Request advice Revolute account closed by compliance while still being denied access to my investment/money.

After more than 60 days of investigation the compliance team provided me with response.

Dear Cihat,
I regret to inform you that we’re no longer able to offer you our services and that your Revolut account has been deactivated. I am sorry that this is the case, but under certain circumstances, we have to make these difficult decisions.
As of now, you no longer hold any funds in your Revolut, as all remaining funds and incoming transfers have been reverted back to the source from which they were originally loaded in chronological order (starting from the most recent). These transfer should reach the sending bank account within 3-5 business days. Any funds that continue to arrive in your account will automatically be rejected and sent back to the sender.
Best regards,
Revolut Team

They have not returned my money that I hold in my investment portfolio and they keep denying me access even though the investigation has been concluded.

This is unfair what should I do?
What would you do if you where me ?

Thank you for your advice.

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full background story can be found here: COVID 19 😭 more than 13k Portfolio - Revolut Locked Account Since 13/03/2020 due funds verification - Sharing My User Experience! [UNSOLVED]

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But is :r: really allowed to lock accounts indefinitely? A few days OK, but several months?
And is it common to return money to the source? Probably OK if you do something illegal (e.g act as a mule in money laundering), but then I would expect a visit from police or a letter from a prosecutor/the tax office. Do you get an official statement/paper what happened to your money? What happens if the reversal fails? How do you dispute it if the recipient (e.g. employer) does not receive it?

All these stories here and on social media are worrying and therefore I use :r: only with restrictions… which make the premium/metal subscriptions somehow useless…

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My Advice: get a lawyer and/or sue Revolut.
I’m with @zapata - with all these horror-storys, how shall one trust Revolut?

This is insane! And truly “Beyond banking” (:r:'s old motto) - but in a very bad way.

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If its just your investment side that’s missing, and forgive me if someone has already mentioned this as I haven’t read the super huge thread in the other link, have you considered contacting/raising a dispute with the investment company directly?

Sapia Partners LLP

“Please note that as Revolut Trading is not an authorised firm, we are not a member firm of the Financial Services Compensation Scheme, but our principal, Sapia Partners LLP is.”

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000NMWxiAAH

Presumably, it’s them that hold your funds and portfolio.

The T&C’s also mention how funds are held with a firm called DriveWealth LLC in the states… and when reviewing their terms and conditions which are linked in the Revolut trading T&C’s, it says:

Termination of Your Relationship with Your Introducing Broker or Investment Advisor . Either you, or your Introducing Broker or Investment Advisor may provide DriveWealth with notice to close your Account with your Introducing Broker or Investment Advisor. You understand that you must provide further instructions to DriveWealth on where to wire funds and/or move securities held in your Account. You agree that you will provide such instructions to DriveWealth within thirty (30) days of your Account with your Introducing Broker or Investment Advisor being closed. If DriveWealth does not receive such instructions, then you agree that DriveWealth may assess your Account an ongoing monthly maintenance fee of twenty cents ($0.20 USD) to continue custodying your Account, and you explicitly authorize DriveWealth to deduct funds from your Account and/or liquidate securities in your Account to cover such maintenance fee.

Perhaps try going that route?

EMAIL

support@drivewealth.com

TELEPHONE: USA/CANADA

+1 800 461 2680

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I have tried to get a hold of them unfortunately I wasn’t able to speak with them via phone but I emailed them and finally got a response. They told me that they will reach out to there Revolut contact to see what they can do I requested like you suggested to cut off Revolut and remain with them as investor or cut ties completely and withdraw my funds.

Update it compleet waste of time.
Neither Revolut nor DriveWealth seem to be willing to assist me with my problem of gain access to my funds about fraud. Revolut and Drivewealth seems to be the once who are doing the fraud.

Are Drivewealth a regulated body? if so contact the regulator with a complaint.

@AndreasK Can you help him?

Am in a similar position - have no clue why my account has been disabled and nobody will reply to me - Id like to appeal the decision or at least get reasons?

For all the interested party in starting a lawsuit together I am currently in talks with more then 6 people to start a lawsuit together to lower the initial downpayment perhaps if we get about 5 more people we can start the process. And once the case is up en running perhaps more people want to join our cause who has bent hurt by Revolut and want to claim a pice of the pie. PM me please

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Hello mate, has your issue been sorted?

Many Thanks,

Monty

Dear monty123
thank you for your interest.
Update is that I have manage to get accepted with my case by the ombudsman by my second attempt. Through the help of European Union ETA response 3 months. At the same moments me and 12 other people have taken the firsts steps to initiate a lawsuit against Revolut. If you interested pm me your phone number inc country code.Future more I have also found out something quite disturbing did you know that Revolut still as of 20 June 2020 generates digital contracts with a signature of past employee that no longer works for the company and that left the company just 9 months after they started the trading venture this is unlawful because the contracts should be voided between upcoming customers and Revolut also if you are trying to get in touch with the firm DriveWealth they won’t even speak to you let alone help you out in retrieving your money even though they are the ones that holds the assets for you on behalf of revolute and yourself so be aware to all relate users who are investing I wouldn’t trust my money with them. And that’s coming from someone that has been in direct contact with DriveWealth CEO.

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It’s just terrible and disempowering - my shares my cash no access and no reason and no one to communicate to it’s actually very scary

That is happening to me too it’s is very very upsetting - and to add to the fact I cannot access my account the only way to talk to them is thru chat - which I can’t access

Well I have the same problem - the all says looking for a live agent for the last 29 hours! I have refreshed, left messages even deleted and reinstalled the app three times - this is completely unacceptable as it is the only way to Contact Revolut in the first place a real Catch 22 - but by design they need a manned help desk

Sorry to hear that pm me with your mobile phone plus country code and will be In touch. Perhaps you could join the lawsuit.

Please delete my phone once you have taken note thanks

Contact them via twitter. Send a message and follow them. They will then message your via Dms

Yeah and it goes on and on and on - they are finally answering me only for the agent to leave the shift !!! They have requested information I have already sent twice and now again no agent - even the partner provider of the trading account on Revolut cannot believe I can’t access my trading account - even to sell only or view only.

Hey, I have the same problem and I’m interested in joining the lawsuit. Tell me what to do.