I have had transfers held up for checks at various banks over the years, and some have been a real pain to get released! Of course, you never quite know what exactly makes the system “decide” to stop a payment. It’s all algorithms and risk scores calculated somehow from hundreds of different metrics.
I’ve never quite had a nightmare scenario where a bank just wouldn’t release a payment, but sometimes service from various banks hasn’t been great as you can be on hold for ages. Once I got a strange physical letter from Santander telling me that they needed to “check some information” with me and they asked me to call a phone number. I asked their chat people if it was a genuine phone number and they said it was; only for me then to call them and find out that there was nothing on the system that they needed to check anyway! So the problems can range from bad service, to technical issues, to strange “oddities” such as that. TSB have had their big system meltdown and blocked quite a few payments in the past, but I’ve always managed to get them unblocked without too much trouble so I won’t hold it against them too much. I’ll still go after a switch incentive with them, for example. I can understand why a serious issue with a bank would put you off them for life, although we are probably lucky to have enough choice that even if you don’t trust a provider or two there is always an alternative. Even Revolut (as a somewhat unique proposition) has a sort-of parallel competitor in Wise.
My issue with Revolut is if anything did go wrong, they have inadequate systems to deal with that.
It’s why I can trust the high street banks. I know of course sometimes things do go pear shaped working at the scale of 1+m customers (even below that lol) but they have a phone line and a complaints team I can seek redress from. I can’t even call Revolut and the chat is so frequently used that they skim read and post generic responses
Edit: I should also mention that you can’t speak to the complaints team, only the customer support. their initial response is their final response 100% of the time since you’ve never an ability to talk to someone
I suppose a major benefit of them gaining a banking license, if they ever do in this country, would be that they would have to improve access to things like complaints - and be more accountable to the Ombudsman, etc, as part of meeting oversight standards. The other major benefit would be FSCS protection, of course, which would also be beneficial if things went pear-shaped at Revolut.
Honestly if they get a banking licence I would reconsider if the FCA is fit for purpose. It has a duty to us to ensure banking industry is accountable. Revolut would need several stipulations on their licence to even float the idea of accountability (although maybe the uptake would drive up their FoS costs so much they’d do it themselves?)
Like you, I have real doubts about their ability (or their commitment) to jumping through whatever regulatory hoops necessary to obtain that license in the UK.
Some interesting points in the above (like the exclusion of Nothern Ireland from the UK ;-)). I suspect it will be a fairly hefty sub with a “generous” cashback that might just about cover your sub if you maxxed it out on a monthly basis.
And probably a cap on cashback as well…
Some interesting (if fairly pointless) speculation on Reddit
I was thinking the same, but hell, for no reason I would make revolut my main bank now… … I’m about using my Revolut for day to day shopping, or subs to Netflix, prime, since 5 yeras without any issue…
They even solved an issue I got during a travel with an ATM machine that never gave me cash … so all good.
Till this week were they locked/froze my account for 3 days for security check … (I don’t do Crypto or anything special)…
So for sure I could not consider Revolut as safe as main bank account for Salary.
9 months and counting with no issues - can’t envisage any as there’s a clear audit trail in place. I’ve also usually had vault balances so hardly screams money laundering lol
If I move jobs I may change the salary location - but not for these reasons.
Did this 3 day freeze cause you any substantive problems? We’re you using the account on a daily basis around it?
Yes, indeed… without providing much details, I was doing a payment for a justice court representative in Hk ( well established company in HK )… did not do any strange or suspicious activity…so I guess it is this bank transfer that has trigger the security check…but again I do a transfer every year to this company…
So I had to do this transfer from another bank, with fees, forex fees, …
Good it was also not recurring payments dates for all my subs or I would have neee to reprocess…
