N26 Behaves Like a Savings Bank: Higher Fees, Fewer Withdrawals

N26 increases fees for various banking services and reduces the benefits for customers when withdrawing.

N26 Bank has set out with the promise to do almost everything differently from the conventional banks and savings banks. At least on one important point, however, the banking fright is now doing what traditional banks are doing in the face of falling interest income: it is turning the price screw, as the “financial scene” put it.

According to the new N26 price list, which will apply to customers from May 10, the number of free cash withdrawals from ATMs for users under the age of 26 will be reduced from five to three thousand per month, provided that N26’s bank account is not used as the main account. Additional cash withdrawals then cost 2 euros each.

Questionable claim

That sounds pretty complicated — but banking at N26 should be as clear and simple as possible, completely “without bullshit”. And not only at this point does the price list of fintech read as bulky as that of a savings bank. Ordering replacement cards and express shipping for particularly urgent customers should also become significantly more expensive. In addition, the allowance for cash deposits is canceled. There are, however, discounts for users with a fee-based account model.

This is legitimate, after all, young banks must also make money. However, the claim of the current free account is becoming more and more questionable — it looks that N26 becoming just like the traditional banks.

Author: Marko Vidrih

Featured image credit: N26 Magazine