Getting a Monzo Bank Account With No Fixed Address


(Tristan Thomas) #1

This is the final instalment in our series of blog posts around financial inclusion.

We hope you’ve founds these posts useful and interesting. If you think there’s more we can be doing to make sure everyone has fair access to financial services, we’d love to hear your thoughts.


#2

even with a fixed address, when I moved 8 times in 5 years that made it very hard for me to open any new accounts.


#3

I had always assumed there were regulatory reasons for banks requiring proof of address to open an account. Obviously these last few blog posts basically centre around the fact that you don’t.

Anyone able to comment on on why Monzo gets away with opening accounts without proof of address, when almost every other bank requires it?


(Jonathon) #4

Are there any documents you legally have to send via post still? Would these therefore go to, say, the church you signed up for? How do you ensure that they are given to the right person?


(knows someone who knows Tom quite well) #5

The European legislation requires proof of name plus either proof of birth date OR proof of address.

I didn’t have to prove my address when I opened my N26 account. Just the passport was enough.


(Peter Shillito) #6

I was wondering if you could use Poste Restante to collect mail from Monzo, but it requires both passport and proof of address :frowning:


(Andre Borie) #7

If proof of address can be omitted I wish Monzo would allow to open accounts without an actual associated with it. This will help both homeless people as well as “digital nomads” who work remotely and have no use for snail mail.

At the moment, even if you use a friend’s address, it will still be considered as the registered address on the account and leaked to credit bureaus (possibly interfering with that person’s credit score), so it isn’t really a good solution.


#8

Living at the same address does not mean you are financially linked. You’d have to both be included on the same bill etc for that


(Andre Borie) #9

I still don’t really want people to get a 5 year-long mark on their credit report just because they accepted to receive a piece of plastic for someone.

If the law doesn’t require an address, make it optional, especially for a next-generation fully-online bank.


#10

That’s not gonna happen. Different people = different report, even if at the same address.


#11

Yes, an association is only made if you have a joint account or joint borrowing (mortgage) or joint credit (e.g. storecard or account)


#12

It would have an impact on your report though: suddenly that Church/friend/employer will show up as a place you live (or have lived) with all the consequences that’s may have. So I don’t think it’s necessarily a good idea to do that…


#13

HANDY HINT: if after a break up or divorce you no longer have any bank account, mortgage, or credit agreements in joint names. Once they are all in sole names then contact all credit reference agencies. Send them a letter headed up “Notice of Financial Dissassociation” stating “I hereby confirm that I, xxxx of formerly of , have ended my relationship with yyyy of formerly of , and that I no longer have any financial association with them”…or words to that effect and then state “I hereby request a copy of this notice be attached to my credit file.” The CRA should then be obliged to provide a copy to any credit firm seeking a copy of your credit file, then they should see you are not connected when they consider any credit application by you.


#14

If you are homeless I doubt that your biggest worry is what your credit report says. Getting access to financial services is far more important then that


#15

This happens, here is an example;

When reviewing credit files in the past for a loan application the person had current and previous addresses listed. As she had opened a catalogue account at her work address (as easier having items arrive there than they attempt delivery while she is at work) that work address also appeared in the list of addresses known for her.


(Jonathon) #16

Where would they send your card?


(Andre Borie) #17

What I meant is that they should consider the address as a one-off “card delivery address” instead of an “account address”. Ask for an address to deliver the card, but don’t formally associate it with the account.


(Jonathon) #18

Ah!

Yes that would be good. Though something tells me they need to send some things by post.


(Jack) #19

I wonder if Monzo could support having no address on record, and support sending out cards / anything physical via Collect+


(Andre Borie) #20

That’s the thing, I do not want any post. Potentially confidential information laying around in papers at home for weeks while I’m on the go is a liability. Even worse when I move and forget to update the address, where the new tenant could now receive my mail with potentially confidential information.

Having no address on the account mitigates all those problems. I want an online bank. I don’t want any paper. I’ll gladly pay you fees just to not send me any paper and not have an address on the account which I have to keep up to date manually.

I understand there might be some regulatory/legal issues with this but a post above suggests it’s possible per EU regulations, so hopefully UK laws allow it too?