Last year Denizen offered a sign up bonus of $100 with no direct deposit requirement, as a result of this bank bonus a lot of readers have accounts. Denizen has sent out an e-mail that they will be shutting down as of December 17th, 2019. If for whatever reason you still have funds in that account, I’d recommend transferring them out ASAP.
On December 17th, 2019, we will close your Denizen account, including any underlying bank account, debit card, and access to the application that has been established as part of your use of the Denizen service.
You may continue using the Denizen service until sixty days from this notice, as provided in the User Agreement for Denizen Service. If you are a Founding Member nothing will change for you during this time. If you are a Global Member, you will be considered a Founding Member from this day forward and will be subject to the terms of the Founders Fee Schedule (attached) for your remaining time at Denizen meaning you will not be charged any monthly membership fees by Denizen.
Because your access to the Denizen application will be discontinued on the date mentioned above, we recommend that prior to such date you use the application to download any account records that you may need. After that date, you will need to contact customer support for assistance with such matters.
Please contact our Customer Support team in order to validate the address where we should send a check with the remaining funds in your Denizen account after its closure. You can also transfer all funds out of your Denizen account before December 17th, 2019, and your account will be automatically closed. If we don’t receive your instructions prior to the date of the closure of your Denizen Account, or if you don’t otherwise request to close your account prior to such date, we will mail to you at your address on record with Denizen a cashier’s check in the amount of your Denizen balance.
Hat tip to readers Avi S, Brenden F & Michael L
I was tempted but never bit. Then they added fees, etc which made it pointless. Maybe they managed to light a fire under others who offer/will offer a similar product.
Back to Charles Schwab Debit card for domestic and international withdraws…
I transferred my funds from Varo last week too.
It’s the most wonderful time of year…(closing old accounts/opening new accounts)
Why was this ever better than Schwab or Fidelity?
Cool concept. Very hard application process with video of yourself and passport. Then there was no paperless statement option. Hope this is a lesson learned for future banks.
yeah, it’s so stupid getting those paper statements every month.
Good riddance. Their password video requirement was such BS. Never went for it because of it; I’m sure I’m not the only one, either.
Any service that requires a smartphone for such superficial reasons as this is a BS service in my book. There’s no reason that opening a bank account should depend on owning a smartphone and installing a proprietary app.
First circle now denizen. Clearly the “free” fintechs are going bust and the “per small fee” like transferwise is the business model that will survive.
Truly bummed on this one. It was a great card for cash withdraws for international travel, I used it heavily this year and it will be missed.
Sofi is great for international too