Why Is My Revolut Account Deactivated? How to Solve This? » Crypto Update Daily News, Bitcoin and Latest Crypto News
Finding out your account has been deactivated Revolut is one of the most annoying things that may happen. However, this begs the question: why does this occur?
As a firm that handles other people’s money, Revolut must, of course, follow the laws and standards that regulate the financial services industry.
The Financial Conduct Authority (FCA), the UK’s financial regulator, oversees Revolut operations in the United Kingdom. After Brexit, Revolut company are serving European consumers from their base in Lithuania and are subject to the regulations of the Bank of Lithuania.
The guidelines established by both authorities are meant to guarantee:
- A competitive environment exists, which encourages creative thinking.
- Both consumers and companies have access to reasonably priced financial services.
- Detecting and preventing financial crimes is achievable.
So, Why Do Certain Users Find Their Revolut Accounts Deactivated?
In order to comply with the law, as a public corporation, Revolut must follow certain protocols at all times. Over 13 million customers can be certain that these rules are always upheld in order to keep the company in compliance with all applicable regulations and safeguard clients’ accounts.
To keep things as smooth as possible during the time an account is temporarily deactivated so that regulatory checks may be made, the appropriate divisions work together.
It may be necessary to share client data with other organizations in order to complete certain tasks.
In extreme cases, Revolut team may instantly disable or delete your account and prevent further access to the site. The following are examples of exceptional situations:
- A fraud investigation may be initiated if they have reasonable grounds to think that you are engaging in fraudulent activity.
- In the event that you have failed to provide Revolut with the necessary information.
- If you have violated Terms of Service.
- If Revolut team determines that your usage of the Revolut app is causing damage to the company or its infrastructure.
- In the event that the company has cause to think that your use of the app poses a threat to their good name.
- In the event that you owe Revolut money, and they have requested you to pay it back, and you failed to do this.
- The bankruptcy process has begun and you have been formally notified about it.
- For compliance with any applicable legislation or ombudsman’s recommendations.
- Account closures are also possible under other circumstances. At least two months in advance, Revolut team should let you know about it.
- As usual, their decisions to cancel or suspend accounts are final, and you will not be able to appeal these decisions.
Why Evaluation of Some Accounts Takes Longer Than Others?
The relevant team’s normal security review of an account may sometimes take a little longer than anticipated. It’s common for there to be a lag when Revolut team needs to collaborate with other parties to get their input.
Why Isn’t Revolut Customer Service Assisting in Regaining Access to My Account?
Their support staff would gladly assist you, but they do not have access to “unlock” accounts. While a routine security check is in progress, we are unable to divulge any information or offer updates according to existing restrictions.
The law is the law, and it applies to all of us, thus their staff is prohibited from discussing the specifics of accounts’ suspension, including the reason for the freeze and the length of time the regular processes will take.
If My Account is Deactivated, What Should I Do?
Before you know it, hopefully, your account will be up and running smoothly. In the event that you discover your account has been deactivated, you can:
- Comply with any on-screen instructions or alerts, which may include identification or payment confirmation.
- To avoid any problems, check that the papers you upload have legible text and photos, are yours, and are current and legitimate.
- If you’re unsure what information the company will need from you, feel free to send a message in-app (just be sure to include the phrase “live agent” if you want to talk to a real person).
- If you want to avoid any unnecessary delays, please have any relevant paperwork for your recent business dealings at the ready.
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