N26 - request for details of my 'other' bank accounts..Hmmm

C

chatan

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I've been a happy customer of N26 for a while now but recently got a very odd request from them. Am curious to know if anyone else received the same?

The essential excerpts from the mail were: "this is a routine control... to ensure the security of your account.. we kindly ask you to send on the last three statements from your other bank account..and as Customer Service is not involved in this process, please attach the requested documents in your reply to this email"

Quite apart from privacy concerns this (and especially the last bit) set off many alarms. So, I forwarded the mail to [email protected]. To my surprise they came back to say it was genuine, repeating the 'routine control' garbage. Naturally, I'm ignoring this request, but unless their systems have been hopelessly compromised it would appear to be genuine. Wtf!

Chat
 
They will lock your account in a heart beat!

A lot of Fintech banks rely on other banks to do the heavy lifting on their Anti money laundering checking for them, but still need to comply with legislation. In this case, you've probably crossed a trigger point where they need proof the money lodged to your account is genuinely a 1st party transfer, so want to see the money coming out of an account in your name. As a German bank, there are specific thresholds set in their legislation.
 
RedOnion said:
They will lock your account in a heart beat!

A lot of Fintech banks rely on other banks to do the heavy lifting on their Anti money laundering checking for them, but still need to comply with legislation. In this case, you've probably crossed a trigger point where they need proof the money lodged to your account is genuinely a 1st party transfer, so want to see the money coming out of an account in your name. As a German bank, there are specific thresholds set in their legislation.
Click to expand...
Thanks for the insightful reply. Jayzus, I don't want that to happen, finding it incredibly useful, etc. It did occur to me that it probably related to money-laundering but why could they have not said so explicitly rather than suggest it was for my benefit? I'd be happy to provide redacted versions of my bank statements, ie at least identifying those that went to N26, vs the whole caboodle that they seem to be asking for. You'd wonder too why could they not simply trace the IBAN of the incoming flows? (In my case all the incoming flows were from the same bank account. And in my name).
 
I was reading about this last week while doing some research on N26 before opening an account with them. Here are some links

n26.com

BaFin order for N26: What it means and why our customers don’t need to worry

Find out what the BaFin order means, what we’re doing and why it doesn’t affect our customers.
n26.com n26.com



It looks as though they are playing catchup on AML on BaFin’s orders.
 
Freelance said:
I was reading about this last week while doing some research on N26 before opening an account with them. Here are some links

n26.com

BaFin order for N26: What it means and why our customers don’t need to worry

Find out what the BaFin order means, what we’re doing and why it doesn’t affect our customers.
n26.com n26.com



It looks as though they are playing catchup on AML on BaFin’s orders.
Click to expand...
Thanks. Definitely won't be using it to hold anything more than a day-to-day spending reserve after reading this!
 
chatan said:
Thanks for the insightful reply. Jayzus, I don't want that to happen, finding it incredibly useful, etc. It did occur to me that it probably related to money-laundering but why could they have not said so explicitly rather than suggest it was for my benefit? I'd be happy to provide redacted versions of my bank statements, ie at least identifying those that went to N26, vs the whole caboodle that they seem to be asking for. You'd wonder too why could they not simply trace the IBAN of the incoming flows? (In my case all the incoming flows were from the same bank account. And in my name).
Click to expand...

I have, in the past, sent copies of bank / visa statements with all the transactions and balances blanked out (or as you said, leaving the transfers to N26 visible) and all the relevant information visible (i.e. name and address, IBAN etc)

They don't "need" to see the activity on your statement for AML purposes though it will look odd to them. If they question it, point out that it isn't necessary and you have no idea who would have access to the information.
 
Yes, that sounds a sensible approach.

Bafin obligations or not I am seriously unimpressed by the clumsiness of their email. Ok, that's the end of my rant :)
 
This is very interesting. I applied for an N26 account last night around 10pm. I have a Revolut one for a few years that I use primarily for foreign currency transactions and holiday spend - but I though I would give N26 a go for my day to day spend here in Ireland - to see what it was like to use. I done the usual taking photo of passport and selfie, and got a message this morning at 8:30am saying my account was approved and card was on its way. There was no request to provide proof of residence, which I was surprised at.
No doubt it will come in a few weeks when I start using the account - but I am surprised that they did not make it a condition of signing up !

In terms of providing the bank accounts to them - I have no issue providing a redacted version of my account to them. The only people who get the full version are the bank when I am applying for some form of credit (i.e. mortgage). Otherwise people have no need to see what I have in my bank accounts (ever!!)
 
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