Not upheld: Account closure without notice complaint against Revolut Ltd

Decision detail

Summary

G, a company represented by its director Mr B, complained that Revolut Ltd unfairly blocked its company account and delayed returning funds. Revolut had requested verification information in May 2025, restricted the account on 21 May, and closed it on 1 July 2025, stating funds would be released within 90 days. Revolut made funds available on 13 August 2025, but Mr B did not arrange their transfer until 23 September 2025. The ombudsman found that Revolut acted appropriately in reviewing and restricting the account to meet its legal and regulatory obligations, with no unreasonable delays in the process, and therefore did not uphold the complaint.

The Ombudsman's reasoning

Banks have legal and regulatory obligations to verify customer information and understand account usage. In meeting these obligations, banks may appropriately restrict or block accounts during reviews. The ombudsman was satisfied that Revolut acted appropriately in reviewing the account, restricting it during the review, and releasing funds after closure. The timeline from account closure (1 July) to fund availability (13 August) was reasonable and within the stated 90-day period. The delay in Mr B arranging the transfer (until 23 September) was not Revolut's responsibility.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website