On 28 November 2024, Cinkciarz.pl sp. z o.o. and Conotoxia sp. z o.o. received a letter from ING Bank Slaski terminating all bank accounts, with the execution of this decision within 30 days. On the grounds of? 'Reputational risk'. This absurd and unsubstantiated statement is merely a pretext to obstruct the activities of both companies. We believe that it was ING that caused the alleged reputational risk with its conduct and is now unable to face the consequences.
ING Bank Slaski's move is evidence of ill will and deliberate action against Cinkciarz.pl sp. z o.o. and Conotoxia sp. z o.o. It also constitutes further evidence of the existence of banking collusion, which we have repeatedly mentioned, and other unfair practices, which we have consistently raised in complaints to the relevant institutions. Terminating bank accounts on such a scale is a clear example of abuse of market power, directly affecting our companies and customers.
85,000 customers harmed - the number keeps going up!
ING Bank Slaski's decision will negatively affect 84,932 existing customers, who will be deprived of instant currency exchange and other key financial services. In addition, the bank's action will prevent the acquisition of new users who could have registered on the web portal between the termination of account agreements and their reactivation. Consequently, the number will continue to grow, encompassing both existing and future customers who have been denied access to the innovative solutions offered by our companies.
Warning to customers
Please be advised that our ING bank accounts will close on 31 December 2024. This will prolong the transaction process and significantly increase operational and end-user costs. ING should be fully aware of these consequences but is deliberately working to undermine both our companies and our customers.
Call to the UOKiK and KNF
It is another example of unjustified actions by banks that harm consumers' interests and distort market competition. We call on the Office of Competition and Consumer Protection (UOKiK) to take decisive steps in this case. The cited actions, such as the termination of accounts on such a scale without sound grounds, require an immediate reaction from the regulator.
Announcement of subpoenas for payment
Cinkciarz.pl Sp. z o.o. and Conotoxia Sp. z o.o. announce the filing of formal demands against ING Bank Slaski for 4 billion PLN.
Claims cover:
- Damages: we request the payment of 4 billion PLN to Cinkciarz.pl sp. z o.o. and Conotoxia sp. z o.o. for losses incurred due to the unjustified termination of bank accounts.
- Reimbursement of the costs of money transfers to users: we request full reimbursement of the costs of all PLN and foreign currency money transfers for customers holding accounts with ING Bank Slaski in accordance with current and future price lists. Compensation should cover the period from the effective date of termination of the accounts until full functionality is restored.
- Compensation for the loss of immediate foreign exchange through ING accounts: we claim compensation to current and future users of 2 percent of the value of each new transaction they could not complete through ING accounts due to the restriction of access to bank accounts. The compensation should cover the entire period from the effective date of the termination of the accounts until their reactivation.
In our judgment, ING's actions are another part of the banks' deliberate campaign against innovative financial companies that represent real competition to them.
Management Board of Conotoxia Holding