Comment by ndsipa_pomu
19 hours ago
> I have always got bad vibes from Revolut...
I opened up a Revolut account a couple of years ago with the intention of switching my current account to it (i.e. wages going into it etc), but I got spooked after hearing that they weren't registered as a UK bank and thus subject to the various regulations and protections. I tried using Chase instead and have been happy with it so far.
I used to use Starling as my main and they were fine, until I started getting issues with random card declines due to "fraud prevention" and nobody to talk to. I switched to First Direct and like the peace of mind of having a human on the phone if needed (when I wanted to make a huge transfer for my house deposit it was nice to have!) and I still get perks like free foreign card transactions.
https://www.revolut.com/blog/post/revolut-is-officially-a-ba...
They are reigistered now
Yep, I probably won't bother switching to them now as Chase provides a good service as far as I know, though I do get a bit twitchy about its U.S. links. However, it's headquartered in the UK and is a division of J P Morgan Europe, so I hope that provides some level of distancing from the inevitable economic collapse of U.S. A.I. companies.
For what it's worth, JP Morgan specifically is probably the best positioned of all the major banks to endure any political and/or economic instability that might arise in the near-ish future. Not that this should necessarily drive your decision on who to bank with, but having spent the last decade or so working at various large US banks I have a lot of respect for the way JPMC operates
- The vast majority of their infra (at least as of ~3 years ago) is self-hosted in data centers that they own, and a lot of their other key cloud infra is/was multi-cloud (i.e. operations could fail over to GCP in the event of an AWS outage)
- Financially they have the healthiest balance sheet of any non-state-owned bank (like, in the entire world). Over the last ~20 years JPMC has acted as a sort of lender of last resort several times, most recently when they bought out First Republic.
- Politically, after navigating the aforementioned instability Jamie Dimon has almost carte blanche support from the shareholders, and everyone knows it. As a result, he can afford to be a lot less... compliant with the current US regime than other major players have been recently.
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