My story with Revolut started in 2017. Initially, it began as a wonder. A mobile-first NeoBank! Registration done in minutes, and after a few days, I received my Bankcard. In a conventional Bank, it was unimaginable.

Free money transfer, cheap currency conversion!

From moment to moment, we were delighted. On vacation, the family saved a lot with the conversions, and we didn't need to convert cash before the travel, we needed to take out money when needed with an excellent conversion rate.

Later on, new functions come week by week. As I'm working in the finance sector, it looked like the Fintech companies move a magnitude faster than the industry could imagine.

But last year something happened. The numbers didn't show a break in the extension, but strange sings appeared.

Last year I took my holiday in Schwitzerland. After arriving at my hotel, I immediately made a topup on my Revolut card to pay the reservation. I cannot do it because Revolut started a compliance check and blocked my account. No problem, I'm an adult, and luckily I have another account.

As a financial institution employee, I know KYC and AML, so I was pleasant and provided all the necessary documents. But this broke something. It was the first time I noticed I do all my things legally, and I'm not able to use my legitimately earned money! Why is this important?

Banking system built on Trust!On the promise, you put your money there, to be available when you need, they keep it safe!In traditional banks, these processes hidden. I never meet a compliance check; however, I know it runs every minute in the background.

I didn't make much importance to this process, but it warned me not to keep so much money on this account.

If you think about the fundamental business model of the Bank, it takes deposits to give loans. If you break trust, they will not make any deposits, so giving loans not an option in the future.

This year I got another compliance check. I was able to close in one day. The communication was correct, and fast everything resolved.

And we finally arrive in June!

One of my family members got a compliance check. After a few conversations, Revolut locked her account ( For information: How good idea to lock an influencer's account with 100k followers, who do their business totally legally? - That number only the Hungarian Revolut penetration). Next, his husband's account. After one day, they locked my and my wife's account.

I concluded how this happened! We made a safe to save for our year's end holiday.

And this is the essential information which I expect in the small font description must contain. You can make safe with other persons, and this disruptive solution will disrupt your daily finance also!

You can send money, for example, to split the bill of a restaurant, but you run the risk your account will be locked!

A little bit I feel like a guy in the bar at the beginning of the movie: Desperado

Now all card blocked, all function blocked, and I only get a screen:

We need some more data.

Talk to us.

But if you see the other screen. You cannot start a conversation. I got notifications about messages, which I don't see in the conversation!

You can see the last compliance check done on April 11th.

Now again, without any change in my financial behavior.

I have a metal subscription, which is the highest level. What sold with the package, you get way better customer service.

If you screw the chat function in your banking application. It is a normal you make a backup plan. E.G phone call center.

But Revolut chose a different method. Chat. If you take your bet on one card, be sure it will work sure as hell!

I attended several conferences last year. All talked about the customer experience and customer-centric focus. Now, do you rate this customer experience, if you are an outsider?

Transparency about processes today is a basic requirement. You can see how detailed explanation I got from Revolut:

How long you expect the resolution? What would be the expectation of you today?

This experience was the Wakeup Neo one!

Now I again believe in the traditional banking system and envision the fall of the Fintech companies.

Remember:

T R U S T - T R A N S P A R E N C YC U S T O M E R - F O C U STo make a visibility of these issues I would like to raise attention to some of my contacts, and some leaders from Revolut! If you have a comment, do not hesitate to participate in the conversation!

UPDATES:

I decided to write a timeline, to visualize the size of the problem:

2020. June 10. - My wife has another chat with support. How you rate this answer?

For full view, see FCA regulation, 4 business days already went but I cannot see the progress:

2020. June 8. - I found an article which might answer to this problem:

https://www.wired.co.uk/article/revolut-employment-coronavirus - Why they start cost-cutting on the staff, who communicates with customers if they start a Compliance campaign? No idea!

2020. June 7. - My wife got a message. But it is not a real answer what I expect from a premium customer support. No ETA, no real answer what is their problem.

2020. June 25. - Finally, they unlocked my account, and the first view was terrible. They closed all investments 1 week prior to my lock. They made transfers from and to different accounts, where we have transactions within my family. I noticed I'm not a metal subscriber, however, the fee was applied at the beginning of the month. I would cancel it anyway, so they did it. It is a question, how you make transactions on investment account without customer action? I think it raise legal issues, especially if there are losses on these transactions. The only message I got, they concluded the investigation, have a good day. It is a good day, to clean my account from future transactions.

2020. June 23. - No sign for any update. Just waiting for the 15 business days, to make my contribution to FCA. I hope they start to investigate this procedure. Not an ethical way to handle cashflow problems...

2020. June 16. - Still no sign of life from #Revolut They are always telling me to be patient. Have you ever met a real customer? They are not patient by DNA! All of my family members provided all information that they requested. They still not communicating! As far I know FCA given them 15 business days' time to give a final answer. 8 business days already spent. Not an efficient way to use time! #timemanagement

2020. June 12. - Today a Hungarian article appeared on the leading Hungarian portal. Same issue. It seams Revolut start to clean the premium customers from their portfolio. For those who interested, and understand the Hungarian language:

https://index.hu/gazdasag/2020/01/09/miert_zarolja_egyes_ugyfelek_szamlait_hetekre_a_revolut/

2020. June 6. - I filled a case to Finantial Ombutsman service. No access to my legally earned money, and no real answer what is the problem!

2020. June 5. - I tried to contact them via chat. I got some notification about messages, but I cannot see them in the application. I write to a complaint email address, but no real answers.

2020. June 4. - Revolut locked my account, and no access to anything else than talk to us.