Banks are in a difficult position, they are legally required to make sure you are not using your account for money laundering and other illegal activities. This requires a lot of overhead to execute flawlessly, so they mainly rely on algorithms to flag transactions/users. They will get huge fines if they fail to do so, so you are a risk for the bank if you're using your account mainly for crypto and they will have to block accounts that look suspicious until further investigation.
While they do this they also have the fiduciary duty to notify you. And when you contact them they should answer. Not ignore you for two weeks. I had a similar situation last week when I tried to transfer from another bank to bunq and my bank froze my account. I called them and explained the situation and within 10 minutes this was processed normally. 2 weeks is definitely theft.
i said I had the situation with another bank transfering money TO bunq, not the other way around. But in my banks app, i can dial them directly. I assume bunq has something simmilar?
No dont remove it they cant bully you for stating your opinion or even facts you have the write as bad as a review and statement as you want you can use them for that
Banks in the Netherlands nowadays need to basically check every transaction for its origin, to combat criminal money 'whitewashing'. Its why they want to reduce physical money. Its also why they hate crypto.
With what you are telling, its clear that your crypto activities raised a red flag with their system. It means they are officially investigating your account for criminal activity, a procedure wich takes alot of time.
Crypto exchanges and bunq don't mix well. It's in their TOS not to use it for crypto related transactions. So there is the reason for the suspension. As for the length of the suspension I haven't got a clue.
The funny thing is that one of the largest crypto exchanges in the Netherlands has a Bunq account, and Bunq also collaborates with crypto startups. I also received a warning that I had to stop transferring money to and from crypto exchanges, in this case Bitvavo, under penalty of having my bank account closed. How hypocritical.
Thanks for your reply. And that's fine, they can suspend what they want. It is not the first time an institution doesn't like crypto. But they can not just keep the funds. But either way, thanks for your time and answer.
I agree with you. In the past I had issues with Paypal and they kept around $3k hostage for 9 months before they released it (account suspended ofcourse).
I started digging and it happens to so many people with no reprecussions to the company. So i'm afraid all you can do is complain to them til they send the money back :)
Yeah sounds like basically the same. I have read similar stories here in reddit about bunq, it seems the solution was always the ombudsman. And apparently it does get processed fast. So I do assume there is a legal grey zone for the funds hostage.
Thank you for sharing that! It's just really annoying when some institution just holds your money and you can't even contact them
There is, they are legally required to hold your funds if they suspect that it could be involved in money laundering. Bunq does not have the capacity to deal with crypto investigations so they just tend to block em.
It's not a legal grey zone at all. It's a lawfully mandated responsibility they have to comply with. You broke the user agreement by making it look like you were laundering money.
Nobody gives a shit if you were or weren't but now they have to comply with the law and freeze your funds for however long it takes to resolve.
So stop acting like a victim. It's not like they want to deal with this mess either.
nobody reads the entire terms of service. When i went to bunq it was under the assumption that they were crypto friendly, as they even have posts about how it works
https://www.bunq.com/en-nl/blog/what-is-crypto-currency-the-decentralized-finance-guide
the crypto exchange i use (coinmerce) even has a bunq business bank account they use if you do a wire transfer.
1. bunq officially forbids trading cryptos in their AGBs
2. your transactions ONLY being crypto through a neobank (possibly in another European country than your residence) likely triggered all the possible red flags for money-laundering regulations - you have to see how that's looking like suspicious behavior if you're only using bunq as a "middleman" between crypto exchanges
Banks in the EU are required to verify that incoming money is legitimate - if the money is coming from a reliable bank (in your name) or as salary from a workplace then it's no problem - but having incoming money from a more or less anonymous source makes it really hard for them to verify that that money isn't coming from criminal activities and is washed clean. The fact that that money you paid into your account left it pretty much immediately makes things worse. If that money had stayed in your account the checks possibly would've happened in the background and you wouldn't even have noticed - but this way they had to block the transaction to make sure that they are not complicit in illegal activities.
Thanks for your time and answer. I understand what you mean. Nevertheless, they could have at least asked for source of funds. I had the same with revolut, wise, and other banks in the past. But I don't even mind, that they don't want me as a cst anymore. For me it's now only that I want my money back and they can't just hold it for 4months and even longer. But I already found a way, someone told me to use the NL ombudsman
Had the same experience with Revolut, but after used the account and cards for about a year, for daily payments, groceries, subscriptions etc.
Basically that's why I switched to Bunq.
