Money in from Tandem via Open Banking.
Once arrived, went to move it to Lloyd’s account in my name, and FP blocked.
Tried smaller amount, still no go,so contacted CS and they told me account frozen pending enquiries.
Initiated a Complaint, however, don’t see it doing much.
If it happens again though, I’ll switch to Starling. Contacted them same day to see how incoming BACS are dealt with, as income and DDs all fall on the 1st of the month, and got a reply within the hour, confirming that my system would work with them. That was CS on a Saturday too.
I don’t normally use Monzo as my hub for money movement, mainly due to stories on here, but Lloyd’s were not connected to my Tandem account and Monzo were.
Sadly looks like money laundering if you move funds in and directly out, so they have to be on the ball with it to prevent fraud and everything else as we can all understand.
It’s really crap that’s happened to you. I use Monzo as my money hub - so I tend to use it to receive money from one account before sending it immediately to another. I haven’t had any problems yet so fingers crossed.
Signup - Pretty decent though took a few goes on the verification for some reason
Card - Looks cool, only giveaway that it’s a bank card (apart from name obvs) is the Mastercard logo
App - Meh. Looks like someone took a load of random features out of Monzo, Starling, Others and merged them into one. Very limited functionality, though it’s early days so fair enough.
Why though? If it’s an app design thing then I guess that’s each to their own, but I’m curious why at the very least cashback on everything doesn’t keep you.
What features do they have that you need? If they are very Monzo specific then why open in the first place, since the features are well documented online by this point.
I mean every bank is different for everyone, but I really don’t understand people who open and close within 24 hours. It makes no sense.
I was interested to see what Chase had to offer with the genuine consideration that I might use it day to day.
A lack of in-app budgeting plus pots meant I didn’t feel it would be useful, and actually it made me re-consider Monzo.
Re the point around well documented online, I did google it first but couldn’t see enough without looking and since it was free to join I thought I might as well. I actually did use it in anger for an evening but as I allude above, the feature set was just too ill-thought out in my opinion.
For others, it might be the best thing they’ve ever seen and good luck to chase, it’s probs a great start
That’s interesting, because Chase does have their version of in-app budgeting and pots. It’s not the same as Monzo, but it is there if you want it. Instead of pots, just just simply setup new accounts. Each account has a different sort code (which means that when they officially support them you can setup direct debits to be paid out of them) and you can ‘attach’ your bank card to only take payments from a specific pot. ie - setup a ‘Groceries’ account, transfer money in there, and then when you pop into Tesco, make sure the card is set to use that account (yes - that’s a bit of a faff tbh). I believe you can then setup standing order’s to transfer money into each pot on payday as well depending on what you expect to be paid out of it.
The difference between pots/spaces/jars and accounts these days is getting more blurred - I’m not sure though how having 10 different accounts with Chase for different ‘budgeting pots’ would affect your credit file?
I’ve been with Monzo since the end of June and I’ve moved £20K to £30K in and out in a matter of hours a few times without any issues. It’s been between investment platforms and/or savings platforms, though.
It isn’t though. The point of laundering money is to launder it - not to move it randomly. It’s just impossible to launder money by moving it between your own account.
Good for you that you aren’t a criminal
(Edit: I’m obviously not saying that any money movement between your own accounts will never trigger an investigation, nor that such investigation will be unjustified. I’m simply saying that it’s impossible to launder money by moving it between your own accounts.)
If anything they’ve got worse with videos needed to reinstall the app, passwords for everything and having to dance around a burning bush naked at midnight whilst muttering in Manx.
