Bunq V3 Mobile update sucks - Worst mobile banking User Interface of 2020

[bunboy]

bunq's an absolute fraud/scam, I wouldn't be surprised if the smarmy CEO ends up in‌ prison (along with top management).

Essentially, they HEAVILY promote their "safe, insured" bank accounts (with‍ 100,000€ of deposit protection), when nothing could be further from the truth. The reality is,⁠ you have an "e-money account" by default, unless they decide to verify your details, which⁤ may or may not happen. The crazy thing is, the "e-money account" is run by⁣ a third party, if you delete the app or lose your phone, THE ACCOUNT IS⁢ LOST. bunq claims absolutely no responsibility/liability for what happens.

DO NOT TRUST THESE PEOPLE WITH︀ YOUR MONEY. THIS BANK MAY HAVE A LICENSE, BUT THEY DO NOT AUTOMATICALLY OPEN A︁ REAL BANK ACCOUNTS FOR YOU!

I'd advise everyone to pull money out of here ASAP.︂ Put it in a more reputable place, like N26 or just a traditional bank.

 

[bunboy]

I'd pay big money to have︀ five minutes alone, in a locked caged, no legal consequences, with that smarmy mother fucker.︁ His bank's a colossal fraud, full of non-stop deception, lies, and manipulation. These scumbags at︂ bunq have caused tremendous chaos/disruption to my life, nothing would give me greater pleasure than︃ seeing the entire organisation collapse. Apprently, they're doing a terrific job at self-imploding, it's only︄ a matter of time.

AVOID BUNQ AT ALL COSTS!

 

[Martin Everson]

Yup your correct its in page 2 of their terms and conditions that they give‌ you an e-money account when you first sign up that has no deposit insurance.

https://www.bunq.com/assets/media/legal/en/20200812_terms_bunq_business_EN.pdf
--- start quote

"An e-money account is not a ‘normal’ bank account. This means your‍ account is not covered by the Dutch Deposit Guarantee Scheme."

-- end quote

Many people⁠ are not aware this is happening until the bank runs into trouble and a situation⁤ like what happens to Satabank in Malta occurs. Then everyone suddenly realizes they had e-money⁣ accounts with NO deposit insurance and only by luck people got their money back.

I have discussed in this thread the financial position on bunq that nearly went under and⁢ had to inject emergency cash into the business due to its weak financial position.

STAY WELL AWAY FROM BUNQ!!!!

Bunq employ deceptive marketing, outright break promises, lie and silence criticism︀ in their forums. But don't take my word for it like when I warned people︁ about Euro Pacific Bank, Satabank or Epayments - learn the hardway or even read Trustpilot.︂

https://www.trustpilot.com/review/bunq.com

 

[Elve]

I do not want to take Bunq's defense, but it is good to specify that‌ it is an electronic account during the time that the account is not verified.

When you verify the account, it is considered a bank account (with € 100,000 of deposit‍ protection).

That seems normal to me, no banking institution offers accounts with protection deposit without⁠ verification.

 

[Martin Everson]

No bank should offer an account without verification period.

 

[Elve]

Seen that way, I totally agree. The obligation to carry out a verification before any‍ account opening, would avoid confusion.

But I think it's important to point out that saying⁠ that bunq doesn't have 100k protection is incorrect.

 

[Martin Everson]

Bunq is and will always be a waste of an EU banking license. They squandered‌ the market advantage they have with a license and its time they be absorbed by‍ a player in the industry that knows what they are actually doing.

P.S Bunq is⁠ offering an soft account opening to produce FAKE numbers for new customers using Bunq...lol. All⁤ to pretend the bank is doing well and attracting new business...lol 🙄

 

[kkein]

So if i open a bunq account today, it⁣ will be e-account, and it will be transformed into regular account with deposit protection as⁢ soon as they verify it? meaning i can wait with loading money into it, and︀ it will be a regular account even if i do not put money in it︁ yet?
Or are they now basically never transitioning new accounts into normal accounts because they︂ are sinking and they just need numbers to make the management fill their pockets?

 

[Elve]

Right. If you are considering opening an account, the best is to verify it before⁣ you deposit any money.

Also I don't know if it's still the same, but in⁢ 2018 it was very easy to verify the Bunq account (without video call).

 

[kkein]

I just opened an account with bunq. Downloaded the app, done the ID verification with‌ video and ID card. Now i see the NL iban.
But the question is: how‍ to know if this is then regular account or still e-account? can't find that anywhere⁠ in the app.
And before that i didn't even have an IBAN..

 

[Mr Magoo]

if the account is free, then it is an e-account. If you pay 7.99 eur/month,‌ its a normal bank account.

 

[kkein]

So free personal accounts‍ are now not regular bank accounts anymore?

 

[pesto]

that's insane but may be the reality. Anyway, why would⁠ they need to do it, increase investor capital?

 

[kkein]

What is an e-money account and how do I use it? - bunq Together According to here, if it is verified (secured) it should be normal?

 

[Martin Everson]

All companies like to put BS on‍ annual reports i.e "In 2020 we attracted 500,000 new customers, growth continues to be a⁠ major factor in our continuing success"

You get the picture. It's the BS they use⁤ to inflate their fake success to the public that business is growing. A bit like⁣ saying we have reduced the number of employees when in fact they just made them⁢ external contractors and they are still doing the same roles...lol.

 

[Mr Magoo]

that is my understanding, yes. The cheapest real bank account is 7.99. NOTE: you‍ can sign up to get interest on your balance. In my case I get 2.29⁠ euro of interest every month which makes the price like 5 euro or so a⁤ month which is 60 euro/year which I am fine with for now.

I mean, you⁣ get what you pay for. Dont expect a free bank account in the EU in⁢ 2020. At least all Dutch banks charge like 2-3 euro/month

 

[kkein]

Well, however, according to that page (official), if it's verified it's regular. Meaning that︂ if they do not cover the deposit, and do not provide any mean to tell︃ what kind of account a verified account is, they are fully legally liable, as their︄ official info is A but reality is B and there's not even small lines to︅ read that "actually reality is B".

And, btw, N26 is free and is EU. And︆ there are other free bank accounts in EU, just not like international ones you can︇ open from anywhere.

 

[Martin Everson]

If you unsure in anyway then ask them now. Don't wait for them to go‌ bust like Satabank did and for everyone to discover they only had e-money account with‍ no deposit protection.

 

[kkein]

btw, going back in topic, just found out that there is a community unofficial (also‌ desktop) open source app promising the moon: bunqDesktop
Quite funky.. I doubt we can expect‍ the same from the other usual suspects..

 

[Mr Magoo]

yes, correct, N26 is free (for now). The regular brick&mortar banks are not‍ free in general in EU. In the US banks are in general free. Just based⁠ on my experience. Holding a high balance in several banks will wave any accounts fee⁤ as well.