N26 UK Bank Accounts Closing Due To Brexit

34
Posted 11th Feb
Hi all,

So I received an email today stating the following:

"With the UK having left the EU at the end of January, we will in due course no longer be able to operate in the UK with our European banking licence. Therefore, we are writing to share the news that we will be leaving the UK and closing all accounts.

We are sorry to be leaving and we understand this will be disappointing for our customers.

We’ve planned the next steps carefully to ensure this process is as smooth as possible for you."

Sad to see this as I was really enjoying N26 and the experience it's given me thus far. I do have a starling account I can use for travelling. it's irritating that the card they give you isn't contactless though.

What are people's thoughts on this?
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unknown.11/02/2020 15:15

Can we sue them or ask for compensation for sudden email, as received same.


Sue them for what exactly? What loss have you suffered that you need to be compensated for?
unknown.11/02/2020 15:53

First off all put it this way if we the customers has miss used the …First off all put it this way if we the customers has miss used the account they would have closed account, as well as now when they close the account, it will shows as negative sign on credit file as will show for customers there only or short time account which is not good, and N26 have decided to leave the UK nobody has forced them so customer is suffering, plenty ways if think about it, just how you take matter further.


What?
unknown.11/02/2020 15:15

Can we sue them or ask for compensation for sudden email, as received same.


broken britain alive & well I see
34 Comments
As the negotiations haven't even started yet I find it hard to believe that N26 already know the outcome....
Revolut will be next.
cis_groupie11/02/2020 14:43

As the negotiations haven't even started yet I find it hard to believe …As the negotiations haven't even started yet I find it hard to believe that N26 already know the outcome....


There aren't going to be any negotiations. Gove's announcement last night showed us all that their goal is no deal Brexit at the end of this year.
Takapoki11/02/2020 14:34

Sad to see this as I was really enjoying N26 and the experience it's given …Sad to see this as I was really enjoying N26 and the experience it's given me thus far. I do have a starling account I can use for travelling. it's irritating that the card they give you isn't contactless though.


Starlings cards are contactless the logo is on the back with your details.
Luckyluke0211/02/2020 14:59

Starlings cards are contactless the logo is on the back with your details.


Wow, I'm sure I tried to use it once and it didn't work. Will check the card when I'm home. I'll definitely be using it more if that's right
cis_groupie11/02/2020 14:43

As the negotiations haven't even started yet I find it hard to believe …As the negotiations haven't even started yet I find it hard to believe that N26 already know the outcome....


It is interesting that nothing official has been made yet and they're leaving UK customers
UK's financial regulator (Financial Conduct Authority) seems happy at the moment in accepting N26's passport-in status from the German regulator BaFin:
register.fca.org.uk/ShP…AAU
Edit: looks like N26 declines to obtain UK permission directly from FCA at the end of the implementation period
"At the end of the implementation period, EEA firms will no longer be able to passport into the UK. As such, EEA firms may need to seek authorisation in the UK to continue to access the UK market."fca.org.uk/bre…ime
It was less than 4 years ago when N26 was celebrating its German regulation success n26.com/en-…n26 although no idea of the outcome of the money laudering / terrorism financing order by BaFin bafin.de/Sha…tml
Edited by: "AndyRoyd" 11th Feb
Can we sue them or ask for compensation for sudden email, as received same.
Erudite11/02/2020 14:48

Revolut will be next.


Based on what info? It's headquarters are in London
Edited by: "OllieSt" 11th Feb
Takapoki11/02/2020 15:04

Wow, I'm sure I tried to use it once and it didn't work. Will check the …Wow, I'm sure I tried to use it once and it didn't work. Will check the card when I'm home. I'll definitely be using it more if that's right


they have some security on contactless payments though its explained better here
starlingbank.com/blo…re/
unknown.11/02/2020 15:15

Can we sue them or ask for compensation for sudden email, as received same.


Sue them for what exactly? What loss have you suffered that you need to be compensated for?
OllieSt11/02/2020 15:31

Based on what info? It's headquarters are in London


Not for long. They're already moving a lot of operations to Dublin.
Edited by: "Erudite" 11th Feb
Delbert.Grady11/02/2020 15:49

Sue them for what exactly? What loss have you suffered that you need to be …Sue them for what exactly? What loss have you suffered that you need to be compensated for?


First off all put it this way if we the customers has miss used the account they would have closed account, as well as now when they close the account, it will shows as negative sign on credit file as will show for customers there only or short time account which is not good, and N26 have decided to leave the UK nobody has forced them so customer is suffering, plenty ways if think about it, just how you take matter further.
unknown.11/02/2020 15:53

First off all put it this way if we the customers has miss used the …First off all put it this way if we the customers has miss used the account they would have closed account, as well as now when they close the account, it will shows as negative sign on credit file as will show for customers there only or short time account which is not good, and N26 have decided to leave the UK nobody has forced them so customer is suffering, plenty ways if think about it, just how you take matter further.


