Financial Ombudsman ruling against Monzo

I wanted to give an update on this problem I had with Monzo last year:

I wish Monzo had written about this somewhere, or you know, had a support page saying no large bank transfers at weekends - but they don’t. So here’s your public service message.

I asked yesterday afternoon (a weekday). I was told it could take up to 24 hours, which was fine.

Today - after sending a follow up because we’ve reached 24 hours with no reply - I’m being told to wait until Monday.

All standard Monzo stuff - late responses to messages, one staff member saying one thing and another saying the opposite, apparent Monzo policy changes without telling us.

Tired of this.

I raised it with the Financial Ombudsman (thanks to advice on the forum), mainly because it didn’t seem like Monzo were taking serious steps to avoid this happening to other people.

Monzo initially offered £25. They then told FOS they would increase this to £75, and FOS said that was still too low, given the problems caused. FOS requested £125 (in total) plus interest, which Monzo and I have accepted.

I’m really happy that FOS took this so seriously, and I hope it will have an impact on this area of business for other customers.

As a positive ending: I made a large transfer in January (on a weekday), and it went through within a few hours.

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Hahahaah no way. Its rare the FOS agree with the customer. Well done for putting your foot down. Now go treat yo self :slight_smile:

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Glad to hear it was resolved successfully and hopefully Monzo learned from it and make changes to make it easier for others!

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Congratulations! Hopefully Monzo will adjust and listen to the feedback.

Looks like the decision hasn’t been released on the FOS website yet, but I will be interested in reading the decision when it is.

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They…post decisions online :face_with_hand_over_mouth:

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Yep, here is the direct link to Monzo’s decisions.

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I can’t find it :eyes:

Doesn’t look like it’s on there yet. But when it does get published, that link is where you’ll find it.

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I do love a good bit of night reading. A lot of scam victims on there sadly :frowning:

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Only if it goes to a financial ombudsman. If it just goes to an adjudicator it won’t.

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And what utter entertainment they can be. Grab some popcorn and a blanket and enjoy of an evening.

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