Mobile bank finally gives answers after axing accounts

Mobile bank finally gives answers after axing accounts




Mobile bank Number26 has pledged to improve its transparency after finally providing answers to the hundreds of customers who received account closure notices last week.

The German firm revealed that excessive ATM use was partly to blame for the cancellation notices as the bank was responsible for fees of up to £1.57 for each withdrawal.

Number26 claimed a small minority of “highly unusual” account holders were sometimes making up to 30 withdrawals per month, which it said would cause a significant financial burden for the majority of customers.

In a statement, the bank said: “Transparency is one of the core values of Number26.

“The strong reactions to the cancellation notices have shown us, first and foremost, that many customers weren’t aware that their account usage is incompatible with our core account offering.

“We’ve taken these reactions to heart and embrace them as a call to action to inform our customers more transparently and proactively in the future.”

In coming weeks, the bank will establish a Number26 fair use policy that outlines usage guidelines for the service.

As an alternative to ATM availability, Number26 has developed the ‘Cash26’ network, which provides customers with access to 6,000 German retailers for cash transactions.

The Cash26 network incurs significantly smaller fees than traditional ATM withdrawals.

Any affected customers who would like more information or to request the continuation of their account can contact Number26 at [email protected]

In July the bank rebranded as N26 and received a European banking licence.

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