hey hey, as a very proud Basler (not really, let’s just pretend), I must correct you ASAP - Radicant is the experiment of the Baselbieters / Baselland KB!!
That’s why it failed, those Landeier at headoffice BLKB were a very poor match for those hipster-ESG-banksters from Zürich Seefeld!
I see, half Kantons, half Kantonalbanks. Maybe you get half of your money back…
I’m still somewhat curious, smells like kyc/aml, was there anything out of the ordinary happening? Eg transiting money around, crypto, etc
Nope, just my Revolut account top-up using Radicant’s virtual debit card.
As I said, banks do that sometimes, they kick you out without reason because of an error in their due diligence. It probably is an error on their site but they prefer to be safe than sorry and if you are not a client generating millions of gains for them they just kick you out.
But however, this is the first time I hear that they charge you for that. It is kind of funny. I don’t think they can get away with it. But you probably have to get your money back from Mr. Kuckuck the debt enforcement officer who will take over the company.
Or maybe they just found a completely new way of making money. Imagine that could be legal. You could own a bar and just throw out random people, charging them for throwing them out.
but using the account actively otherwise, or mostly shuffling money to revolut? (it’s still somewhat surprising to me)
And in 2.5 hours they haven’t concluded to an error? There is a chance OP omitted to mention a few things, let’s give that to them.
In the meantime I am not taking any chances, there are no benefits of keeping the account so I initiated the closing.
There was only one top-up of the Revolut account (last transaction, 15 CHF) in its entire history. Since the interest rates stopped being attractive, the account has been funded from another Swiss account only for occasional expenses abroad (shopping, hotels, petrol, etc.).
Do you have any particular newspaper in mind?
Rather than starting a big battle, I would simply like to recover my 250 CHF with minimal effort and time obviously.
You could try “Inside Paradeplatz”, I think they’d do a story. Not sure it’ll help, as the bank’s response is usually we are bound by bank secrecy so can’t comment. Maybe (many?) others will say “me too” and things may develop that way, but on this forum seems like you are the only one, so that.is unlikely.
You have my empathy (fwiw), I’d be pissed too about the Fr 250 “for what exactly?”. I’m not sure I’d go to the media, I don’t like what they get/make out of it.
Here’s their “anonymous box”
Some consumer thingy like “Kassensturz”. The story is that funny and obscure and may hurt a Kantonalbank so they probably publish it. They have a history of getting back money. Just mentioning to the Kantonalbank that you are about to go to them may help you getting back that money.
Just be careful how you phrase it, it may not look like blackmail. Just mention your case and that you are about to go to Kassensturz, but would like a comment.
Radicant users will be moved to Alpian:
That seems like kicking the can down the road. I can’t see how Alpian will generate any meaningful revenues. Even if I like their App with the multicurrency wallet.
All around 20,000 radicant clients (..)
Is it just me, or does that sound extremely low?
They had something like 80M AUM at their peak reportedly. That’s 4k per user, sounds about right.
Might even be the number pre shutdown notice to make it look better.
I think we discussed neo-banks number in some thread and I think only neon/yuh had decent amount of users. All other players definitely have some risk in term of long term viability (and it’s chicken/egg problem, esp. given the recent liquidation people might be reluctant to have a small player as their primary banking)
(Warum glaubt dieser Mann, Revolut könnte in der Schweiz die Nummer eins werden? | MoneyToday seems to have similar numbers)
Revolut being the elephant in the room given their 1M Swiss users, if they manage to convert a fraction of those into regular banking relationship, they’d be the largest neobank.
Looks like Radicant didn’t just go under - it created a major headache for BLKB. FINMA is conducting investigations because of the merger between Radicant and Numarics.