True, but it’s the main reason I wouldn’t use Revolut as a full account. Customer service quality as well. I had a €100 Uber ride charged to my account (from Amsterdam), and not only did Revolut make me pay for a new card, they couldn’t explain to me how a card I had received 2 days previously and hadn’t used had managed to be cloned.
Out of the blue, they just refunded me the cost of the card, no explanation, no response to my message and no answer to any of the calls I made.
I wonder how that did happen? Very worrying.
I can safely say I actually have a pretty good trust built with Revolut, but the CS has broken their trust with me.
Two complaints, one marked against me and another refunding the balance of what I requested (the second complaint was because the first took nearly one whole year)
No email for either to let me know their final response, asked for one and got told “no”, as far as they were concerned they’d sent them.
Which is weird since all my other Revolut emails came through. I’m planning to take it to the Ombudman after my academic year is finished, but over £11,74 I don’t think I want anymore hassle
I can only assume that it was “an inside job”, to be honest - either that our someone had hacked Revolut’s accounts from outside.
I think it was Santander or Alliance & Leicester plc who used to take the unique step of closing your account if you took a complaint to the Ombudsman, claiming that by doing so, “the Customer/Client relationship had irretrievably broken down”
I was once upon a time, an Alliance and Leicester savings account holder back in the days when interest rates were gloriously high enough to actually be worth putting savings away for. They then got eaten up by Santander. My relationship with them ended voluntarily not long after.
Tesco Bank appear to have undertaken the same approach to complaints today (see entry elsewhere). This is abuse of process, for sure, but I can’t see the authorities doing anything about it.
Am I just late to the party, or has revolut been offering 0.15% on their Standard plan vaults for a while?
I noticed it for the first time mid last week, fairly sure its new
Seems like a quiet addition then!
Yeah, the app does sometimes update before anything is announced
Hopefully more (good things) to come on rejigging the standard offering
They’ve also quietly added an iPad app which looks very good to be fair. They have won me over my everyday spending
It was A&L and it was not just any complaint but about unfair bank charges.
If the FOS told them to refund, they did but also took the view you didn’t agree with their T&Cs.
Revolut have announced the savings vaults for all UK customers today.
Me too. I use Revolut for multi-currency exchange and transfers for holidays and to lock-in the exchange rate for limited sums.
I also do use their card top-up feature to get money out of awkward accounts on a occasion, but I’ve recently received a warning in the app saying they’ve noticed I’ve been topping up using a credit card and asking me to stop doing it, or my account will be frozen? I have never topped-up with a credit card, so I suppose I had better avoid topping up with any card at all if I want to keep the account. Looking online, you sometimes get this message if you transfer out to accounts in your name too (but that’s what I use Revolut for, so pretty useless if I can’t do that). Apparently if you also regularly use the Revolut debit card it’s not a problem but I don’t unless I’m travelling - and I haven’t for over a year so I suppose that’s why I’m getting the message now.
And there it is. Frighteningly drastic responses to poor information. Customer funds frozen.
The obvious reason to not rely on Revolut for anything but occasional usage.
How can it ever be regarded as a go-to account for anyone who needs a reliable bank?
It’s a catch 22. The more you use it regularly the less likely you are to get these warnings, but people avoid using it regularly so as not to get them.
I’ve only really had one issue, a payment in from Investec from another person. It didn’t lock up my whole account and was approved in the end, thankfully for a small amount (£40). I was paid £6.99 in compensation for the wait
Newt time they questioned a payment, resolved much quicker. Maybe I’m playing with fire? Let’s see
I’m hesitant to advise this for any provider, lest I condemn them unfairly; but I have to say it can’t be relied upon, frankly.
I will continue using them for holidays occasionally and keep a minimal balance. I may use their disposable card at dubious retailers, and try to keep the account active so I can enjoy these benefits. But they have put me off using them on a serious basis, especially since I never spend with the debit card of even my main account (not withdrawing cash, and relying on a Cashback credit card for day to day spends) so even that is just Direct Debits and transfers in and out - something Revolut don’t seem to like.
To be clear, my account hasn’t actually been frozen (yet, touch-wood) but I have effectively been warned not to use the product as I am doing.
It smacks a bit of all the tinkering with fees that Monzo have had to do, although at least they are more open about what they are doing.
Essentially, they have a loss-leading product and they need customer numbers to justify their large valuation to keep investor’s cash flowing. Yet a large number of those customers are unprofitable, and some are more unprofitable than others. They seem to want to get the most unprofitable customers to either change their usage of the product, through upselling, or go elsewhere. But they don’t want to spook investors by making this official policy.
It all leaves customers very unsure of where they stand, and the fact they are an e-money institution and not a bank just adds to this concern.
In the long term, they are going for a sort of bail-in Uber-model of trying to get investors to commit to large sums on the promise of reaching massive scale (at which point, Amazon-style, they will finally be able to monetise and realise the efficiency gains of having a massive userbase with minimal costs).
Yes, but they seem to want the “Goldilocks customer”.
Too much usage also upsets them as they seem to suddenly become convinced you are a fraud/money laundering/business profitability risk!
So Shakespearean 