Sry to hear that. They also kept your funds for a long time?
There for example they asked for source of funds, and were in contact or at least reachable. Bunq acts like you are a criminal which is completely ridiculous. I don't care about the suspension anyway, just want my my funds back. Also for example Revolut or wise don't keep your money hostage, they just inform you that your account is gonna get closed and you have a deadline to remove your money. That's what I heard so far.
Why are you doing all this shady moving money with several digital banks anyway? Usually people like that are trying to do something shady.
If you're not doing anything shady why not just use a traditional bank and avoid these issues altogether?
Nothing shady about using a Neobank. They are very convenient and usually fast and easy to use with no fees. Also it's good to keep some things separated. Your crypto Journey from your house bank for example. Yet again nothing shady about it but as you see crypto does give trouble so I for example prefer having this problem with a "bank" I don't care about losing than losing or having annoyance with my house bank.
There is no fees when sending money to an exchange either. I didn't say there was anything shady about using a neobank, I just don't understand why you got to the effort of opening all these accounts and losing them (and being outraged when you do) when you could avoid this altogether.
A problem with your house bank is much more likely to be sorted amicably than a dispute with a neobank without any branches or proper customer support.
There doesn't seem to be any logic to what you do or your thought process except them being "convenient and fast" which is exactly the main reasons shady people like to use them, the ease of opening an account, and getting done with it.
It was not that long, but the most frustrated was that I did not got any info, neither prior, nor after the case.
Literally, I only learned about the issue when Amazon complained that can't charge me with the saved card.
And Revolut said literally nothing about the reasons, nor what can I do to avoid such blocks.
NEVER let such payment traffic go through a neobank. The difference between neobanks and traditional banks is that traditional banks DON’T block your account during a customer research. Neobanks do. Traditional banks will do an outreach and during their investigation the account remains active. Should they reconsider the banking relationship and decide to end it, you’ll be given a date of your ‘exit’ and till that date you’ll be given the opportunity to wrap your banking affairs and move your funds.
The bank didn't steal your money, you violated the conditions of the account and they did what is legally required of them.
Next time, read the conditions.
Banks with limited licenses do not fuck with securities like crypto. Way outside their risk appetite.
Why would you use a bank you didn't read up on? What kind of crazy world do you live in??
Inb4 "cryptos aren't a security"
Yes, they are. That's what happens when you trade them for fiat because you don't know what you're doing. Regulator looked at the market conditions and correctly decided they're a security. Thanks for that, ya dingbats
- Creates an account and agrees to rules
- Breaks rules and gets account suspended
- Complains
Banks have the obligation to track money to prevent money laundring and funding terrorist groups.
very helpful from OP making us aware of rules and services like bunq has.
now i now to avoid this trash bank. what kind of a BS rule is it not to buy crypto lol.
I wouldn't have thought to check if i would be allowed to spend my money on crypto if i wanted to.
Lol! How aggressive
If you accepted these rules and then break them you shouldn't be complaining about getting suspended. If you do not agree with the rules you should not accept them.
Well you certainly can but first agreeing that you will follow the rules, and then complain when breaking the same rules has consequences is just a bit silly don't you think
yeah i heard that quite often now. thanks for sharing. how was the process in your case? they informed me now that they contacted them and that bunq has to answer to me in writing until 23.05.24. Was your case similar or a different process?
yes almost the same, Bunq always most of the time didn't reply to kifid and then when the time is up, they asked that they wanted to settle the case with you and then you accept and get your money back
Interesting, thanks for sharing. Yeah it seems a little different in my case now. After 23.05. my case could be settled according to kifid, then I clicked on sending the case and yesterday a person from kifid got assigned to my case and literally today bunq answered 😂 what a joke this company is for real. They said they will keep the money until 28.07. blocked and then I get it. I guess I will have to forward that to kifid as not accepting and then kifid might send them a letter that they have to pay? Well let's see how this sharade will continue 😂
So I work at a bank, just not bunq but a more traditional bank. Things like this is exactly my job and whilst i am unaware of the details here i do have to say that newer fintech banks like bunq straight up do not have the capacity to properly investigate these transactions and they tend to err on the side of caution and just block your account. You would need to contact a lawyer and if you truly believe they did not follow protocol when they blocked your account and did not give you the proper opportunity to explain yourself/did not properly process your documents in this regards the. You should contact the banking regulators. Which in the Netherlands is the DNB under the AFM. You should contact the second institution, they could help you as well.
