how much privacy must I lose in order to increase funding level (verify source of funds)


#1

Like the linked thread below, all my income is in the UK and sourced as dividends.
I’ve provided various info, such as paystubs, ids, and my bank statement.

Yet, what’s required from me STILL is…
1 - 3 months of account statements from the ‘sourcing’ bank (the account where I send money to revolut)
2 - 3 months of account statements from my account receiving my salary

They are different - so in all, I am forced to offer up my privacy in order to get a bit of credit. I’m a little baffled at this and wanted to make it public (at least within this forum).

I’ve not had any other bank account/ financial service ask for such details. This CANNOT be the legal requirement - if so, I’d like someone to provide me the links, I’d be very curious why the FCA or other body would require me to hand over so much information that anyone in your company can steal my identity.

I also posted here as it was relevant to my situation:


Source Of Funds (Dividends)
#2

I agree and feel uncomfortable with the level of intrusivity refarding source of funds. No other bank request such level of details. This clearly cannot be a legal requirement.


#3

same here, I’m going to enjoy Revolut, but I’ll think very hard before sharing everything that is financially related to me with them, especially these days when they are changing privacy policy and they might share this information with other entities in the future.

If they requested the same documents that a normal bank requests when opening an account, I’d be happy to provide that


#4

I mistakenly topped up my account with a large amount of money (the add help the previous top up amount and I added to that by mistake) and on trying to transfer it back into the account it came from Im being asked to verify my source of funds! asking for 3 months of bank statements! How is this right ? I have been waiting for five days and seem to now be blocked from the support team who are not responding at all! So how do i return the funds to my account when this was clearly an error? … this is so frustrating


#5

Try contacting Revolut on Twitter, they’re pretty responsive there.


#6

Even if your large transfer was done mistakenly, I believe you still need to verify the source of the funds. There’s further information regarding this in the :r: blog post What is a ‘Source of Funds’ check and how does it affect me?


#7

It is absolutely unacceptable! I have provided all necessary documents and still did not get any response after 3 days. They also do not reply in chat. what a terrible customer service!!!


#8

ok thank you I understand that i need to do so. I have sent a copy of my bank statement but am unable to send any further documents. Im not getting any response from the support team at all and am now in limbo. I can send through copies of payslips if needed but how do i do this if the app / support is not responding?

thank you

Julia Robinson


#9

Have you spoken to someone from support via the in-app chat facility? (More - Help - Chat to us). You will be greeted by the Rita bot, but type “Live agent” to connect with a real person.


#10

Thank you , yes its all sorted now although it took four days for a live agent to get back to me! apparently due to a large volume of calls.