Having your account closed is disruptive, and it is not a decision we take lightly. This article explains when we may end a relationship, why we are often unable to discuss the details of an individual case, what happens to your money, and what you can do if you disagree.
As a regulated institution, we sometimes have to close accounts
Like every regulated financial institution in Europe, we are required to identify and verify who our customers are, keep that information up to date, ensure the security of the account on an ongoing basis and act on what we find. In some cases that means restricting or closing an account.
Closing an account is not a judgement about you. In most cases it reflects an obligation we have to meet or our own (or our partners’) risk appetite.
When we may close your account
There are different situations why we may need to close your account. The termination email we send you will tell you which one applies.
1. We choose to end the agreement with at least 2 months notice
We may, at any time, choose to end the agreement without giving any reason, after a notice period of at least 2 months.
2. We end the agreement for an important reason and are required to close the account immediately
We may end the agreement where there is an important reason for us to do so. These reasons are set out in Section 33 of the Vivid Money S.A. Terms and Conditions.
In all these cases, the immediate account closure would be a last resort only. In lighter cases, we may only suspend your services until the situation has been clarified.
Why we cannot always tell you more about your case
We know this is the most frustrating part of the process, and we are not being deliberately unhelpful.
As a rule, the notice we send is the level of detail we give about a closure. That is the same for every account and every reason - it isn't a signal about your case, and it isn't necessarily a judgement about you. Our support team works to the same rule and won't be able to add more to what the email already says. Some of what sits behind a closure decision is also information we aren't permitted to share, and we have no discretion over that.
Every immediate closure is reviewed before we act
Before an account is closed, the case is reviewed by a member of our team. It is not decided by an automated system alone, and it is always a last resort. As a result of that review, we may also decide not to proceed with the closure.
What happens to your funds and assets when the account is closed
Your termination email will confirm what applies to your account.
In general if, at the time of the closure, there are still:
Assets held in an Interest Rate, Invest, Crypto or Crypto Earn pocket are liquidated in line with the applicable Vivid Money B.V. Terms and Conditions. These products are provided by Vivid Money B.V.
Balances held in other currencies are converted to EUR, using the conversion rate applying on the date of termination.
The converted amount is added to your main pocket, so that you can withdraw it before the account is completely closed.
Stock rewards not redeemed before closure is initiated, they are cancelled.
If we tell you a withdrawal is not possible right now
In some cases we are legally required to hold funds. Where this applies, your termination email will tell you the period involved. We may not be able to tell you the reason, or exactly how long it will take.
Once the period stated in your termination email has passed, contact our support team and we will review your withdrawal again. Before that date we will not be able to release the funds, however the request is made.
If you disagree with the decision
We will not reverse a closure because it has been raised again through chat or email. If you believe the decision or the way we handled it was wrong, follow our guide here on how to submit a formal complaint. If you are not satisfied with the outcome, our complaints article explains how to take it further.