Yup. This also why people should only use fintech banks (Revolut, N26, Bunq, etc) as a checking account and should keep the bulk of their money elsewhere.
Because of the relatively low-friction signup process, fintech banks are extremely trigger happy with account locks, and at that point you have to go through their permanently-overloaded customer service to get your money transferred to another bank, a process that might take months if you’re unlucky.
That’s just wrong. Revolut, N26 and Bunq all have banking licenses, which means funds are insured to €100 000, €200 000 if it’s a shared account.
It’s not that they “steal” your money, but unlike your local bank, their customer service is much less tactile which means that if you’re up shit’s creek getting out if it gets much harder.
Because of the relatively low-friction signup process, fintech banks are extremely trigger happy with account locks, and at that point you have to go through their permanently-overloaded customer service to get your money transferred to another bank, a process that might take months if you’re unlucky.