#11



Yes. They are, in effect, not regulated, and get away with blue murder on a number of fronts.





Assuming you've done no wrong, when you get this sorted, please make sure you dispense with this rogue bank and tell them why you're doing so in no uncertain terms. The only problem is, you'll have to move to another rogue bank - they are pretty much all the same. Oh, and make sure you brief against this Fidor bunch of chumps at every opportunity.
Originally posted by GingerBob


Oh ok so Fidor is not regulated like established UK high street banks? Unlicensed?

#12



Fidor is German. I expect you are covered by the German equivalent of the FSCS.







Yes. Your bank have frozen your account. As that's your only account you have a problem.







Earning a "neat profit margin" on the stock market isn't guaranteed you know.







You have stated that their "Compliance Team" are reviewing your account and that is not a "random account review"; thus they have a reason for doing so. I have no idea what that reason is. It may well be a misunderstanding, but if I had to guess I'd say it was suspicious activity implying money laundering or similar.



But when it comes down to it any bank or, indeed anybody at all, can choose not to do business with someone for any reason they like.
Originally posted by antrobus


But they haven't given me a reason yet. If they can prove that I got money from drugs, illegal businesses, terrorism financing, weapon sales or whatever evidence they have along with a filed police report for a criminal arrest then yeah I understand why a bank can freeze an account however they showed nothing and said nothing. If they accuse a customer of money laundering then the onus is on them to prove it. Im tired of this BS.



I googed money laundering and it says anything over £5000 is classed as suspicious money laundering. I have less than that so what the heck is going on? Its absolutely ridiculous.



Ok lets say they still freeze my account after the stupid compliance review and choose not to do business with me. So thats it? All my stolen by them? Or they close my account and hopefully let me withdraw my funds?

#13



Oh ok so Fidor is not regulated like established UK high street banks? Unlicensed?
Originally posted by bery_451


It has a German banking licence the from the Bundesanstalt für Finanzdienstleistungsaufsicht aka BaFin; their equivalent of FCA/PRA. All EU members are supposed to have the same quality of banking supervision and protection, and therefore any bank licensed by a EU member can open a branch in another EU member country.



P.S. Although Fidor is based in Germany, I think it is now owned by BPCE, which is French.

#14



Oh ok so Fidor is not regulated like established UK high street banks? Unlicensed?
Originally posted by bery_451




They are regulated like any other bank. The point is, so-called bank regulation from the customers' point of view is basically no regulation. For instance, consider another type of provider - your energy supplier. If they suddenly disconnected you for no apparent reason, citing "account review" or some such male bovine excrement, you'd be incandescent with rage and off to see a solicitor. But energy suppliers are prevented from doing this by regulation. Not so the banks. They are out of control when it comes to service provision, data protection and much else.

#15



It has a German banking licence the from the Bundesanstalt für Finanzdienstleistungsaufsicht aka BaFin; their equivalent of FCA/PRA. All EU members are supposed to have the same quality of banking supervision and protection, and therefore any bank licensed by a EU member can open a branch in another EU member country.



P.S. Although Fidor is based in Germany, I think it is now owned by BPCE, which is French.
Originally posted by antrobus


When UK sign the Brexit papers soon to leave the EU then what does that mean for UK customers having EU bank accounts? UK customers are screwed anyway when Brexit happens?

#16



When UK sign the Brexit papers soon to leave the EU then what does that mean for UK customers having EU bank accounts? UK customers are screwed anyway when Brexit happens?
Originally posted by bery_451


Yes.



They won't tell you what the freeze on the account is for as it could be construed as tipping you off which is a criminal offence.

#17



Ok lets say they still freeze my account after the stupid compliance review and choose not to do business with me. So thats it? All my stolen by them? Or they close my account and hopefully let me withdraw my funds?
Originally posted by bery_451


The latter.

The only 'risk' mentioned above was the one of not having access to all your money for some time.




When UK sign the Brexit papers soon to leave the EU then what does that mean for UK customers having EU bank accounts?
Originally posted by bery_451


Generally, nothing.


UK customers are screwed anyway when Brexit happens?


Why?

#18



So what you implying to potential customers looking to open a bank account is to do so at your own risk of losing your money? And also lesser the risk by spreading money between multiple accounts?

Originally posted by bery_451


Yes you should open multiple accounts, and your current experience shows the sense of doing it. Your comparison with investing on the stock market is either stupid or naive, your money is not at risk in a bank account unless it is above the FSCS (or equivalent) limits or you are operating the account fraudulently.



And you should take everything that GingerBob says with a very large pinch of salt as for some reason he has a very large, and often illogical, axe to grind with banks, insurance companies, DVLA, etc. etc.

#19



If they suddenly disconnected you for no apparent reason, citing "account review" or some such male bovine excrement, you'd be incandescent with rage and off to see a solicitor. But energy suppliers are prevented from doing this by regulation. Not so the banks.
Originally posted by GingerBob




I think you'll find that if your electricity supplier similarly suspects you of a crime (e.g. running a cannabis farm) for similar reasons (e.g. sudden high usage without a reasonable explanation) which they then report to law enforcement under similar grounds, you'll be looking at a lot more of an issue in your life than disconnection.

#20
Today I reviewed Fidor bank Terms and Conditions. Here is what I found relevant to this thread:



9.2 The BankÂ’s ability to block

9.2.1 The Bank may block a Customer's Online Banking access when:

 it has the right to terminate the entire business relationship with the Customer for

good cause (“wichtiger Grund”) (e.g. legal or regulatory provisions). See section 18

of the GTC;

 the Bank reasonably believes that the security of the authentication tool or the

personalised security features have been compromised; or

 there is suspicion of unauthorised or fraudulent use on the Account.

Page 20 of 72 | General Terms and Conditions of Fidor Bank AG

9.2.2 The Bank will inform the Customer via mail, email, telephone or Online Banking as

soon as possible, following the block, stating the reasons for the block.

9.3 Lifting the block

The Bank will lift a block or replace the personalised security feature or the

authentication tool if the reasons for the block no longer exist. The Bank shall inform

the Customer of this promptly. The Customer may only apply to have a Blocking

Request that it has requested lifted by mail or over the phone after successfully

verifying their identity.



Still have no reason yet or even a reply to my communications I made with them. I also emailed the CEO Matthias Kroner but still no reply. It seems Fidor bank are not adhering to their own terms and conditions.



Those reading this thread and thinking of joining Fidor then please learn from my mistake.

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