My Tricount account was restricted: What’s the reason?

bunq

Hey Tricounters 🌈

To ensure your financial security, we continuously monitor the activity on the Tricount platform to be compliant with Tricount’s Terms and Conditions.

Why was my account restricted?

There are a couple of reasons on why restrictions on your account may have applied:

Our advanced system may have spotted unusual activity on your account and automatic security measures have been applied until further review is done by the relevant team
You haven’t provided the requested documents or information (e.g. regarding your source of income, a payment or intended usage of a Tricount account).

What can I do?

If we need further information from you, we’ll notify you through an email. You’ll also receive a notification about it.
You can attach pictures or PDF files of the requested documents (e.g. a copy of your salary slip or extract of another bank account).
Make sure you go through all questions and provide any relevant supporting documents requested. This will save you time and will help us finish the checks faster.

What happens next?

We act in line with the European laws to make sure your money stays safe with us. If we suspect that your account is being used to carry out illegal activities, then it's our responsibility to deny all access to that account. Depending on the situation, this decision can be either temporary (until further details disclosed) or permanent.

Our Compliance Team may contact you for further information to make a decision to either (1) unblock your account or (2) block your account permanently.

If we decide to close your account, you'll be contacted by our Compliance Team to let you know what happens next. In the event that your account gets permanently closed, you'll no longer be able to receive or make any payments afterwards.

Our Compliance Team may also decide to hold your balance after the closure of your account to cover any debts to us, payments that you approved before your account was closed or legitimate claims and rights of third parties. You can learn more here.

Which activities are tolerated?

Tricount accounts are intended for day-to-day spendings and expense splitting. In terms of spending, you can use Tricount accounts to pay for groceries, shopping, travel, or anything you need to pay for in daily life.

Tricount accounts can’t be used for commercial activities.

Which activities aren’t tolerated?

Additionally, to limit the risks some activities and transactions may pose to the financial system, we don’t tolerate using your Tricount predominantly for the following activities:

Gambling or betting activities
Trading or investing in crypto assets or other unregulated markets
Excessive cash withdrawals
Receiving, spending, or sending money to countries that are considered high-risk by the European Union or have a low score on the Corruption Perception Index from Transparency International
Intermediate account usage - transfers via payment service providers or to and from various counterparties.

What will happen if I don’t use my Tricount account as intended?

Our advanced monitoring system regularly reviews the activities on all Tricount accounts. If we detect that an account isn’t used for its intended purpose, we’ll reach out to you and let you know through an email stating that you have an inquiry. We’ll ask you to adjust your account usage accordingly.

This is part of our commitment to ensuring a safe and fair banking environment for all our users.
We understand that the above-given example activities may not be illegal. Our sole purpose with establishing this Fair use policy is to contribute to a safe and secure banking system.

In case we discover you continue using your account outside our Fair Use policy, this can lead to us having to permanently terminate your account. We advise you to review and adhere to our requirements that are in line with our Terms & Conditions: Chapter 10.1 Duty of Care and 10.2. Financial misuse.