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A comment on N26 will be leaving the UK. Parent comment

Re:N26 will be leaving the UK by doublerabbit on Tuesday February 11, 2020 @02:00PM (#22301451)
It may also be that the EU banking system has customer tracking, the UK does not. N26 relies on customer tracking, so you can’t just withdrawal a large amount of money and disappear.

It is all brexit related, why can’t you see that? Why else would they suddenly pack up shop?

Unfortunately This is just the first to come.

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Re:N26 will be leaving the UK by distances on Tuesday February 11, 2020 @06:48PM (#22304234)
> It may also be that the EU banking system has customer tracking, the UK does not.

Can you explain a bit more what you mean by this? Tracking exactly in which sense?

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Re:N26 will be leaving the UK by doublerabbit on Tuesday February 11, 2020 @07:18PM (#22304451)
As part of the EU money laundering scheme. A bank within the EU can access data on a client who's with another bank without another EU country.

So lets say you have a bank account in the United Kingdom. Now for whatever reason, I am now living in Austria, the bank can ring up my information without additional paperwork.

Now that the UK is in the process of transition, this isn't possible unless a court order is presented yadda yadda. It would be a threat for like N26 to have me as a client but unable to look in to my spending habits. If I had a bank account with loans enabled, I could take a loan and just disappear.

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Re:N26 will be leaving the UK by matthewheath on Tuesday February 11, 2020 @09:03PM (#22305082)
> Now that the UK is in the process of transition, this isn't possible unless a court order is presented

Under the European Union (Withdrawal Agreement) Act 2020 all existing EU law has been incorporated into our domestic legislation so the EU mony laundering scheme (assuming it is some form of legislation by the EU) still applies even though we are no longer an EU Member State.

However, it can be repealed after the transition period ends (1st January 2021) which might well happen depending on the priorities of the Government at that time.

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Re:N26 will be leaving the UK by n4r9 on Tuesday February 11, 2020 @03:24PM (#22302412)
It's not even the first, in terms of businesses packing up shop. Norton motorcycles is another recent example that springs to mind.
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Re:N26 will be leaving the UK by colourgarden on Wednesday February 12, 2020 @08:37AM (#22308682)
Norton went bankrupt. N26 are choosing not to operate in the UK any longer.
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