Chris Skinner Blog - Monzo Growing Pains

Don’t think so. They said they should have sent someone though

What could they have said they they hadn’t already?

2 Likes

They aren’t going to give some guy with a blog the reason they are closing the account.

He claims to be an expert but there’s huge gaps in his knowledge that seem to be taken up with his ego.

3 Likes

I doubt a guy with gaps in his knowledge would have a write up like this but hey what do I know.

1 Like

No, they said Tom was in hospital so he couldn’t appear on Watchdog, and the mistake was to not send anyone else instead.

2 Likes

Something. Anything to help control the narrative. The problem isn’t that they’re closing accounts, I don’t think. It’s a problem of perception.

@simonb did a good job of breaking down why this has become a perception problem for Monzo.

It’s something I think they need to respond to (with great care) and rebut the narrative to reinstate some confidence and dispel the fear.

Monzo may not be acting any differently to any other bank, but the reaction is noisy and people are starting to pay attention, which sows seeds of worry and doubt. It’s destroying trust in the brand.

3 Likes

99.99999% of Monzo customers have absolutely no idea this is an “issue”

Nobody reads i and nobody is going to read this guy trying to drive clicks to his blog either.

It’s something that happens across all banks but aside from here, obscure sites online and that Facebook group full of morons, it’s not on anyone’s radar.

The next time you see someone with a Monzo card, aka what they think of the account closers for people that have broken T&C, if they even know about it, I’d be surprised if you get anything more than a shrug.

6 Likes

Don’t forget this bit

Now, bear in mind that these guys are friends of mine, I was surprised at the silence but then, maybe not.

They’re not your friends, it’s a business. :person_facepalming:

1 Like

:100: this, it’s only a select small percentage who’ll ever see those ramblings. I’d of never seen it. Only reason I have is because I come to this forum.

1 Like

I know we’re only a small community in the grand scheme of the customer base, but we’re not that small. This stuff ends up on Reddit too and gathers quite a bit of attention there.

I think you underestimate Chris Skinner’s reach and audience. He’s quite an influential voice in fintech and has done several popular TED talks.

It’s become a loud enough issue that my technophobe mum has become aware of it, and she’s not on Facebook. Had I not explained it, she will have probably just gone back to using just Nationwide.

3 Likes

I’m pretty sure that, if you looked at the number of people signing up, the Watchdog report didn’t have a negative effect. So if that’s didn’t put the general public off, a few bubbles on the internet won’t either.

Unfortunately I don’t think it’s a problem Monzo can ever solve the optics of themselves, as their hands are tied by financial crime legislation. What it really needs is for the press to pivot their coverage to criticise the legislation and not any one bank’s application of it.

11 Likes

Isn’t that the same percentage of statistics that are made up :thinking::joy:

8 Likes

99.99999% of people would agree

4 Likes

See my post linked below - Monzo told me in September last year that the issue was with World Pay rather than Tesco or Monzo. They told me at the time their payments engineers were working with World Pay to get it fixed. This was in relation to when a Tesco transaction duplicates later that day/next day when the payment settles, leaving the original transaction still pending.

It’s definitely not an issue I’d noticed with my previous bank, although they didn’t show pending transactions a lot of the time, and I was not nearly as on top of monitoring my financial stuff in those days, so I can’t say that it definitely wasn’t happening.

I had a few double payments taken from my Monzo by LottoLand. But it was with “auto refunds” and only when it was changing exact amount needed to cover the draw tickets, well a bit weird tbh :thinking:

It stopped only after I started top up my LottoLand account with bigger amounts, as £10 or £20 per transaction :pound:

A few people I know, never joined Monzo because of those articles online :expressionless:

I also read about it before joining Monzo. In my case I was curious to have Monzo account, not in need or rush :smiling_face:

2 Likes

Loads of (removed) off topic stuff going on here so I’ll close it.

As repeatedly stated, staff are available to discuss moderation issues rather than derailing threads with nonsense.