Unannounced change of policy at Bunq

[mud]

So, this week Bunq froze one of our personal accounts.

All of a sudden they want tax file information. But unlike a responsible bank they chose to freeze the account first, without notice, and then demand the new information second.

And then to make matters worse they won't accept any tax file information that isn't from the country we registered in. (Of course you can't use their Support service with a frozen account so we had to find other ways to communicate with them).

After providing our tax information they confirmed they will not accept information from other countries. Meaning all of us dual and multi residents are not longer eligible for accounts at Bunq.

To date they've not returned our funds, refused to allow me to speak with the CEO, and obviously not apologised. We will probably report them to the EU regulators.

 

[Martin Everson]

What do you mean by tax file? Do you mean they want to see a tax‌ return?

Sounds an acceptable⁠ action.

Sounds an acceptable action.

What's your reason for putting an address on an account where you don't file︀ taxes?

I don't think Bunq did anything wrong here apart from poor communication if they︁ made an unnannouced change of policy like subject title says.

P.S I am no fan︂ on Bunq because of the way they treat customers which I mentioned below back in︃ 2020. They really treated customers like dirt over that particular issue and seems like nothing︄ has changed over there.

 

[mud]

Sorry @Martin Everson but I take a different view.

If they told people that must‌ be personally resident as well as tax resident in the same country then we would‍ never have used them.

They fact that they didn't, and still don't, meaning that this⁠ a new secret policy. For over 1 and half years they were happy to open,⁤ and then operate accounts with the resdiency permits and tax file numbers provided.

I do⁣ not find it acceptible for them to do this and then suddenly have a change⁢ in policy and freeze an account without notice based on a new, secret, policy change.︀

>> Do they wish to see tax returns?
A: That is one of the documents︁ they will accept. Others include tax notices and tax file number confirmation document from the︂ government in the country you apply within. They did tell me that they do undertake︃ income reviews so I'm presuming any "ID number" document alone, without income information is only︄ acceptable for a short time.

>> Why do we use an address for a country︅ where we don't pay taxes.
A; Because we need a FR based IBAN number for︆ interaction with French authorities (who insist on FR bank accounts), and Bunq offers FR based︇ account numbers.

 

[daniels27]

Ok. but how about we file some taxes for you in France, you submit it‌ and are free to go?

 

[daniels27]

I know may people that handle their whole life‍ like this. Some people live in 10 countries and file taxes in a couple of⁠ them.

I think the main problem with @mud is that bunq got suspicious, probably because⁤ he is tax resident in various countries and thus wanted to be sure they are⁣ sending the CRS report to the proper place. That's why they ask for a tax⁢ filing. I think the only way is now to file a minimal amount of taxes︀ and then he has the required documentation.

 

[mud]

Who has time for French‍ tax authorities?

While they have some of the smartest strategic thinking in Europe concerning taxation⁠ their implementation is awful. We run a business here and when their decisions are questioned⁤ or we highlight their mistakes with references to their own website and laws the Tax⁣ Office always backs down. Their false billing and accusaations are so time consuming its not⁢ worth the effort.

 

[mud]

Bunq opened our accounts knowing we were new residents︀ in France, accepted our foreign passports and tax idents, and proceeeded to allow us to︁ use the accounts for 1.5 years. Its only a few, small personal accounts that rarely︂ do more than €500 a month in expenditure. We are not required to lodge french︃ tax returns under the DTAs, or French law, and no other French bank has done︄ anything like this to us.

The problem is that Bunq changed their policies, didn't tell︅ anyone, froze one of the accounts and when we called they out on it got︆ very embarrassed. Rather than fix the problem and move it they made up stories and︇ dug a deeper hole for themselves.

I reached out to the CEO who refused to︈ engage and punted the issue to his team.

As they suddenly froze our account without︉ notice, won't publish their change of policies, nor fix the problem, it highlights that they︊ are not a bank you can trust. (We've had other instances where they refused to︋ fix their mistakes or apologise as well to the inference is not just form 1︌ event).

My post is to alert others to this secret rules they have.

 

[Martin Everson]

@mud I had told people that Bunq don't treat there customers right in thread I‌ posted from 2020. Using Bunq just because you need a FR Iban was a poor‍ decision you have come to regret. When it comes to these sort of digital banks⁠ like Bunq unless you give them heavy negative PR they will never respect your point⁤ of view or argument whether valid or not. This is because you mean nothing to⁣ them as a client sadly. They view you as a small unrepresented [meaning of no⁢ legal consequence] fish. If you were someone of importance and influence you may get a︀ different response or even ability to talk to CEO as companies hate negative PR.

What is done is done. Just get over it, live and learn and move on from︁ them like many others did.

 

[mud]

I tend to agree︃ @Martin Everson. I'll be reporting them to the regulator and have begun the negative︄ PR you mentioned. They know who I am, and who my network is (which includes︅ the French President and about 100,000 social followers) and they still chose to take this︆ approach. They tried again today to justify their position but refuse to admit their mistakes.︇ I tried to get them to reverse their decision in private or publicise their new︈ policies but they've refused. ce la vie They just demonstrate they are not a trustworthy︉ bank.

Time to move on.

 

[daniels27]

But are they willing to hand out the money if you don't ever do business with︀ them again?

@mud can you ask the French president to join OTC? I think there︁ is a lot we can learn from him!

 

[mud]

They did transfer our money to other EU accounts very quickly and they did wipe some⁠ fees. Nothing to compensate for the hassle though.

 

[Forester]

Honestly, I do not...‍ 😉

(Of course, this is a platform for a free speech, so nobody is restricted to⁠ enter 🙂 )

 

[diro]

If Emmanuel Macron enter OCT I would be happy to ask a few questions, I‌ doubt he is a keyboard worrier.

 

[jayM]

most often for me it looks like⁠ they don't care at all, they never respond to negatives on forums, blogs or others⁤ and in the media they are ignorant.

 

[brianK]

You have⁣ to get used to it whether you live in France or any other EU country,⁢ they all behave the same, and it seems like lawmakers and tax authorities are untouchable.︀

But what now, did they release your money ?

 

[drillbill]

did it change anything for your business matters?

 

[KJK]

Dutch banks and fintechs are notoriously known for insane KYC/AML requirements recently. I think it‌ is because two or three of the major banks received fines and now everyone wants‍ to pretend they have the best KYC in the world.

Bunq closed my account years⁠ ago with no explanation. When I asked their customer support why, they basically said I've⁤ been using the account "too much". Funny that this bank cares about their carbon footprint⁣ and other bs but they do not care about their customers. I was a legit⁢ paying customer, was not doing any laundering, just made a few tiny transfers between my︀ own accounts and then they closed my account. At least they didn't ask for my︁ payslips, tax forms and didn't block the money.

 

[mud]

No. We‌ didn't use Bunq for business, only personal.

 

[mud]

Yes the did release our money.

And I get the perception about tax authorities⁤ in Europe being untouchable but when you look under the covers you find they lose⁣ a lot of tax cases. We may even front an industry case against the EU⁢ for their new short term rental taxes which haven't followed due process.

 

[mud]

🙂 I'll ask him next‍ time we meet.