Sadly I have had to stop reading this forum because of the amount of winging and whining that goes on about investors not getting their little special cards, or such and such a feature isn’t working, or i need to go through one extra step to top up my card with a bank transfer rather than a card, or god knows what other really petty issue you now have, its actually really off putting, and yes, you’re right, I don’t have to read it, and I no longer do. Problem solved.
So whilst people are happy to complain about the little things, lets consider the big things, the things that in my opinion, actually matter. How your bank handles fraud and your money.
Yesterday I woke up to 18 notifications overnight on my phone about paid and declined transactions. Transactions I didn’t make because I was asleep, nor was I in France, or Switzerland. In total nearly £1500 of transactions, but only £280 of which that actually went through because I’d siphoned off my salary the day before into various pots or into my wife and I’s joint account to pay the mortgage etc. nearly all of it appears to be transactions for mobile phones which are nice and easy to sell on and clean the stolen cash.
After my initial gob smacked reaction whilst sitting in my towel, still dripping after my shower (TMI?), the first thing I did was freeze my card. Certainly cant do that with my other bank without being on hold for 20 minutes… Second, contacted Customer Ops. 59 minutes it took to have the transactions cancelled, refunded and new card ordered, and to be fair it would probably have been quicker but I could reply to them as I was driving for 35 minutes to get to work (thanks Benjamin!).
Now had this been my other bank, I wouldn’t have even known for a few days till the transactions were actually presented, then followed by several days of waiting for my money back and a new card.
I really cant fault Monzo at all. Sure, the ability to do some things differently with pots would be nice, but behind the cool stuff, and the planned cool stuff that’s still in the pipe line that people are complaining about, is a pretty solid banking system who give a toss about its customers, and fixes things, the important things, quickly. Lets not forget this.