Current account limits insufficient for extraordinary purchases

Monzo Chat
21

yes I got similar -

No worries!

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Hernan Hernan from Monzo Bank
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On Tue, Oct 10, 2017 at 01:21 PM, “Ian Silversides” wrote:
No problems I can pay with another card - thanks for your reply grinning+1

On Tue, Oct 10, 2017 at 01:19 PM, “Hernan Dieguez” hernan.dieguez@monzo-bank.intercom-mail.com wrote:
Hi Ian, I’ve chased this up for you. At the moment we won’t be able to increase the current limit of 10k. However we do hope that we can increase this limit in the future. For the time being could you please talk to the dealership and see if they would be happy to split this into 3 separate transactions over 3 days?

On Tue, Oct 10, 2017 at 11:03 AM, “Ian Silversides” wrote:
Thanks hernan +1 I will wait to hear back from you

On Tue, Oct 10, 2017 at 10:58 AM, “Hernan Dieguez” hernan.dieguez@monzo-bank.intercom-mail.com wrote:
Hi Ian, our limit is currently 10k. However I will look into this for you and see if this is something we would be able to do +1

On Tue, Oct 10, 2017 at 10:54 AM, “Ian Silversides” wrote:
Hi Herman It would be a card payment at an Audi dealership garage

On Tue, Oct 10, 2017 at 10:53 AM, “Hernan Dieguez” hernan.dieguez@monzo-bank.intercom-mail.com wrote:
Hi Ian, I can look into this for you. How were you thinking of making this payment, would it be a card payment or a bank transfer?

On Tue, Oct 10, 2017 at 10:51 AM, “Ian Silversides” wrote:
Hi can you please tell me what is the maximum payment I can make on my card - I want to buy a car and will be about *** - if this is not within your limits can you pre authorise this payment ? Obviously I will have cleared funds in the account at the time of payment

22

As @Jim1701 says, sadly we aren’t able to go into any more detail as to why we weren’t able to raise limits.

That said, I think FPS limits refresh every 24 hours - I will go and check this :slight_smile:

23

I’m sorry, this doesn’t inspire confidence. What you’re saying is that there are some circumstances under which you can increase the limits, and some under which you can’t, but you’re unable to provide additional information that would help us to evaluate whether we can rely on this service.

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24

This has nothing to do with FPS! Ian wanted to do a card payment, and the FPS limit is 250k per transaction (without daily limit) as I learned recently (from yourself, I believe :wink: ).

25

£250k single transaction limit, inbound (set by the scheme), £10k outbound/day (our limit, if you need to raise it then you can contact us)

I do apologise. However, my previous statement with regards to limits in general still applies :slight_smile:

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26

But this is YOUR limit, not FPS limit (the phrase used suggests that this limit is prescribed by an external authority and out of Monzo’s control, when it was indeed Monzo’s decision to implement it this way).

27

presumably that is set to an extent by your capital requirements at BofE ? because Lloyds limits are higher, I assume it is restricted by Monzo yourselves so you don’t require more capital held by BofE

28

Edited to be clearer :slight_smile:

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29

The response from cops here (as I read it) seems to be “this is something we can’t do for anyone, sorry” whereas Hugh/James seem to be suggesting what they actually meant to say was “we can do it for some people, but went off and checked with the Risk Oracle and it denied you specifically, sorry, we can’t tell you why”?

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31

But you’re still saying that some of the time when we contact you, you won’t be able to raise the limits. Some more clarity would be much appreciated. At the moment, it sounds like you’re telling me that there’s a process, but that I shouldn’t rely on it.

If I don’t know that I can rely on something, then I can’t rely on it, and have to make other arrangements.

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32

There is a process, and we have specialists review each request with your account specifics and the information you provide. Sadly we can’t go into more detail as to how this works but the more time you give us, the more likely it is we will be able to get hold of the right people in time.

We recommend getting in touch at least a week before you will need increased limits :slight_smile:

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33

@HughWells, I appreciate your taking the time to respond. I have to admit the outcome is somewhat unsatisfactory. I would not have expected Monzo to give me poorer access to my money than my legacy bank.

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34

Sure, I appreciate your frustration here. Would it be okay to reach out over DM?

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35

Sure. Please go ahead

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36

Afraid I have to agree with this. It’s not something I expect to need to worry about in my immediate future (but of course things change) but I find it very odd to suggest that if you have the money, you end up in a position where you are not able to use it. Surely if it’s literally there and spendable, there is no need to review anything further, so it should be an automatic yes.

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37

  1. It’s not sufficiently well known to customers that there is a limit. If customers knew in advance, they could work around it, and would be less likely to encounter the problem as they attempt to make what is to them an important payment (and moment of truth)

  2. There’s apparently a process, but customers don’t know about it - and are unlikely to find out about it until it’s too late

I think the customer expectation could be managed by making a couple of simple tweaks to the “Send payment” page - along the following lines:

Monzo mock-up

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38

Hey all, thanks for the feedback on this! I’m just finding out some details and then will come with some more info :slight_smile:

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39

OK — a quick summary of what happened here, to the best of my understanding.

Firstly, I’m sorry for any confusion! There are definitely things we can learn and improve on based upon this thread and surrounding discussions and we’re making some changes internally to fix this. I hope the answers below answer all of your questions and I’m sorry we didn’t hit our normal standards here.

  1. We can increase payment limits on a case-by-case basis, however, at this stage we need some warning — it requires specialist members of our COps team to look at and therefore 3-4 days notice means we can ensure someone looks at it. This is especially important if it’s overnight because there are no specialists working overnight at the moment.

  2. We weren’t able to raise the limits for you @Justin that time because there wasn’t someone available to look at it. I appreciate this is super annoying and not something you were made aware of (more on that below). We should have said that nobody was available.

  3. The limits reset at midnight every day (as opposed to a rolling 24 hour period). The uncertain messages in chat were because that team wasn’t entirely sure and wanted to be totally honest. Again, we should have been clearer that they specifically weren’t sure and would find out and let you know as soon as possible.

So, tl;dr: currently, we should be able to raise your limits for specific payments if you get in touch with us with 3-4 days notice (ideally). We might be able to do it on shorter notice during working hours, but can’t guarantee it (right now — hopefully in the future).

Additionally, thanks to this post, we’ll be running refresher training for our COps team so that everyone is clear on how this works and we’ll also aim to be clearer in responses, both in chat and here on the forum, to explain exactly why we can’t do something. I’ll also follow up with the product team to see if we can make the limits any clearer, as well as the process for raising them.

I hope that helps explain and sorry we weren’t clearer earlier. Happy to answer any additional questions :slight_smile:

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40

To be fair to Monzo, the limits are there in the screen with all the limits.

What isn’t fair is that if I have £20,000 in my account and I have specifically asked to transfer this I shouldn’t be prevented from doing so and I certainly should have to wait 3-4 days. I can understand having the limit to prevent fraud but if I’ve explicitly told you that the transfer is happening it should absolutely be allowed without question.

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41

Agreed. I hope we can get this down to “within working hours” very soon — I’ll share a timeline as soon as I know one.

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