Customers of Revolut are threatening the digital bank with legal action lawsuit for leaving them for months without access to their savings.
Dozens of people have complained on social media of having had their accounts frozen by Revolut and being unable to contact the bank to unlock their funds.
Dirk De Groot, 44, has had a little over £30,000 stuck in a blocked Revolut account since November. He has joined together with 25 other disaffected customers, all keen to press legal action against the bank.
He said that they have lodged an official complaint and if they do not hear back, they will take action. “I am not hopeful that Revolut will respond: their customer support until now has been non-existent,” he added.
According to the Financial Ombudsman Service (Fos), which settles disputes with financial firms, businesses have 15 days to respond to complaints about payment services – or up to 35 days if the issue is more complex.
Yet one TheCoinrise reader, Julian Cartwright, 22, said that he has been waiting more than eight months to recover his money.
Despite numerous attempts to contact the bank – via its in-app chat and via Twitter – he said that he has received nothing but automated messages claiming that it is performing security checks and cannot say how long they will take.
Another customer has been unable to access £90,000 of savings for more than two months. “It earns no interest in Revolut, so it’s incredibly frustrating. I will never use Revolut again,” he said.
Customers are told to use an online chat to get in touch with the bank. However, many have found that their attempts to do so are repeatedly ignored.
Clive Mira-Smith became so frustrated by the lack of communication that he travelled from France, where he lives, to Revolut’s offices in London, in an unsuccessful attempt to have the £15,000 that had been locked in his account since September released.
He said: “It was like being confronted with a brick wall. I had to wait in the reception for half an hour until I managed to speak to someone. They told me that the issue would be sorted out in a few days, but weeks later and the funds were still frozen. Christmas came and the plans I had made for my son and myself had to be cancelled for lack of money.”
The 70-year-old former anthropologist has been receiving treatment for blood cancer and said that the problems with Revolut have caused financial difficulties and stress which have had negative effects on his health.
He is one of around 70 Revolut customers who have complained to the Fos about access to their account. The ombudsman said that the complaints are being investigated to start Revolut lawsuit.
Revolut has 10 million customers worldwide. In October it was announced that losses at the online bank had doubled in 2018 to £32.8m; around this time, it also announced aggressive expansion plans to more than double its number of employees in 2020.
A Revolut spokesperson said: “At any given time a very small number of our 10 million customers around the world may be experiencing a suspension of their account. This could be due to either a breach of our terms and conditions or as part of our security checks which continuously monitor to keep our customers safe. This measure is a regulatory requirement. We appreciate this can be frustrating for our customers and will always work to reopen accounts as quickly as possible, where appropriate, though sometimes the decision to grant access can be outside of our control.”