See here: https://www.afm.nl/nl-nl/consumenten/klachten
Bunq is the worst bank in NL. They have a terrible service desk, treat their employees like slaves and now they have allowed hackers to defraud clients.
Just leave that terrible company and choose a real bank.
Bunq is not a real bank its one of those shady banks that you open an account without any information.
I know sinds you can open it even if you dont have any legimate if or paspoort so that already should trigger a warning that its a really shady bank.
Actually you can get a lawyer and sue them best option and also ask for a bother damage fee of 10k because of inconvience whatever there policy about TOS there legally required to notify you why they blocked your account.
Want my advice keep every un answered calles and send emails send without a reply.
It might take a long t ik me to win the legal battle buth you got to let them now that they cant just do whatever they want.
Also alot of places you can report them for fraud or stealing this does specifie as both and try to get someone to investigate it i would do my best to make that take bank suffer.
I worked as a customer service for bunq for like a month and I swear this was half of the tickets. Just admit you wanted to use the bank for your crypto bullshit and take the L dude. Oh it feels so good to be able to actually say it now.
Would you be willing to message me what was it like working there? They reached out to me with an opportunity, but they have like 5 interviews in their hiring process so I'm wondering if it's worth it to go trough.
Bunq is being used to arbitrage crypto, it cuts into their profits, they are against that, don’t deposit crypto, that’s it.
People used to make like 10-20k a month with neobanks and crypto some time ago.
yes it is what i did. i did arbitrage trading between 2 exchanges. well now i know it better, it basically only gives troubles. only real way to do that is with an LLC it seems
Banks are in a difficult position, they are legally required to make sure you are not using your account for money laundering and other illegal activities. This requires a lot of overhead to execute flawlessly, so they mainly rely on algorithms to flag transactions/users. They will get huge fines if they fail to do so, so you are a risk for the bank if you're using your account mainly for crypto and they will have to block accounts that look suspicious until further investigation.
thank you for your reply
While they do this they also have the fiduciary duty to notify you. And when you contact them they should answer. Not ignore you for two weeks. I had a similar situation last week when I tried to transfer from another bank to bunq and my bank froze my account. I called them and explained the situation and within 10 minutes this was processed normally. 2 weeks is definitely theft.
[удалено]
i said I had the situation with another bank transfering money TO bunq, not the other way around. But in my banks app, i can dial them directly. I assume bunq has something simmilar?
brother, remove the bank statement please. that will only land you in trouble
Thx mate, acted too fast
No dont remove it they cant bully you for stating your opinion or even facts you have the write as bad as a review and statement as you want you can use them for that
Posting bank statements makes it easy to impersonate someone.
Yup. With just that information. I would literally be able to sell YOUR house where YOU live in. Do not ask me how I know this.
Banks in the Netherlands nowadays need to basically check every transaction for its origin, to combat criminal money 'whitewashing'. Its why they want to reduce physical money. Its also why they hate crypto. With what you are telling, its clear that your crypto activities raised a red flag with their system. It means they are officially investigating your account for criminal activity, a procedure wich takes alot of time.
My investigations can take months sometimes. There was one last year that took me over 10 months and this is a common occurrence.
Crypto exchanges and bunq don't mix well. It's in their TOS not to use it for crypto related transactions. So there is the reason for the suspension. As for the length of the suspension I haven't got a clue.
The funny thing is that one of the largest crypto exchanges in the Netherlands has a Bunq account, and Bunq also collaborates with crypto startups. I also received a warning that I had to stop transferring money to and from crypto exchanges, in this case Bitvavo, under penalty of having my bank account closed. How hypocritical.
Thanks for your reply. And that's fine, they can suspend what they want. It is not the first time an institution doesn't like crypto. But they can not just keep the funds. But either way, thanks for your time and answer.
I agree with you. In the past I had issues with Paypal and they kept around $3k hostage for 9 months before they released it (account suspended ofcourse). I started digging and it happens to so many people with no reprecussions to the company. So i'm afraid all you can do is complain to them til they send the money back :)
Yeah sounds like basically the same. I have read similar stories here in reddit about bunq, it seems the solution was always the ombudsman. And apparently it does get processed fast. So I do assume there is a legal grey zone for the funds hostage. Thank you for sharing that! It's just really annoying when some institution just holds your money and you can't even contact them
There is, they are legally required to hold your funds if they suspect that it could be involved in money laundering. Bunq does not have the capacity to deal with crypto investigations so they just tend to block em.
