Hi
I am the Chairman of a new Crypto Investment Club called Hodlrs.
We set up a Revolut account in our Treasurers name to accept Membership Fees for the Club.
We chose Revolut as unlike traditional banks, it is sympathetic to working with cryptocurrency.
We have had no issue with Members paying fees into his account until yesterday, when the account became blocked - with no suggestion of how to unblock it.
We have tried contacting support via the chat, but no replies.
We need access to the Membership Fees in order to make the investments required, which are time sensitive. Blocking our account and not giving us a way to unblock it is not acceptable business practice really.
If we are unable to invest these funds we are likely to miss out on a ÂŁ1.4 million return.
As this is currently outside of the Clubs control, the Members may be able to pursue Revolut for financial recompense.
This is not my own particular account that is blocked, it is the Club Treasurers - E Coleman.
Our website regarding the Club can be found at hodlrs.co.uk
Please help us resolve this issue as soon as possible.
FWIW: I did contact support before opening the Treasurers account to make sure what we wanted to do would be acceptable and was told it would be fine, no need to use a Business Account as we are a non-profit
You opened an individual person’s account in order to run a business which is clearly against the T&C’s. Account blocking and eventful closure was inevitable.
It’s not a business.
And I checked with Revolut support prior to opening the account and was assured that there was no need to open a Business Account.
If you have a group of people engaged in a joint activity then it is a business. I am treasurer of a similar not-for-profit Investment club and I have to run a business account, calculate taxable profits etc.
Can you point me to the specific section in the T&C’s that says you are not allowed to run a business?
An Investment Club does not have a legal entity of a business.
Please try to remain on topic if you are going to reply.
There is nothing in the General Terms of Service for Revolut that states an account cannot be used for the purposes we are.
On the contrary, the only Section remotely pertaining to that is Section 19.1 paras AB & AC:
RESTRICTIONS ON THE USE OF THE REVOLUT SERVICES
19.1. It is not permitted to:
AB. refuse or fail to provide further information about you or your business activities that we may reasonably request;
AC. conduct your business or use the Revolut Services in a manner that leads us to receive a disproportionate number of claims or chargebacks;
AB. you OR your business activities, which suggests that Revolut expect you to us your account for Business servies.
AC. not conduct your business in a manner that leads to excessive claims, etc.
Again, nothing that states anywhere what a Personal account can or cannot be used for, provided it is legal and the activities are not contained in the Terms, which our Club is not.
Can we get back to unblocking the account now and how to resolve that?
Just trying to be helpful and staying 100% on topic. Revolut have 2 types of account: individual (not even joint) and business. If you are not one then you must be the other.
Thanks for finding that… so if that’s the case surely the Customer Support lady should have pointed that out and not told us to go ahead with a Personal account?
