Revolut app down leaving customers locked out of accounts
REVOLUT’s app is down leaving hundreds of customers complaining they are locked out of their accounts.
Hundreds of users have reported issues accessing the app, and many cannot transfer money.
Problems started at around 7.30am this morning, according to Downdetector, which monitors outages.
Frustrated customers took to X (formerly Twitter) to share how they were being affected by the outage.
One customer said: “Revolut down, and I’m about to arrive in a foreign country with no access to funds.”
Another said: ” I can’t access my account or make any payments. Anyone else experiencing this?”
“The main app and the Revolut X app are both down, and so are both on a web browser.
“I can log in but can’t do anything else, not even report a problem,” said a third customer.
Revolut is an e-money institution that operates similarly to a bank, providing a range of comparable services to over 10million users.
Unlike traditional banks, Revolut is entirely branchless.
Instead, all transactions and account management are conducted online via the Revolut app on your smartphone.
Users can easily open an account and receive a payment card, available as a physical card sent by post, a virtual card on your phone, or both.
Additionally, the app allows you to send money abroad, save funds, and even buy and sell cryptocurrency and stocks.
Revolut was granted a bank licence in July 2024. However, it continues to operate as an e-money institution during its “mobilisation” period.
This means that, unlike traditional banks, your money is not protected by the Financial Services Compensation Scheme (FSCS).
So, if the bank were to go bust, your funds would be safeguarded up to £85,000.
However, any cash in one of Revolut’s savings “vaults” is held at a licenced bank, and this will be protected as that bank is part of the FSCS.
Check if your bank is down
THERE are a few different ways to find out if your bank is experiencing an outage.
Senior consumer reporter Olivia Marshall explains how you can check.
If you’re trying to send money to someone, or you just want to check if you have enough cash for a coffee, finding your online banking is down can be a real pain.
Most banks have a dedicated news page on their website to show service problems, including internet banking, mobile apps, ATMs, debit cards and credit cards.
You can also check on any future work they have planned and what it might mean for you.
Plus, you can check websites such as Down Detector, which will tell you whether other people are experiencing problems with a particular company online.
Can I claim compensation for the outage?
Banks and e-money firms don’t have to pay out compensation to customers if there has been a drop in service, unlike how telecom companies have to.
But if you have incurred costs due to service issues, you could likely get your money back.
For example, if a bill payment didn’t go through due to an outage and you’ve been charged a fee for missing it, you should be able to claim that money back.
If your credit rating has been affected by a service outage because you got a late payment fee after being unable to make a transaction, you should also keep a record of this.
If you spoke to anyone to try and resolve the problem, make a note of their name, and when you speak to them, roughly state what you discussed and what they advised you to do.
You can find out more details about how to complain on the bank’s website.
It is worth gathering evidence of your problems to formally complain to the bank or e-money institution directly.
For more information on how to lodge a complaint with Revolut, please visit revolut.com/legal/complaints-policy.
What happens if my bank or e-money firm refuses to compensate me?
If you’re unhappy with how Revolut dealt with your problem, contact the free Financial Ombudsman Service (FOS).
It is an independent body that will consider the evidence you present and make a fair decision about the action a bank should take.
The FOS can usually get involved 15 days after you’ve raised concerns with the bank.
In the case of an IT system outage at a bank, the FOS says any compensation depends on your circumstances and whether you lost out as a result.
If it thinks you did, it can tell the bank or e-money institution to reimburse any fees, charges, or fines you were hit with, for example, if you could not pay on a credit card bill or to your mortgage provider.
It could also tell a bank to pay you for any money you didn’t receive, such as interest, if you couldn’t pay money in.
If your credit score was affected, it may tell the bank to correct your credit file.
The FOS might also tell the bank to reimburse you for any extra costs you had to make, such as phone calls or trips to your local branch, and a payment for any inconvenience it caused.
To find out more, visit financial-ombudsman.org.uk.