What?
unknown.11/02/2020 15:53

First off all put it this way if we the customers has miss used the …First off all put it this way if we the customers has miss used the account they would have closed account, as well as now when they close the account, it will shows as negative sign on credit file as will show for customers there only or short time account which is not good, and N26 have decided to leave the UK nobody has forced them so customer is suffering, plenty ways if think about it, just how you take matter further.


52% of the UK forced them! They won’t mark your credit file as it’s not your fault. Absolutely no chance of compensation, silly to think so to be honest.
Erudite11/02/2020 15:51

Not for long. They're already moving a lot of operations to Dublin.


Increasing from 12 to up to 50 staff. Bearing in mind they are looking to hire an additional 3500 staff it's quite clear Dublin is not in line to be the new headquarters
winzzz11/02/2020 16:19

52% of the UK forced them! They won’t mark your credit file as it’s not you …52% of the UK forced them! They won’t mark your credit file as it’s not your fault. Absolutely no chance of compensation, silly to think so to be honest.


Yes but it will show as a closed account and then the time off account which is not a good sign, oh well will try my luck
Erudite11/02/2020 15:54

What?


I suppose it's a case of if you ask a daft question you can expect a daft answer
Takapoki11/02/2020 15:04

Wow, I'm sure I tried to use it once and it didn't work. Will check the …Wow, I'm sure I tried to use it once and it didn't work. Will check the card when I'm home. I'll definitely be using it more if that's right


100% starling is contactless.
I suspect it was the 1st transaction you tried as contactless, as a lot of issuers set the cards to disable contactless until a contact transaction has been completed.
OllieSt11/02/2020 15:31

Based on what info? It's headquarters are in London


The banking license is in Lithuania.. it has a lot of hq properties.. still use it but wouldn’t put anything I couldn’t afford to lose in it..
Damn. Used to pay my Indian youtube premium via n26.
unknown.11/02/2020 15:15

Can we sue them or ask for compensation for sudden email, as received same.


broken britain alive & well I see
unknown.11/02/2020 15:53

First off all put it this way if we the customers has miss used the …First off all put it this way if we the customers has miss used the account they would have closed account, as well as now when they close the account, it will shows as negative sign on credit file as will show for customers there only or short time account which is not good, and N26 have decided to leave the UK nobody has forced them so customer is suffering, plenty ways if think about it, just how you take matter further.


utter nonsense!
justanothercid11/02/2020 16:44

The banking license is in Lithuania.. it has a lot of hq properties.. …The banking license is in Lithuania.. it has a lot of hq properties.. still use it but wouldn’t put anything I couldn’t afford to lose in it..


I agree with your sentiment on that. I need to re-evaluate the foreign currency holding I have with Revolut. It seemed like a good idea at the time to' save and forget', but perhaps it's time to transfer to normal bank. Revolut has served it's purpose for me. I only use it to fund Starling after Starling made it a little more difficult to fund
Edited by: "OllieSt" 11th Feb
unknown.11/02/2020 15:53

First off all put it this way if we the customers has miss used the …First off all put it this way if we the customers has miss used the account they would have closed account, as well as now when they close the account, it will shows as negative sign on credit file as will show for customers there only or short time account which is not good, and N26 have decided to leave the UK nobody has forced them so customer is suffering, plenty ways if think about it, just how you take matter further.



I work financial services for a living in the provision of high value lending, I can categorically tell you that closing an account has zero effect on your credit file - the ‘score’ of which is frankly meaningless anyway. Lenders are more concerned with affordability and your ability to repay.
Edited by: "joeydeacon" 11th Feb
unknown.11/02/2020 16:20

Yes but it will show as a closed account and then the time off account …Yes but it will show as a closed account and then the time off account which is not a good sign, oh well will try my luck


Except it wont because they didnt do any credit checks as they didnt loan us things.

There T&Cs allow for them to do this - as in fact nearly any bank in the world could do if they so wished. You agreed and accepted them and I really cannot see what hardship or loss this is for you. Or anybody in fact.

All you are doing is making yourself sound daft and money-grabbing.

It really is a shame when as soon as any organisation announces anything the first thing some narrow minded people say and then do is SUE!!
Shame. Off to Monzo then.
Who can I sue for wasting my time reading a thread suggesting that I could sue someone, when really it's not feasible? Thanks.
AndyRoyd13/02/2020 23:00

Who can I sue for wasting my time reading a thread suggesting that I could …Who can I sue for wasting my time reading a thread suggesting that I could sue someone, when really it's not feasible? Thanks.


Sue unknown
jamie1513/02/2020 23:41

Sue unknown


Don’t worry I will post here when come with a win thanks
unknown.14/02/2020 00:16

Don’t worry I will post here when come with a win thanks


I'll be waiting, feel free to mention me when it happens and it hits the news.
jamie1514/02/2020 01:25

I'll be waiting, feel free to mention me when it happens and it hits the …I'll be waiting, feel free to mention me when it happens and it hits the news.


No worries
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