Love your bank | N26 Bank (2024)

FAQs

Why did N26 close in the US? ›

N26′s American customers will no longer be able to use its app from Jan. 11, 2022. The Berlin-based fintech said the move was aimed at shifting focus to its core European business. It's a reminder of how difficult it has been for European fintechs to expand their services in the U.S.

N26 is founded in Berlin by Valentin Stalf and Maximilian Tayenthal, pioneering the way for modern, 100% digital banking.

The first step when researching a bank's trustworthiness is to see if it's government-insured. If the bank is federally chartered, then it will likely come with FDIC insurance.

N26 (known as Number 26 until July 2016) is a German neobank headquartered in Berlin, Germany.

Germany's financial regulator imposed a €9.2 million ($10 million) fine on N26 Bank AG after it found the fintech was delayed in submitting reports on suspected money laundering on its systems in 2022.

As a result, our product will no longer be available to customers in the US after January 18, 2022, and we will be closing all accounts. No other markets in which N26 operates will be impacted.

In simple terms, this means that N26—as a bank—needs to act in line with laws that exist to combat illegal activities such as money laundering, financing terrorism, tax fraud, and abusive or fraudulent use of the account. In these cases, access to an N26 account may be restricted, or the account may be closed.

N26 is the beautifully simple, 100% mobile bank that's trusted by millions of customers across Europe. At the moment, we're focusing our efforts on our core markets and are no longer offering N26 accounts in the US. If you have any questions regarding your former account, take a look at our FAQs.

N26 is a fully licensed bank.

JPMorgan Chase, the financial institution that owns Chase Bank, topped our experts' list because it's designated as the world's most systemically important bank on the 2023 G-SIB list. This designation means it has the highest loss absorbency requirements of any bank, providing more protection against financial crisis.

Can banks seize your money if the economy fails? ›

Your money is safe in a bank, even during an economic decline like a recession. Up to $250,000 per depositor, per account ownership category, is protected by the FDIC or NCUA at a federally insured financial institution. What happens if my bank fails during a recession?

The government has no regulations on the amount of money you can legally keep in your house or even the amount of money you can legally own overall. Just, the problem with keeping so much money in one place (likely in the form of cash) — it's very vulnerable to being lost.

Germany's financial supervisory authority issued a fine of 9.2 million euros (U.S. $9.6 million) against mobile bank N26 for “systematically” submitting late anti-money laundering (AML) reports in 2022.

More than an app: A fully licensed bank

N26 is a fully licensed German bank. That means we have the same security regulations as any other bank. It also means your funds are protected up to €100,000 by the German Deposit Protection Scheme.

Valentin Stalf, Founder and Chief Executive Officer

Valentin founded N26 in 2013 with his longtime friend Maximilian Tayenthal. Back then, both shared a vision of building a bank that the world loves to use. Today, he is the CEO leading the company that is redesigning banking for the 21st century.

N26 is the beautifully simple, 100% mobile bank that's trusted by millions of customers across Europe. At the moment, we're focusing our efforts on our core markets and are no longer offering N26 accounts in the US. If you have any questions regarding your former account, take a look at our FAQs.

At N26, all our accounts feature free card payments worldwide, as often as you like and with no foreign transaction fees. N26 You and Metal account holders can withdraw cash for free at foreign ATMs, while for Standard free bank account, customers are charged a fixed 1.7% conversion fee on the withdrawal amount.

Anywhere. N26 You gives you free withdrawals in currencies around the globe, saving you up to 7% on fees. That means N26 You pays for itself in just a few trips.