N26 under German regulator’s microscope
German challenger N26 is going under scrutiny by German regulator BaFin, which has found several deficiencies that the bank must address as soon as possible.
“We’ve increased our workforce from 500 employees in August 2018 to more than 1,000 today”
Valentin Stalf, CEO of N26, has released a statement highlighting its commitment to fixing those issues: “As all licensed banks, N26 is subject to regular internal and external independent audits, including those by the German financial regulatory body BaFiN. Like all German banks, we are under BaFin’s supervision and have a very close working relationship with them.”
According to Handelsblatt, the regulator has ordered N26 to address staffing, outsourcing and engineering issues. The bank has shown delays in getting back to customers via email or chatbot.
The German publication says that, according to insiders, financial supervisors believe that N26 has grown rapidly, but has not adjusted structures at the same pace. However, the regulator’s feedback on the N26 was “unusually tough”.
This also has to do with the several fraudulent cases reported in the bank, and the slow response by the bank to get back to customers to address them, where the bank was unable to address and reverse these fraud transactions even when reported promptly by customers, reports the Handelsblatt.
“Regular audits are therefore business as usual for a bank. It is normal that during such an audit the regulator identifys points of improvement. We take the findings of every audit very serious and address areas of improvement as quickly as possible,” the CEO adds.
“We’ve increased our workforce from 500 employees in August 2018 to more than 1,000 today”, he states.
The bank has said it will investigate and address security measures and customer service over the coming months.
They blocked my account without any reasons, my money is stuck, and they don’t give my remaining funds back. No support, no explations, no answers, nothing, only arrogant…..It’s a shame
Similar story here, Bad Bank, rude staff and promises of callbacks. They owe me money and apologies. For lack of a better word scumb**s.
same here. blocked the account and money and their support just keeps turning me down (quite arrogantly).
will submit the complain to Bafin (German regulator). I would advise you do the same.
https://www.bafin.de/EN/Verbraucher/BeschwerdenAnsprechpartner/Ansprechpartner/BaFin/bafin_node_en.html#doc7858166bodyText1
You’re an idiot if you use N26 as your main bank account. It is designed as a supplemantary traveling debit card and it works very well for that purpose.
I like this bank. I think it really reflects the demand of 2019 year. Old banks are really outdated in terms of users experience and fees. Old banks are still working according to rules and market expectations of 19th century (( Revolut and N26 are game changers. Wish all the best for them.
Are you kidding me? Have you ever contacted Commerce Bank by mail? Have they responded immediately? I do understand that big banks see big risks for them due to such fin startups, but please play competition gave fare
Final-f***ing-ly!!!!!!
I have had this bank since 2 years without a problem. There are other big banks on the market that suck more more. Good job n26