I see. That’s not cool.
@AndreasK, when you’re back, could you please comment on the above and explain what is being done to prevent users suddenly being locked out of their own money?
I get that there are strong regulations for guarding against financial crimes, but surely more of this could be done at the start, and handled with a little more delicacy than an abrupt ‘lock’ during the use of the account?
My concern is that if users are taking their cards with them abroad on holidays, having access to the account could well be the difference between a pleasant holiday, and a financial nightmare. Whilst it’s acknowledged that the general advice is to carry more than one card, not everyone has more than one set of money, so at best this is still reducing a user’s active holiday balance by a significant percentage.
Furthermore, it’d be useful to know if this ‘lock and ask questions later’ approach is also the case with business accounts. If my bank suddenly prevented access to my account and failed to resolve it within minutes (let alone days), my very next step would be to switch banks and then lodge a complaint with the PRA. As a new Revolut Business account holder, what assurances are there in place to ensure this won’t happen?
I look forward to your response. There seems to be too many of these issues floating around the boards.