Another thing I can’t explain is the fact that my monthly limit is 20k at N26 despite the fact that my balance is bigger than that.
So they must have been unaware of their situation for 4 month?
I call fake.
Any statement from N26 yet?
It will amaze you how bad the security at especially digital banks (or, banks? They prefer calling theirselves fintechs) can be. If it is true that N26 has been unaware of this situation for 4 months, that would vouch for the good old traditional banks.
I am a customer of one of these fintechs. I had my bank account frozen for multiple times because the fraud detection flagged PayPal transactions. That may sound like a good thing, but as for service:
- I couldn’t login anymore
- Had to find out myself my account was frozen
- No mail or phonecall about it was done
- They don’t have a phone number either
- Once you’re delivered to the hands of abuse departments, they will treat you as a criminal.
Some of these businesses seriously lack some customer service. Which is key. I consider fintechs as a risk and only stall very limited money there, as there is every second a chance your money is (temporarily) unavailable. That’s not sitting well with me.
Yes, they are very innovative and often the ‘old banks’ copy their features. That’s a good thing. But these developments with N26 concern me.
Now it’s up to the customer to prove he didn’t do anything wrong. Until then, it’s bye-bye money.
Today I opened a bank account with the biggest bank of the country. They are sending all the codes per letter. But to their own trusted stores in the neighbourhood. Sounds like a hassle? No, it’s against fraud. In these kinds, the fintechs have some lessons to learn.