Revolut, after 6 years without a response, hasn’t built into their system that they should close an account or notify the customer that if he doesn’t respond to this last letter, the account will be permanently closed, then they are also out of their minds.

There can only be one explanation for this: Revolut is inflating the company with ghost customers. By not deleting them (I would imagine there must be thousands in similar situations), it looks like they have many more customers than they actually do, thus making the bank appear more valuable!

 

[Martin Everson]

Why they not close the account when I don't provide KYC in 6 years, they have kept asking in 6 years and never got an answer from me.

Does not work that way. Each country has different rules but generally bank accounts are not just closed because you did not use them. They have to be considered a Dormant Accounts after a period of time where no contact with owner can be made. The account and any assets are then often given over to government. In UK it works like below but each country may have different rules as I said.

Dormant Bank and Building Society Accounts Act 2008​

Dormant Bank and Building Society Accounts Act 2008

An Act to make provision for, and in connection with, using money from dormant bank and building society accounts for social or environmental purposes.

www.legislation.gov.uk

----- quote start

“Dormant”​

(1)An account is “dormant” at a particular time if—

(a)the account has been open throughout the period of 15 years ending at that time, but

(b)during that period no transactions have been carried out in relation to the account by or on the instructions of the holder of the account.

---- quote end


If you wanted your account closed you had ample time to provide instructions for them to do so when they kept reaching out to you over 6 years. Otherwise wait 15 years and it will be considered dormant (if account is in UK) and given over to the government. However check their terms and conditions in future to see how they treat accounts where no communication takes place with owner.

 

[jafo]

So in summary you ignored everything they are legally required to do, refuse to contact them in way that your issue can easily be resolved and then you think they are at fault? Tbh I think you're right there is some issue here, but it's not with revolut.

You all need to study & understand:

• "Contract Law" by Ewan McKendrick: This book provides an in-depth analysis of contract modification and rescission.
• "Principles of Contract Law" by Robert A. Hillman: Offers insights into contract formation, modification, and termination.

Specifically, study & understand the following topics:

1. Novation -> Novation involves replacing an existing contract with a new one, either between the same parties or involving a new party. All parties must agree to the new terms, and the original contract is extinguished.​
2. Modification -> Modification refers to changes made to the terms of an existing contract. This usually requires the consent of all parties involved. If one party wants to change the agreement and the other party does not consent, the original contract terms generally remain in effect unless a provision allows for unilateral changes.
   
   
3. Right to Terminate / Rescission -> Rescission is the right to terminate or cancel a contract, returning both parties to their pre-contractual positions. This can occur if one party breaches the contract or mutually agrees to terminate it. It may also be invoked if the contract allows for termination under specific conditions.
   

The problem here is that MOST of us don't want to challenge FIs on their BS (most don't even know they can) because it is a drain on opportunity cost. Additionally, we're inviting into our zen lives toxic financial & energy parasites, e.g., Janus-faced attorneys gang-billing us.

What banks and FIs should do is send a truthful letter/email, e.g.,

"Dear Client, when you contracted our services in 2017, we did NOT require intensive or repeated KYC, but now the agency of the government that issued our license is forcing us, under the threat of fines, prison, violence, and license/charter revocation, to force you to undergo our draconian and intrusive KYC "proctoscopy/anoscopy." Of course, you have the right to refuse this and close your account.
To close your account, press 1.
To undergo KYC "proctoscopy/anoscopy," press 2."

Isn't honesty the best policy?
or
Should we deceive others and hide their other options so we can take advantage of them?

Where do we draw the line?

If we want to live in a better world, WE must start by being honest and straightforward, and act with integrity towards others, and DEMAND reciprocity!

 

[ilke]

BTW, not completely related, but Revolut just got its banking license in the UK. Took a long time - but for them - I do strongly believe it was worth the wait.

I must say I am not very fond of Russian EMIs/banks (I think @Martin Everson will hold a similar stance) but I must say that I did not have any issues with Revolut and wish them good luck with the growth - being a bank in their largest market will surely be very positive for profit. I did not really enjoy the constant calls with the business accounts though. Would much prefer other financial institutions.

I do not think that the OP is particularly in the right when criticising Revolut for him not completing the legal requirements or completing the KYC, which is very standard. And I would not be surprised if the documents registered with were expired by now - in which case the re-KYC would be completely in reason.

P.S. Not financial advice, but I will buy Revolut stocks once/if they go public.

 

[Don]

There can only be one explanation for this: Revolut is inflating the company with ghost customers. By not deleting them (I would imagine there must be thousands in similar situations), it looks like they have many more customers than they actually do, thus making the bank appear more valuable!

Exactly. Its from "Startup fundraising ABC": if you want to raise funds draw graphs that are at 45 degree angle, and Revolut used user growth metric for this.
You have to give investors at least something to justify loss making.
After some questionable moments it seems they are doing great now after getting bank license and reporting 438m profits, though

Revolut finally receives UK banking licence after three-year wait

Move paves way for fintech firm to hold customers’ deposits and offer own-branded loans, including mortgages

www.theguardian.com

 

[Martin Everson]

Yup credit where credit is due to Revolut (no pun intended). They got their UK banking license and have a large UK customer base already to build on. If you don't work with cash or credit products and your a small UK customer i.e <£85k then I don't see why one would work with any other bank in the UK in this digital age. You get a lot of services under one roof with Revolut.

 

[jafo]

I will buy Revolut stocks once/if they go public.

1. Why?
2. Have you caclculated its intrinsic value?

 

[JackAlabama]

On one hand, OP is right, but on the other hand, he is also wrong! I just have to say that if Revolut, after 6 years without a response, hasn’t built into their system that they should close an account or notify the customer that if he doesn’t respond to this last letter, the account will be permanently closed, then they are also out of their minds.

There can only be one explanation for this: Revolut is inflating the company with ghost customers. By not deleting them (I would imagine there must be thousands in similar situations), it looks like they have many more customers than they actually do, thus making the bank appear more valuable!

from my very limited experience with an accounts count in the high two digits (lost exact count), I come to the conclusion most banks want ghost customers to inflate their metrics for whatever reason.
It is VERY hard to close accounts unless you go to their precious branch. Exception of course is if they want to get rid of you. Then the account is closed in no time and money kept with the "mailing you a de facto uncashable cheque" scam.

 

[EliasIT]

Looks like some people here are very happy for Revolut that's ok. I have used them some years but found better options in Wise. I totally agree with the difficulty to close accounts, every account counts for these banks.

 

[JackAlabama]

Looks like some people here are very happy for Revolut that's ok. I have used them some years but found better options in Wise. I totally agree with the difficulty to close accounts, every account counts for these banks.

It always reminds me of dating. Playing hard to get at the beginning but very hard to get rid of afterwards

 

[clemens]

I wonder if you can't argument on GDPR about them as an EU citizens?

 

[Alexmorgan]

Looks like some people here are very happy for Revolut that's ok. I have used them some years but found better options in Wise. I totally agree with the difficulty to close accounts, every account counts for these banks.

Just wait until you see this