I closed my revolt account today, just didn’t need/want, and trying to get rid of things unneeded…
If anyone else considers closing for any reason, just to give you the heads up, they advise that your remaining balance is taken as a closing fee if you don’t move first.
What? Closing fee? Great way to keep your user numbers high
I think the point is that Revolut will not refund your account when it closes so the onus is on you to remove the money before you ask the account to be closed.
However, if you would like to close your account you will first need to withdraw all of the funds in all currency pockets.
If you don’t want to withdraw it and demand it closed, I guess they will take the balance. I don’t see that as much of an issue really as you can remove money easily.
it’s a bit sneaky, I don’t think people would expect that.
Most would expect the balance to be transferred as part of the closure process
I think it’s just one of those things that make you think the user needs to work for Revolut, rather than Revolut working for the user…
I wouldn’t be sneaky if you are told up front about it and your given the opportunity to remove the balance. @Peter_G is right. More laziness on Revoluts part.
IMO it should be illegal for them to do that
I guess they don’t fancy posting 1p cheques
That is crazy, though to be fair with Revolut nothing surprises me.
So basically say you had £10k in your account and closed it they’d take it?
Who keeps 10 grand with Revolut?
It sure sounds like it… and I wouldn’t put it past them either.
To play devil’s advocate, it should be common sense to withdraw cash from any account before closing it. This is an example where one must work for themselves and take personal responsibility over your finances.
That’s a valid perspective. But not one I share, alas. I want providers to make my life easy, not make me jump through hoops. Others might be happy to, though?
Cheers, yours is too.
I just fail to see where the hoop jumping is. Closing an account is a decision that a reasonable, average user shouldn’t take lightly. The first action should be to research the consequences of that decision, which Revolut don’t make hard to find as @Chapuys showed explicit info lies in the Revolut help centre which can be reached in-app.
I closed Revolut but moved my money first. I personally was not impressed with customer service or speed of faster payments. Not keen on tender app either.
It’s ultimately the idea that a company would keep any money still in the account that is - in my view - unacceptable.
I’d like a simple process - click here to close and transfer all funds to this account. I could live with a “we can’t close your account until you’ve emptied it” message (even though this is the aforementioned hoop jumping). But to keep it makes me not want to do business with them.
I mean, you seem to be a fan of Revolut. I’m not trying to persuade you not to use them - I’m just setting out a reason that contributes to why - for me - I choose not to.
Fair enough, but again the process is already simple in my view and from a company’s point of view I’d be dumbfounded as to why someone would close an account without removing their balance.
Do we know if there is a prompt or not?
It amuses me that you felt the need to say this.
Every account I’ve had wouldn’t let me close it unless I transferred the funds out first.