N26 Feedback


(Jamie 🏳️‍🌈) #1056

This is undoubtedly true.

My point was, simply saying “you have protection” needs to be received with some modicum of critical thought, sadly lacking in one or two posters’ advice generally on this forum.

British customers of UK banks which are members of a foreign deposit protection scheme surely have to take into account they will be inevitably dealing with a foreign government, in a language they may not understand. There will be form–filling, communication, and information posted on websites which I imagine will be in German (or Lithuanian, or even Greek or Bulgarian which both use different alphabets) and whilst translation is always possible, customers should bear in mind that when things go wrong like this (such as in 2008) events are often fast–moving and the prevailing emotion can quite often be panic. Breaking news about a failing German bank may not be covered in the same depth in the UK media, and access to German news sources may be limited and in German, adding to the sense of unease.

Which may all be fine for a small contingent of brash, young, confident fintech enthusiasts here, but I would suggest might make the vast majority of British customers (including young people) feel there is too much of a barrier in using a foreign bank, when there is more than enough choice in the home market.

It is vital, however, to remember that when this actually happened in 2008 to the entire Icelandic banking sector, a court ruled that the ‘protection’ didn’t actually apply to British and Dutch customers, and that the Icelandic authority didn’t have enough money anyway to finance that ‘protection’. The UK and Dutch governments stepped in and invoked their own, separate protection schemes to stem the financial panic, leading to a lengthy dispute with Iceland about its fiscal responsibilities. There is nothing to say that would happen again with a foreign scheme as it would be a decision for the Chancellor of the day to take.

I was never calling into doubt the protection offered (or the ability of Germans to speak English) I was simply making the point that one needs to evaluate what you are realistically dealing with.


(Noel Edmonds Beard Sculptor ) #1057

#1058

I honestly see your fears as way overblown. The current deposit protection scheme and the solution in case of bank bankruptcy only exists since 2014.

As it stands it’s very unlikely that you’ll have a situation where deposit protection is needed. That’s because the banking system has mutualized any eventual catastrophic losses, meaning that if a bank is in trouble, every other bank in the same country has to chip in with money for a bailout, so costumers aren’t at risk of money loss.

Only if the situation is so serious that the necessary funds would destabilize the rest of the banking system, would the deposit protection be activated.

And, at least in paper, what would happen then is that you receive letter or email explaining the situation and asking for an IBAN so that they can reimburse your money. It supposedly takes 1 week to have your money back.

I’m sure you can find online all the regulations explaining how it works, this is just a summary of the multiple reports on the press here in Portugal in 2013/14 after a major bank here went bankrupt in 2013


#1059

I’m not sure I read @j06’s post as fears - more a dispassionate appraisal of the situation. Rare and unlikely such a situation might be, it’s always good to go in with eyes open, no?


(Scott) #1060

My card still not arrived I forget I must live on a small remote island!! :crazy_face:


#1061

Sorry to be the probable bearer of bad news, but it’s unlikely that card will ever arrive.

The same happened to my first card, and UPS told me it was likely lost, never to be found again.

N26 sent out a new card which did arrive this week!


(Scott) #1062

@nickh Oh I see, yes maybe that’s what’s happened to mine is now over 10 days shouldn’t really take that long, I will contact UPS for an update their side and see what there response is… thank you for giving me a heads up much appreciated :grin:


#1063

Cardiff is basically a small remote island, to be fair


#1064

Go tweet the head of international markets if you guys want Maestro


#1065

cc: @bentalbot


#1066

8 posts were merged into an existing topic: Maestro Cards


#1067

I’ve moved the Maestro card chat to the existing thread! (There’s also some super interesting insight from Monzo about card schemes, too!)


#1068

#1069

They released this article too early. By next month N26 will have a lot more functionality.

Kind of funny that there isn’t mass abuse being thrown at which from N26 supporters, huh. Guess that’s only for some communities.


(Sam H) #1070

Presumably the point about only being able to load the card using Euros via a SEPA transfer is incorrect? Seems like Which? haven’t even created an account themselves to test it out.


#1071

Let’s hold which accountable, I suppose.


#1072

The product is launched and out of beta. Seems reasonable enough, given the review states that things are on the way. These things change quickly so a future review might well be in order. Not sure about the transfer in euros by SEPA though. :thinking:

What’s your point? You’re clearly alluding at something, but I’m afraid it’s escaped me.


(Marcel Ruhf) #1073

Well, I’d say they haven’t built muxh brand loyalty in the UK, have they? They’ve just launched a few weeks ago.


#1074

True indeed, although I imagine there are a few people that have opened accounts in Germany that have managed to get a UK account somehow.


#1075

The transferring money into the account through SEPA is a load of bull.

They’ve launched out of beta but I’m considering it a beta period, even which said its currently in beta :thinking: so I’m assuming they’re considering it as such too.