Terrible Institution with Terrible…
Terrible Institution with Terrible Practices. I opened an account at N26 and as long as the transactions were not frequent and of no great amount I had no issue. The first time I performed a "large" and I''m talking $500 USD, my account was frozen, I was told to wait 24 hours and it would be accessible - 5 days I was told this same narrative. Noone could tell me why the freeze was placed or even what the exact 24 hour timeframe was. SO, I ended up no using the account for over 2 weeks. The first transaction went through successfully however the account was frozen at the same time. I've spoken with customer service who gives you all " I don't know" "we don't have that information" and was even disconnected from their chat in the middle of conversation 3 times. Noone can tell me why the account was frozen a second time, how long it will be frozen for, or even what prompted the freeze to take place. Common sense allowed me to decipher this. One thing is for sure, this place is horrible when it comes to customer service. They could care less about restricting any access to your money - which is also a means of survival. There is no mention of frequent account lock outs or freezes however I assure this doesn't with any other bank. I imagine all the people who have favorable experience with this institution keep small amounts of money in their account and probably don't have any heavy transaction traffic. I've looked into the financials of N26 and Axos and all other associated institutions, not really any impressive numbers which makes perfect sense. I have filed a complaint with the FDIC, Consumer Financial Protection Bureau, as well as the Office of the Comptroller of the Currency and forwarded all chat transcripts, transaction statements and a very detailed description of the issue at hand. When a financial institution freezes your account and restricts access to your means of survival (Food, Housing, Utility Payments) for weeks without warning, explaination, or support mechanism for accessing funds to survive - that institution does NOT need to be in operation. This was part of the message I have conveyed to the agencies my complaint has been filed with. In conclusion, there are too many other places to deposit your money that are safer, more dependable, and definately possess a legitimate environment regarding customer service that N26 clearly is against. I just hope I am able to access my money without having to wait weeks if at all.