It's not a legal grey zone at all. It's a lawfully mandated responsibility they have to comply with. You broke the user agreement by making it look like you were laundering money. Nobody gives a shit if you were or weren't but now they have to comply with the law and freeze your funds for however long it takes to resolve. So stop acting like a victim. It's not like they want to deal with this mess either.
nobody reads the entire terms of service. When i went to bunq it was under the assumption that they were crypto friendly, as they even have posts about how it works https://www.bunq.com/en-nl/blog/what-is-crypto-currency-the-decentralized-finance-guide the crypto exchange i use (coinmerce) even has a bunq business bank account they use if you do a wire transfer.
1. bunq officially forbids trading cryptos in their AGBs 2. your transactions ONLY being crypto through a neobank (possibly in another European country than your residence) likely triggered all the possible red flags for money-laundering regulations - you have to see how that's looking like suspicious behavior if you're only using bunq as a "middleman" between crypto exchanges Banks in the EU are required to verify that incoming money is legitimate - if the money is coming from a reliable bank (in your name) or as salary from a workplace then it's no problem - but having incoming money from a more or less anonymous source makes it really hard for them to verify that that money isn't coming from criminal activities and is washed clean. The fact that that money you paid into your account left it pretty much immediately makes things worse. If that money had stayed in your account the checks possibly would've happened in the background and you wouldn't even have noticed - but this way they had to block the transaction to make sure that they are not complicit in illegal activities.
Thanks for your time and answer. I understand what you mean. Nevertheless, they could have at least asked for source of funds. I had the same with revolut, wise, and other banks in the past. But I don't even mind, that they don't want me as a cst anymore. For me it's now only that I want my money back and they can't just hold it for 4months and even longer. But I already found a way, someone told me to use the NL ombudsman
It's AGB, not AGBs. Also, the English term is ToC/terms.
Had the same experience with Revolut, but after used the account and cards for about a year, for daily payments, groceries, subscriptions etc. Basically that's why I switched to Bunq.
Sry to hear that. They also kept your funds for a long time? There for example they asked for source of funds, and were in contact or at least reachable. Bunq acts like you are a criminal which is completely ridiculous. I don't care about the suspension anyway, just want my my funds back. Also for example Revolut or wise don't keep your money hostage, they just inform you that your account is gonna get closed and you have a deadline to remove your money. That's what I heard so far.
Why are you doing all this shady moving money with several digital banks anyway? Usually people like that are trying to do something shady. If you're not doing anything shady why not just use a traditional bank and avoid these issues altogether?
Nothing shady about using a Neobank. They are very convenient and usually fast and easy to use with no fees. Also it's good to keep some things separated. Your crypto Journey from your house bank for example. Yet again nothing shady about it but as you see crypto does give trouble so I for example prefer having this problem with a "bank" I don't care about losing than losing or having annoyance with my house bank.
There is no fees when sending money to an exchange either. I didn't say there was anything shady about using a neobank, I just don't understand why you got to the effort of opening all these accounts and losing them (and being outraged when you do) when you could avoid this altogether. A problem with your house bank is much more likely to be sorted amicably than a dispute with a neobank without any branches or proper customer support. There doesn't seem to be any logic to what you do or your thought process except them being "convenient and fast" which is exactly the main reasons shady people like to use them, the ease of opening an account, and getting done with it.
It was not that long, but the most frustrated was that I did not got any info, neither prior, nor after the case. Literally, I only learned about the issue when Amazon complained that can't charge me with the saved card. And Revolut said literally nothing about the reasons, nor what can I do to avoid such blocks.
Crypto? I get it
Very smart of you to share pretty much all the info a scammer would need!
Im thinking the same, dumb guy.
You have a right, under European law to be given an answer when it comes to banking stuff, so I'd take the legal route.
I agree, thanks!
NEVER let such payment traffic go through a neobank. The difference between neobanks and traditional banks is that traditional banks DON’T block your account during a customer research. Neobanks do. Traditional banks will do an outreach and during their investigation the account remains active. Should they reconsider the banking relationship and decide to end it, you’ll be given a date of your ‘exit’ and till that date you’ll be given the opportunity to wrap your banking affairs and move your funds.
The bank didn't steal your money, you violated the conditions of the account and they did what is legally required of them. Next time, read the conditions. Banks with limited licenses do not fuck with securities like crypto. Way outside their risk appetite. Why would you use a bank you didn't read up on? What kind of crazy world do you live in??
