Using Revolut as a Main Account

Let’s see how this goes.

All direct debits switched over: mobile bill, credit cards. No other bills as of current. I still have some funds outside of Revolut (in Marcus & Virgin Money due to the interest rates).

Will post any notable updates here

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No doubt about it, @Recchan, you do love an adventure :flushed:.

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Good luck hopefully it will work out fine.

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Taking a huge risk. But fair play.

I’ve never been banned in Revolut before but hearing hundreds of people locked out even as of today scares me a little.

You can wake up one day to find out you have no access to your funds for a period of time.

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Luckily I’m well off for my age so temporarily missing out on some money isn’t an issue. Worst case I cut down my spending a small amount for a few months and then bridge waiting it out with student loan spending.

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If it isn’t obvious part of this is to try and get my account locked; if it’s locked and we can see that genuine people using it properly and traceably have their accounts reinstated rather quickly

Then Revolut is a lot more trustworthy than we all thought and clearly value customers as other financial institutions do

If they don’t step up to the mark, I’d like to consider this a nail in the coffin and will be seeking damages equivalent to the inevitable relapse I’m expecting if they lock my account for months + any interest I would have accrued

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We thank you for the sacrifice for the Crowd.

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I’ve been locked out since 12 April. Jokers!

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An interesting experiment, it’ll be interesting to see the results.

Hats off to you for trying, I certainly wouldn’t risk it myself!

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You’ve often advocated for litigation. Can you tell us when you’ve successfully taken an institution on?

Obviously totally ignorant of your personal financial circumstances, but I must say attempting to bring on a law suit with your primary account provider sounds foolhardy at best.

Truth is, if that all goes wrong, you’ll not be taking one for the team - you’ll be taking one up the wotsit :roll_eyes:.

(But I may be missing the point :flushed:).

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Presuming the account ever gets locked, you’re welcome

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I’ve made many a complaint but Revolut have been known to give a lot of money in compensation when they’ve wrongly held money for significant lengths of time, including >600£ for someone who got on the train to London and visited head office.

The FoS I trust to agree with me if the length of time is truly unreasonable.

For what it’s worth, generally my complaints are upheld to begin with

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Unlocked today!

I’d badgered CS twice asking for updates and was getting the usual “we can’t give you any idea of how long this will take”.

Both times I gave 1 Star and feedback along the lines of “no way it should take this long, account should either be closed or unlocked by now”.

Second time was today and CS must have escalated, because it was unlocked within minutes, no explanation, no request for info from me.

:man_shrugging:

Just transferred out most of the balance…

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Slightly unrelated but Revolut are hiring for a UK CEO for the local entity (not Revolut Group) with a focus on someone cushy with regulators.

They’re in early stages of applying for a banking licence

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Interesting development!

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I do think you’re incredibly brave on this one. Maybe there’s nothing to worry about - but while I like the services Revolut has to offer, I am really not sure it’s the basket I’d ever dare to put all my eggs in.

The thing that bothers me is not so much the seemingly trigger-happy nature of their algorithms, but the sheer time and sweat that erroneously blocked accounts take to get resolved and Rev’s unwillingness to concede that the algorithm is trigger-happy in the first place.

I’d be fearful of what would happen to direct debits, mortgage payments, access to my salary if the computer suddenly said no.

Rev are great when things work, but could be a fast track to a bad credit score if things work out badly.

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I think I’m in the same boat. I love Revolut’s app and products and I want to trust them to be my main account, but these stories and lack of FSCS are stopping me pulling the trigger.

For now they just remain as a spending card, and I’ll occasionally experiment with their other features. I never have more than £200 on the account and currently own 0.1 shares of Apple so I could test out their trading platform, which I really like, and prefer compared to Freetrade’s approach to fractionals (Although the more I learn about why Freetrade chose that approach and the minimal effect it has on owning whole shares, the more I like it).

The only real issues I’ve personally had with Revolut were more my own fault for not checking the default card settings more thoroughly, but the app notifications told me why my transaction got declined so I could fix it. Online payments and contactless were disabled by default and I didn’t realise until after I’d tried each method.

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In a proverbial…

And seeing exclamations like this doesn’t ease the anxieties…:flushed:

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I think I’m the same… I am happy to leave money in Revolut and do my spending through it except bills and receiving salary because they do not have the staffing levels to deal with the accounts they flag.

On the flip side, I wonder if Revolut is possibly trigger-happy with fraud cases because so few people use it as their main account.

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I suspect this is probably true. Their fraud algorithm probably analyses transactions and accounts relative to “typical account behaviour” across their whole customer base.

Due to few people using Rev as a main account, I bet it therefore flags a lot of perfectly normal main account things, like the occasional large bill, as atypical.