N26 asked for proof of funds and 2 days later they close account and freeze funds

[silentnyte]

They asked me for proof of funds and 2 days later they close my account and freeze funds.

I exchange several messages with their customer support which is probably outsourced so they really can not help. Sent emails to founders, put complain to BaFin....anything else I can do?

They are holding my funds due to some AI AML detection system which is not really working, been their client for 5 years, got my salary there, savings etc...

I really hope N26 is not another Theranos or FTX but after reading what problems they are having maybe it can happen here to.

I can not imagine what agony and suffering are going through for example refugees, students etc. where all funds are on this account...

From googling I could find some investors in N26, most of them are using nice words about corporate governance systems which I really dont know if that is just mambo jumbo for PR... Third Point LLC Earlybird Venture Capital Dragoneer Investment Group Allianz X Tencent SEGNALITA Ventures GmbH Valar Ventures LLC GIC Greyhound Capital

This is their supervisory board Barbara Roth, Joerg Gerbig, Robert Kilian, Marcus W. Mosen

Email from Valentin Stalf [valentin.stalf@number26.de](mailto:valentin.stalf@number26.de) and Maximilian Tayenthal [maximilian.tayenthal@number26.de](mailto:maximilian.tayenthal@number26.de) if this helps someone to get their funds back faster...

While this is happening to me I start to realize how vulnerable we are today.

Imagine one click away someone closes your bank account, maybe tomorrow Google or Apple will do that to someone...No password recovery, nothing....

 

[mikehu]

@silentnyte How much do you have stuck with them? File a formal complaint first. Then after the deadline for their response, email BaFin and the consumer protection agency in Germany (forgot the name) and cc the leadership from N26. But this bank is a scheisseshow waiting to collapse. Their employee turnover is worse than a German Aldi's.

 

[mikehu]

Found their 2021 report: -172,000,000 EUR net loss. Similar number for 2020. Your money is probably in that hole somewhere.

 

[iso]

@silentnyte This seems to happen to these online banks. I’ve heard similar stories about Revolut. While I do use these banks for a side account for travel, I wouldn’t use any of these banks for my salary or keep more than a few hundred Euro in them. Too many of the same stories, with near zero response from the banks…

 

[aimingforheaven]

@silentnyte Im a N26 customer, never had a trouble with it, but hundreds of frozen accounts and proof of funds raise all red flags to me. Its not just a compliance issue or AI algoritm...it looks like trouble in the makin...

And yes, as stated by Ordinarybit, losing 150M a year dont make me comfortable on the future.

https://n26.com/en-eu/press/press-release/n26-group-announces-fy-2021-financial-results-focus-on-customer-activity-drives-strong-revenue-growth#:~:text=Total%20gross%20income%20rose%2050.3,compared%20to%20the%20previous%20year.

 

[mathetes66]

@silentnyte There was a post the other day where the user said he's going to be homeless because he can't access his money. He was a student in a foreign country with no help.

 

[kaytiedid]

@silentnyte Oh man.

So many posts these days about N26 closing accounts. See also

https://www.reddit.com/r/eupersonalfinance/comments/yuuipg

Report them directly to EBA: https://www.eba.europa.eu/consumer-corner/how-to-complain

 

[myles1999]

@kaytiedid Eba has not much to do with this. He should send a formal complain ti N26 first and if it does not work to Bafin.

 

[hailsatan420]

@silentnyte I used to have some savings with N26 but since I started seeing quite a few posts of accounts being locked/closed, I took all the savings out, and now just keep a residual amount for small expenses. I lost my trust in them.

The fact that throughout these years, in which those news have not been uncommon, you trusted them enough to use as a main account is surprising to me.

Good luck recovering your money.