Have a look, what the founder Ali said at European FinTech Awards 2016 in Amsterdam:
At 8:46 it becomes interesting:
"… because this is one of our fundamental convictions, which is, that we try to differentiate by not making money with money. We feel that’s the wrong way to go about."
Making money with money is a way to define interest!
How does this fit in with the new feature MassInterest?
"… If we build a shit product, that you don’t want to use or if screw you over or if we’re not transparent or whatever, it’s gonna hurt us."
How does a opt-out by default fit in with "Freedom of Choice“? Why not a opt-in by default?
Provocation is not my intention - on the contrary:
Ethical acting and informational self-determination are essential for me, because my path in life is Islam. Looking for the right bank, I have a long journey behind me so far. And I was so confident, that this odyssey would finally have an end with bunq.
After an extensive research to bunq, I registered on the 1st of February. Simply because bunq comes very close to islamic banking, or rather, it seems as if. I took my time to set up the right account model for myself (one account for household, one for car etc.). Every now and then I searching for pictures, to personalize my new bank account and make it look great. Last weekend I was ready and decided to start on March 1st. Until update #10 came yesterday.
Now I have the feeling, that my new banking chapter is over, even before it has started.
To sum up:
• The way I see it, yield/return is good for society; interest is bad.
• "Freedom of Choice“ can only mean making an active selection instead of a deselection.
Actually I fell in love with bunq, but this changes/transformations really confuses me and disappoints me. So please bunq, please Ali, make a clear statement:
What are actually your fundamental convictions?