N26 | An Update on N26’s US Operations (2024)

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What happens next? FAQs FAQs

N26 | An Update on N26’s US Operations (1)

For the past two years, we’ve had the pleasure of providing our 100% mobile banking experience the world loves to hundreds of thousands of people in the US. It is with gratitude and appreciation to all who have joined in our journey that we have made the decision to sharpen our focus on our European business. 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.It has been an incredible journey, and we’re proud of everything we’ve accomplished with your help and feedback. All of our learnings from our two years of growth in the US market are being constantly applied as we continue to scale our global business.We’d like to take this opportunity to thank you, our US customers, for your support. We are committed to providing our customers with an informed path forward as we wind down our US program.If you are an N26 customer holding an account in the US, you will already have been contacted with further instructions on how to withdraw your funds and ensure a smooth closure of your account.

What happens next?

If you are an N26 customer in the US, be sure to check the email address connected to your N26 account for a formal notification of the account closure date along with instructions and detailed next steps on how to withdraw your funds, if applicable.In the meantime, you will have full access to your account and N26 app, so you can spend or withdraw funds normally. All Axos Bank® sponsored US N26 accounts will continue to receive FDIC insurance protection on a pass-through basis up to the applicable legal limit.

FAQs

  • I was an N26 customer, what happened to my account?

  • I don't have access to my registered email address/registered mailing address, how do I contact you to collect my funds?

  • Will I still be able to access my app and transaction details if my account was closed?

  • I have another question, how can I speak to customer service?

The N26 account is offered by Axos Bank®, Member FDIC. N26 Inc. is a service provider of Axos Bank. All deposit accounts of the same ownership and/or vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and/or vesting at Axos Bank. The N26 Visa® Debit Card is issued by Axos Bank pursuant to a license by Visa U.S.A. Inc. The N26 Visa Debit Card may be used everywhere Visa debit cards are accepted.

N26 | An Update on N26’s US Operations (2024)

FAQs

N26 | An Update on N26’s US Operations? ›

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

N26
The N26 Standard account is a safe and intuitive digital current account that you can sign up to in minutes, right from your smartphone. It is beautifully simple and transparent, allowing you to receive, send and spend money confidently.
https://support.n26.com › what-is-a-n26-standard-account
operates will be impacted. It has been an incredible journey, and we're proud of everything we've accomplished with your help and feedback.

What is happening with N26? ›

N26's losses increased by 24% to €213.4m in 2022, in part due to spending on regulatory compliance. But there are signs that the fintech, valued at $9bn at its last funding round, is turning things around. N26 managed to halve its losses to €100m in 2023.

Is N26 working in USA? ›

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.

What happened to N26 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.

What is the lawsuit against N26? ›

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.

Why is N26 blocked? ›

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.

Is my money safe with N26? ›

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.

What are the disadvantages of N26? ›

Limited services. N26 is good for everyday banking, but it does not offer many investing options. If you want to invest your money, get a fancy credit card or get a mortgage, you need a traditional bank like Commerzbank, Deutsche Bank or Berliner Sparkasse. You don't need to have one bank for everything.

Can US citizens open an N26 bank account? ›

If you're at least 18 years old and are a US citizen/live in the US permanently, go to N26 website or download the app, and select the option to create a new account.

How do I withdraw from N26 USA? ›

Get ‌free payments worldwide and no hidden fees with N26

N26 You and Metal account holders can withdraw cash for free at foreign ATMs, while customers with Standard and Smart accounts are charged a fixed 1.7% conversion fee on the withdrawal amount.

Is N26 bank closed? ›

N26 closed its business in April 2020 in the UK.

What is the financial status of N26? ›

As a result of its investments into its infrastructure, N26's net loss increased by 24% to 213.4 million euros in the 2022 financial year (FY-21: 172.4 million euros). With marked improvements in customer profitability, N26 expects its net loss to more than halve to 100 million euros in 2023.

What are the challenges of N26? ›

Regulatory Challenges: N26 faced significant fines and growth restrictions due to inadequate AML controls. Financial Impact: Direct costs amounted to €100 million, with indirect costs potentially reaching billions of euros.

Is N26 in trouble? ›

BERLIN, May 21 (Reuters) - Germany's financial regulator has imposed a fine of 9.2 million euros ($10.00 million) on online bank N26 after finding that the bank had in 2022 systematically been late in filing reports of suspected money laundering, BaFin said on Tuesday.

How do I get my money back from N26? ›

How to request a refund for a direct debit?
  1. Login to the N26 mobile app.
  2. Open your transaction list and select the direct debit in question.
  3. Choose Initiate a refund.

Is my money insured with N26? ›

Security at N26

The security of your money is always our top priority at N26. And not only is your bank account protected up to €100,000 by the German Deposit Protection Scheme, but it also comes packed with a series of intelligent features that keep your funds safe.

Is N26 a stable bank? ›

N26 is a fully licensed bank and has a number of security features for safe mobile banking.

Why N26 closed in Italy? ›

In March 2022, the Bank of Italy issued a "special order" prohibiting N26 from acquiring new customers or offering new services, following an inspection that identified security and anti-money laundering weaknesses.

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