Find out more about our first campaign, in support of financial inclusion for ‘underbanked’ groups and show your support!
Lots of exciting developments and updates on the way
Have you encountered life events and circumstances which have stopped you from accessing banking products in a way which is comfortable for you? Maybe you are currently. We’d love to hear from you - in this thread or via private message
What can we be doing better? Where did you turn for help and support? What was the turning point which changed things for the better? Which charities and organisations do you think are doing amazing things in this space? What do you think of our search tool?
I don’t like the fact that region listing groups Midlands altogether as the Midlands is quite vast.
Migrant Help is particularly a big organisation in all things relating to settlement support for migrants. There’s also Leeds Asylum Support Network which hasn’t been listed.
I hope in the future Monzo would allow Asylum Seekers to have an account like high street banks do so they can receive and manage benefits better whilst practice cashless budgeting.
As @hannng raised a similar point, a lot of the time the South (or South coast) is kept separated out from the South East and South West
An awful lot of people live in the band from Bournemouth to Brighton via Southampton and Portsmouth and it is distinct from surrounding areas in several ways
Same goes for “Wales”, which is an entire country and one whose challenges vary wildly depending on where in Wales you are. In some parts of Powys you may have no local bank branch, but you may also have no phone signal whatsoever. In Cardiff you will have phone signal, but expensive housing and a lack of job security may mean you move around a lot, etc.
However, the campaign is a laudable one and I fully support it, but the reasons people are unbanked can be many and varied. There’s a need to flesh out the resources that are available around the UK, as well as explore the reasons why people find themselves without an account.
How do we get people who may have no ID, no phone, no fixed address, no job and no bank account to even get started?
Feedback on the search tool much appreciated - better location categorisation will be part of V2 Additional suggestions of resources and organisations in your local area would be great - we can get these added!
Everyone should have access to a bank account which suits their specific needs, and for some, a Monzo account isn’t maybe the bank account best suited to their circumstances at the time. It’s equally important for us to highlight services and support resources in local communities which can help people get help and assistance with online and app based banking, wether that’s with a high street provider or elsewhere.
We’ll also be exploring the tech ethics considerations surrounding the things we’re building as part of this campaign.
There are also charities, organisations and community centres who offer their addresses up for this purpose. It’s even something that’s been floated by the Post Office.
Not having photo ID is a legal barrier which we don’t have the power to change alone unfortunately. Hopefully this campaign can help us open some doors and start conversation which can move the needle on this - it’s certainly something on the radar.
FCA rules do not state photo ID is compulsory, in fact most high street banks will open an account without photo ID. https://www.fca.org.uk/consumers/opening-bank-account The FCA clearly state a bank does not have to accept alternative forms of ID, so the interpretation is down to the bank, not a legal requirement.
The FCA handbook and the relevant rules explain in more detail, there is still no requirement for Photo ID in the FCA handbook nor do the Know Your Customer requirements from the Prudential Regulation Authority state that photo ID is a requirement. That is why most banks can still open accounts without a passport of driving licence.
Thanks for you correction here - I’ve amended the post above.
One thing we’ve found speaking to homeless organisations is that at a branch level there is a big inconsistency in terms of what is required to open an account. Whilst in theory you should be able to open an account with alternative forms of ID, this is often at the discretion of the branch. Policies aren’t clear and awareness is low amongst staff and also customers.
We (I work for one of the big four high street banks but am a Monzo customer) recommend to homeless charities that they set up an appointment for their clients with a named contact to avoid inconsistency.
It also helps the homeless people to know that they’re turning up to see a specific person and we’re not the only high street bank to do this.
I love Monzo but you’re fairly late to the party on this one.
@YorkshireGeek that’s great to hear - I’d love to hear a bit more about how effective/successful set appointments have been based on feedback from the charities and their clients, if it’s something you’re comfortable sharing? People who are financially excluded often have fairly chaotic lives involving a myriad of separate but connected hardships, which can make it hard for them to commit to or stick to specific times so would be good to know how you might accommodate for this?
Additional suggestions of resources and organisations in your local area would be great - we can get these added!