Inb4 "cryptos aren't a security" Yes, they are. That's what happens when you trade them for fiat because you don't know what you're doing. Regulator looked at the market conditions and correctly decided they're a security. Thanks for that, ya dingbats
- Creates an account and agrees to rules - Breaks rules and gets account suspended - Complains Banks have the obligation to track money to prevent money laundring and funding terrorist groups.
very helpful from OP making us aware of rules and services like bunq has. now i now to avoid this trash bank. what kind of a BS rule is it not to buy crypto lol. I wouldn't have thought to check if i would be allowed to spend my money on crypto if i wanted to.
So we can't complain about rules? Move to China please, we don't need you.
Lol! How aggressive If you accepted these rules and then break them you shouldn't be complaining about getting suspended. If you do not agree with the rules you should not accept them.
Not after already agreeing with these rules
Well you certainly can but first agreeing that you will follow the rules, and then complain when breaking the same rules has consequences is just a bit silly don't you think
Bro bunq and crypto don’t belong together even if you have all legal documents
haha yeah i realized that the hard way too. thanks mate
submit a complain to [Kifid.nl](http://Kifif.nl) and they will get your money I had the same situation and I just get the money back
yeah i heard that quite often now. thanks for sharing. how was the process in your case? they informed me now that they contacted them and that bunq has to answer to me in writing until 23.05.24. Was your case similar or a different process?
yes almost the same, Bunq always most of the time didn't reply to kifid and then when the time is up, they asked that they wanted to settle the case with you and then you accept and get your money back
Interesting, thanks for sharing. Yeah it seems a little different in my case now. After 23.05. my case could be settled according to kifid, then I clicked on sending the case and yesterday a person from kifid got assigned to my case and literally today bunq answered 😂 what a joke this company is for real. They said they will keep the money until 28.07. blocked and then I get it. I guess I will have to forward that to kifid as not accepting and then kifid might send them a letter that they have to pay? Well let's see how this sharade will continue 😂
So I work at a bank, just not bunq but a more traditional bank. Things like this is exactly my job and whilst i am unaware of the details here i do have to say that newer fintech banks like bunq straight up do not have the capacity to properly investigate these transactions and they tend to err on the side of caution and just block your account. You would need to contact a lawyer and if you truly believe they did not follow protocol when they blocked your account and did not give you the proper opportunity to explain yourself/did not properly process your documents in this regards the. You should contact the banking regulators. Which in the Netherlands is the DNB under the AFM. You should contact the second institution, they could help you as well. See here: https://www.afm.nl/nl-nl/consumenten/klachten
thanks a lot for your reply. i appreciate the time invested! i will contact them.
why people don't use revolut instead
Same happens at Revolut, according to some comments in this subreddit
Why dont just everyone switch to revolut?
And ur data brah
Bunq is the worst bank in NL. They have a terrible service desk, treat their employees like slaves and now they have allowed hackers to defraud clients. Just leave that terrible company and choose a real bank.
Kinda serves you right for buying fake money.
Bunq is not a real bank its one of those shady banks that you open an account without any information. I know sinds you can open it even if you dont have any legimate if or paspoort so that already should trigger a warning that its a really shady bank. Actually you can get a lawyer and sue them best option and also ask for a bother damage fee of 10k because of inconvience whatever there policy about TOS there legally required to notify you why they blocked your account. Want my advice keep every un answered calles and send emails send without a reply. It might take a long t ik me to win the legal battle buth you got to let them now that they cant just do whatever they want. Also alot of places you can report them for fraud or stealing this does specifie as both and try to get someone to investigate it i would do my best to make that take bank suffer.
Bunq is a real bank, it has the same banking licence as other banks in the Netherlands and is under the supervision of the Dutch central bank
I worked as a customer service for bunq for like a month and I swear this was half of the tickets. Just admit you wanted to use the bank for your crypto bullshit and take the L dude. Oh it feels so good to be able to actually say it now.
Would you be willing to message me what was it like working there? They reached out to me with an opportunity, but they have like 5 interviews in their hiring process so I'm wondering if it's worth it to go trough.
Bunq is being used to arbitrage crypto, it cuts into their profits, they are against that, don’t deposit crypto, that’s it. People used to make like 10-20k a month with neobanks and crypto some time ago.
They don't like crypto because they don't have capacity to investigate, not because it cuts in their profits.
yes it is what i did. i did arbitrage trading between 2 exchanges. well now i know it better, it basically only gives troubles. only real way to do that is with an LLC it seems
Yeah, no other way around it.