Security at N26 (2024)

FAQs

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.

On some occasions you might have to wait a little bit, but rarely more than 5-10 minutes. Note that you can only do the video verification between 8 am and midnight German time.

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.

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.

German digital bank N26 is shutting down its U.S. operations, less than two-and-a-half years after it launched in the country. N26's 500,000 American customers will no longer be able to use its app from Jan. 11, 2022, the company said in a statement Thursday.

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.

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.

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.

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 N26 FDIC insured? ›

N26 is FDIC insured.

That means that your money is protected by up to $250,000.

We offer our accounts in the following countries: Austria, Belgium, Denmark, Estonia, Finland, France (not available for residents in the DOM/TOM), Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden & ...

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.

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.