Kroo Bank Chat

Financial Chat Fintech Chat
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1122

Kroo on the crypto ban:

We are introducing some changes to our terms and conditions, which we have summarised below:

  • A change to card replacement fees
  • How we process cryptocurrency transactions
  • Clarification on how we calculate interest
  • Other changes

Changes in card replacement fees

From 30 July 2024, our card replacement fees will change. You will be able to claim one card replacement for free, the second and any subsequent card replacement in a 12-month period will be subject to a £5 replacement fee. Please refer to our fees page for more details.

How we process cryptocurrency transactions

To help keep your account and money safe, we are introducing some restrictions to the type of payments you can make or receive with your Kroo account.

From 30 May 2024, we will no longer support bank transfers or card transactions associated with cryptocurrencies. We have expanded condition 19.7 in our Terms and Conditions to clarify that you can’t use your Kroo account for this purpose.

We have made this decision because cryptocurrencies are increasingly being used by fraudsters as a way to scam people. We do, however, understand that you may still wish to make these transactions. If you choose to do so, please make sure you find a trustworthy alternative provider.

What will happen?

For card transactions, this will mean that if we consider a payment is being made to a cryptocurrency asset provider, we will decline it.

If you are making a bank transfer from your Kroo account to a payee that we recognise as a cryptocurrency provider, the payment will be rejected and the funds will not leave your account.

Finally, if you receive a bank transfer from a sender related to cryptocurrency assets we will not process the payment and the funds will be returned to the sender within 3 working days.

What next?

Your account will continue to work in the same way for all other services, from day-to-day spending to saving, and our dedicated team is here to help you with all of your banking needs.

3 Likes
1124

Seeing some noise on other forums around Kroo taking standing orders earlier than planned ; stating that it can take 3-5 days to reach the recipient so they are justified in taking them early.

Never heard that happen before!

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1125

Whut?

Like, standing order set for 5th each month but they take it 1st? :no_mouth:

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1126

Yup, pretty much!
The example used was for a Standing order due on the Friday that was collected on the Wednesday (no bank holiday or anything like that)

2 Likes
1127

These guys are not doing well :pensive:

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1128

How does literally every other bank manage then lol.

1 Like
1129

Yeah there is talk on there about it being because it’s part of the Faster Payment Scheme, but that just does not make sense to me.

A Standing Order is, to me, a scheduled Faster Payment with an aligned frequency, no more than that. The thought that they could be executed on dates not specified astounds me.

I do question the validity of that thread though, purely because it does sound so unbelievable. Have they really set the Standing Order, or Recurring Payment, up correctly?

Just a thought.

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1130

Sounds like rookie error from the customer side on the face of it.

But then part of me says it’s Kroo…

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1131

That is exactly what I thought too… but then the other part of me is thinking if that is the case then Kroo would specifically say that.

After all, they were quick enough to blame me for failed direct debits that I set up on the day I got paid when I was made aware that they could review salary payments lol so it was effectively a risk I was willling to take.

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1133

What other forums?

1134

Pretty card :laughing:

1135

This one:

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1137

I use Kroo for my personal bills account, so I can earn interest each month on the money that’s going out and not have to worry about the balance in my day to day account.

I have 3 standing orders and 6 direct debits. I’ve had this set up since before Christmas and no payment has ever been taken earlier than the day it was scheduled to.

Kroo gets a lot of shit on here, but I have had nothing but positive experiences with them.

4 Likes
1138

I have a few direct debits set up with kroo not had any problems with them not being paid and get notified a day before they are due

2 Likes
1139

Looks like Kroo are now reporting to the Credit Reference agencies.
So far, it’s showing on my Transunion file

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1140

So they are, started April 2024 but does show my open date of November 2022.

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1141

They may not be allowed to historically report from before they are signed up to report to CRA’s

1143

I remember when I had to update my email address I was locked out the app until I provided a copy of my photo ID.

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1144

They wanted proof of my address when I needed to update it, think a bill or something. Told em it’s a change of address not mortgage application.

They updated it without arguing further.

3 Likes
1147

Nooo. It might become a bank you’d really want to have someday and they could decide not to let you in again. Much better to lock the card and put it in the drawer.