Constant loss of money from Revolut accounts, silence from the support service and tons of statements to the police. How are things with the bank and the Revolut payment system?
The service of payment systems Revolut is of British origin, it was founded in 2015 by natives of Ukraine and Russia. According to experts, he was one of the most promising startups in the financial sector. Revolut was conceived as a fee-free, instant cross-border payment solution. By means of its application, the service allowed opening multicurrency accounts. Today, the company’s value is estimated at $ 1.7 billion, but thunder struck in early spring 2021, when the service was discredited by several scandals at once.
The beginning was laid by the report of the British newspaper The Financial Times, which published a note on March 5 about the police investigation into the Revolut case. The case concerned the loss of £ 70,000 from a customer service account. At the request of the client, who contacted the service help desk, the account that belonged to him was blocked. In response, Revolut claims that there was a technical failure and the money has already been fully returned to the account. The press service of Revolut claims that this situation cannot be classified as fraud and the police did not conduct any investigation.
In an article published by Wired, company employees were unhappy with the working conditions and talked about excessive standards and non-payment of overtime work. Such working conditions favored staff turnover. After reviewing profiles of previously employed employees, Wired found that nearly 80% of them had less than a year of work experience with the company.
Responding to the published material, the director of the company Nikolay Storonsky partially admitted that Revolut’s policy in relation to employees was wrong, emphasizing the measures taken in the company to improve corporate ethics.
Peter Higgins, Chief Financial Officer of Revolut, resigned on March 1, 2021. The decision was motivated by the fact that further development of the company will require experience in the banking sector, which he did not have.
This resignation is suggestive of Revolut’s work. Until recently, the campaign has received an avalanche of criticism and complaints regarding account closings and freezes. Such claims cast doubt on the prospects for the development of digital banks. A reasonable question arises about the ability of “newcomers” to the banking services market to competently implement financial technologies and the level of service.
In the event of a conflict situation, the company’s clients will be defenseless. Attempts to contact Revolut representatives using the feedback service run into big problems. The company blocks the client’s accounts at will, and he will be forced to sit with frozen accounts for months until he turns to the police.
Interestingly, even the company’s employees themselves are not aware of the reasons for blocking money transfers or freezing accounts. Revolut’s management argues for this situation by the fact that at first there is a massive influx of customers, and when this number exceeds several million, problems begin to arise. People from the financial regulator come and start asking questions about customers — who are these people? After that, a massive blocking of transfers and accounts suspicious from the point of view of the regulator begins. Most of the accounts are “checked” for 1–2–3 months, which allows the bank to use these funds at no cost, and there are thousands of such accounts, and the amount of blocking is hundreds of millions of euros!
It is strange that a company like Revolut was missed by the European financial regulator, since the legal origin of the money used to open the company is being questioned. Even more alarming is the lawlessness and disregard for the clients of the bank and the payment system.
This tangle of problems is tied into a huge knot and calls into question the prospects for the future of Revolut. The company is currently going through the peak of its crisis and it is not known whether it will be able to do so. “The bank is on the verge of collapse, only a miracle can save it…” an insider commented on the state of affairs ….. However, the founders of the Bank have everything in order with their finances.
NewsAndLeaks.com strongly recommends law enforcement agencies in Russia, Europe and the United States to conduct a thorough investigation of this bank and its management. Also, according to the editorial office, Revolut Bank was involved in manipulating the elections in the United States.