Careful with Revolut and Credit one. Account Closed.

[Anonymous]

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@longtimelurker wrote:

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@Anonymous wrote:

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@xReMaKe wrote:

@cardnut since I had an experience similar to this with Simple Bank around 2013. Don't remember if it was Electronic payments that simle couldn't do at that time, but the same thing happened. They never took the money; however, I called the bank which I belive was Chase, they understood everything and I was able to make a payment with another bank. 

When I say that I was okay with a feem it's because Credit One charges a fee for basically anything you do. Even making a expedited payment. So I was already gearing up for the money to be returned and get a fee. The revolut account doesn't have much money, about 1000, but that should be way more than enough to pay a 50 dollar blance.  

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OK, thanks for clarifying.

I did have a bank that would only allow transfers to and from those that I got approved with by that bank. They limited me to just 2 external banks. Every once in a while I'd forget and do a pull from them, and then when the funds were returned, I remembered they weren't one of the maximum of 2 that they approved. 

It happened last in November, and then I moved the rest of the money out of it, and closed the account. It's a no-name bank like yours, so I decided its best to stay away from no-names and opened a Barclay's account.

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FWIW: Revolut isn't exactly a no-name bank, it's a big shiny thing (UK's most valuable Fintech startup) that just opened in the US.   However, it has already got some bad press, I don't think this happened to OP but still:

(From Wiki):

Revolut, in common with traditional financial institutions, uses algorithms to identify money laundering, fraud and other criminal activity, but unlike the rest of the banking industry, Revolut's algorithms additionally trigger the automated suspension of accounts. Revolut explains that "the system is programmed to temporarily lock an account and place it in a queue, until one of our compliance agents can review the case".[34]

It is increasingly reported that Revolut's algorithms suspend a growing number of accounts in error for weeks or months at a time because Revolut does not have sufficient compliance agents to review the automated suspensions, and that while Revolut pays no interest on the large suspended balances, Revolut can earn interest on the funds in wholesale money markets.

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I see they have no brand recognition in the US, and their policy of account review is suspect because they lack sufficient compliance agents.

There you go. If you enter a new market without brand recognition, you better be somewhat flawless or you doom yourself from the get go.

[notmyrealname23]

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@xReMaKe wrote:

@notmyrealname.

I have a paypal credit account. I'm thinking of two options. 

1. Just have that account and continue to build credit with one account, don't know if it's reccomended to have more than one to build, or if one is okay. If it's okay, I'll stay with this one for at least June/July and see where my scores are then. 

2. If another account will help me faster, take the bullet and try for a secured card with Discover if they accept me, and I've heard eventually they upgrade you. 

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Oh, I figured "Credit One so definitely low on the food chain, might not get approval". A no credit pull credit card (just give them a deposit and don't screw it up) is VERY useful if you are rebuilding. But I would for sure take a no-AF secured card over a modest AF card with no bennies other than "I have a credit card" if you can get one instead.

I used a Discover Chrome Secured for a year+ on my personal rebuild track; couldn't graduate it but they gave me a shiny new unsecured DiscoverIt Cashback with an extra year of Cashback Match instead so... thanks?

(I am in the middle of waiting nearly 3 months for that security deposit back from Discover, that is one drawback, they take their sweet time after account close.)

[xReMaKe]

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@hawkins wrote:

Revolut was not designed for that. Always use your regular bank account. Also you wont see it now but you were just given a huge gift. Credit One is a horrible lender that would of fee harvested you too death. The wound will heal from this and you will be free of those predatory A""""""s! I will let you fill in the middle. Discover and Capital One have good secured cards that will take you far if you play the game right. Best of luck to you either way.

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Yeah thank you. From now on I'll stick to the big banks to make the payments. Lesson learned. I'll look into them both and see if I go through with one of them. Thank you.