They’ll have bought the company and not got round to changing the name. Because reasons.
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The only company that I had problems with was IWeb share-dealing platform (part of Lloyds Banking Group). They froze my account for trying to set up Monzo and then Starling as a nominated account. They re-enabled my account after I added Nat West instead.
Never had any issues with Barclaycard or Barclays Partner Finance using either Monzo or Starling for DDs. I currently have investments with Hargreaves Lansdown and ii - neither have any issues with Monzo or Starling as a linked/nominated account.
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On a different tack if you open an account with Barclays they will not accept statements from online banks and that includes First Direct. Seems ridiculous however, that’s their rules and I can’t see there’s any way round it.
Last year when using Barclays for an Apple Watch purchase it wouldn’t allow DD from Monzo but would allow from NatWest.
This year wife tried Barclaycard DD with Monzo - didn’t accept but did with Starling.
Likely it’s one of many variables being fed into risk decisioning.
If a customer seems incredibly risk free but uses Monzo/Starling it might be an accept. If there’s less confidence, a decline.
Throwing in my anecdote - I recently took out the iPhone Upgrade Programme in October with Monzo as the DD account (as did my other half) both approved fine. I have a Barclaycard with the DD set from Monzo. + they increased my credit limit mid last year unprompted by me.
I’m not saying anything about me here btw, moreso that we’ve heard about this issue for a while but there is still approvals going on, which makes me think it’s part of a wider risk decision.
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Certainly could be. However, I have an exceptional credit score/report and have had finance in the past with no issues (large credit limit, never not paid it, etc).
Would love to know the backend details of the decision engine.
A contact of mine opened an account recently and they would not accept statements from online banks namely Monzo, Starling or First Direct etc. I never thought of FD as being an online bank though I assume they are not keen on banks without bricks and mortar branches and HSBC for FD doesn’t count.
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My experience over time with Barclays Finance is that it’s always been twitcy around whether you will be accepted, at that moment in time, depending on what the weather is doing.
I’d be surprised about them not accepting FD statements, surely it’s the same as an HSBC statement and you can use HSBC branches as if they were FD one’s (for the most part)
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You would think so but that was what my contact told me. Maybe another branch another set of rules but I doubt it. Very strange I agree.
I’m sure this was an app issue as I used to have this problem but when I set the DD through the main website it allowed.
You will be fine, they can’t cancel an existing product because of who you now bank with. I paid Barclays Partner Finance from a Monzo account. I even applied for a new one last year with no issues, although in the end I cancelled it.
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