As many United States N26 customers already know, the German fintech has announced it will be closing its doors on the US market on January 11, 2022, leaving behind 500,000 US customers.

While N26 has assured its US customers that they will have full access to their funds as usual until the cutoff date and will receive further instructions on how to withdraw their funds to ensure a smooth transition, US customers have been left to determine their next steps on their own.

To help clear some of the weeds, here are the most important next steps for all US N26 customers to take.

Step 1: Take A Breath

Unexpected changes can be stressful, especially when it involves your finances. You may feel emotions like shock, frustration, or even disappointment in reaction to such a sudden change. All these emotions are perfectly normal and will fade away given enough time. Take a moment to breath, collect your thoughts, and accept your situation before forging on towards productive solutions.

Step 2: Double-Check Your Deadline

January 11, 2022 will be here sooner than you think, especially with the holiday season and the end of the year right around the corner. Take a moment to check your calendar and note how many weeks, or even days, you have to remove your funds from your N26 account. This will help keep you on track with plenty of time to prepare for the January 11th deadline.

Step 3: Compile A Wishlist

Ask yourself the question, “What kind of bank would I like to transfer my funds to?”.
Would you prefer another all-digital bank, or a brick and mortar bank? What kind of accounts and features do you want? Would you like to get rewards? Do you need access to ATMs?
These types of questions can help you narrow down your options for a new bank.

Step 4: Research Potential Banks

Once you know what kind of bank you would like to transfer your funds to, do a quick Google search, specifically on the features you want in a new bank. Compare and contrast your different options, almost every question you have about a bank can be answered on their website.

Step 5: Call Banks You Are Seriously Considering

A great way to tell if a bank is a good fit for you is to give them a call!
A bank’s customer service representatives can give you important insight into the quality of a bank and how it treats its customers. How quickly are you able to talk to a real person? Are they attentive to your questions? Do they seem informed and happy to help you?
Plus, customer service representatives can walk you through their banks steps for transferring your funds. Keep in mind, they should want to make it as quick and easy for you as possible!

Step 6: Weigh Your Options

Once you have done your research and talked to banks you like, it’s time to make your decision. Be sure to weigh your options carefully and go with the bank that feels like the right fit for you!

Step 7: Transfer Your Funds

For most banks, transferring funds should be as easy as opening a new account online. If you have any questions about the bank’s transfer or new account process, give their customer service line a call or check out their website for guidance.

Consider mph.bank

To the 500,000 N26 customers affected by this closing, we would like to express our sympathy for you and your unexpected situation. We understand that finding a new bank and coordinating your transfer of funds may feel like an impossible task. However, there are plenty of excellent US based, exclusively digital, mobile banks for you to choose from! We recommend switching to mph.bank, a new mobile bank that wants to make people happy.
mph.bank is powered by Liberty Savings Bank, a FDIC insured community bank with over 132 years of banking experience that offers interest rates up to 12X the national average, no minimum balance, and a one-of-a-kind rewards network that can pay you for your referrals every month!
Interested in learning more? Check out our website and open an account today! www.mph.bank

Less than 2.5 years after entering the United States market, German fintech N26 has announced it will be permanently discontinuing all US operations in January 2022.

N26 customers in the US must migrate

All US N26 customers have until Tuesday January 11, 2022 to withdraw their funds from the global digital bank, after which time they will no longer have access to N26, its mobile app, or their accounts.

N26 has assured its roughly 500,000 US customers that they will have full access to their funds as usual until the cutoff date, and that they will receive further instructions on how to withdraw their funds to ensure a smooth transition.

N26 on terminating their US market

In a press release on November 18, 2021 announcing the withdrawal, N26 expressed gratitude to all its US employees for their immense contributions to building the business in the US market, as well as it’s plan to focus on a “core” European business moving forward. N26 says they hope to apply what they learned from the two years in the US market to their plans for a new investing option for their European users, and to their expansion into the Eastern European Market.

This sudden end in America may not come as such a shock to some observant US N26 users. On top of their withdrawal from the UK market in 2020, in response to intense scrutiny from German financial regulators, N26 was ordered to limit the number of new customers they took on to 50,000 per month in early November of this year.

You can read the full press release here.

The German Fintech’s background

Founded in 2013 and launched in 2015, N26 is a US $9 Billion German based online mobile banking service with operations in 24 European countries as well as, for the moment, the United States. Their mission is to “Build a bank the world loves to use”. They currently have 7 million customers worldwide and a full European banking license.

N26 US customers, when one door closes, another door opens

To the 500,000 N26 customers affected by this closing, we would like to express our sympathy for you and your unexpected situation. We understand that finding a new bank and coordinating your transfer of funds may feel like an impossible task. However, there are plenty of excellent US based, exclusively digital, mobile banks for you to choose from! We recommend switching to mph.bank, a new mobile bank that wants to make people happy.

mph.bank is powered by Liberty Savings Bank,  a FDIC insured community bank with over 132 years of banking experience that offers interest rates up to 12X the national average, no minimum balance, and a one-of-a-kind rewards network that can pay you for your referrals every month!

Interested in learning more? Check out our website and open an account today! www.mph.bank