Getting limits increased

UK Help
21

Yes, I forgot to post an update, but same experience here.

I did try earlier in the week but was asked to message back the day before, on the day I was asked 5 questions regarding the purchase and had to show a photo with ID. Within 1h the limits for both Chip+Pin and Bank transfer was increased to the amount needed.

My purchase was for just over 11k, to be fair it seemed a bit of a faff for just 1k over the daily limit, it would be nice if Monzo had some automated system in place to deal with limit increases, or just increased the limit to 20k so is inline with many other banks. Apart from that, it was ok and purchase went through without issue.

22

Right, I get to be the latest person to be frustrated by the process of getting limits increased!

So we’re currently in the middle of buying a house; trying to send the last sum of money prior to completion. I have basically the rest of this week to sort it, so not the end of the world with the time allotted, frustrating none the less.

I requested an increase yesterday, at 3pm - for today. I was told in app I could do it a day in advance, and they told me the questions/thing they need answering.

So at 3pm yesterday one I had the funds sorted in my account, I contacted help, answered all the questions and sent the selfie. a little later some new additional questions come in, and I’m told it’s going into a specialist queue, and will be picked up tomorrow.

The message also tells me that “While I’m in the queue, any replies I do send won’t be seen until [the specialist] has taken a look at the chat”.

It’s now 6pm, on the next day, no update or response, and my solicitors has closed for the day.

I followed the advice in the app as per instructed - dropped the message on the day prior as instructed, with all the info needed. And disappointingly the timelines are not met.

Compared to when we sent the initial payment, from our Non-Monzo Joint account - it was a 15 minute wait on the phone, and maybe 15 minutes to go through security to get the payment made.

Phone call time in the morning, but it’s definitely an area that needs an overhaul.

23

Please do post back about that. I’m curious to know if it can be done over the phone or if they insist on going back to in-app chat.

24

What a farce, when they suck at something they truly suck.

25

Yes, definitely update us and things like this do concern me, as obviously infrequent but very important

26

Yeah I’ll come back and post an update in the morning. Lets see!

27

22:30 update… Just got a message through Chat saying my limit has been increased! Better get that payment sorted promptly…

I jest they’ve increased it for tomorrow, but at least the payment wasn’t time bound to today only

28

Hi Monzo,

If you want to be a serious banking contender please sort your shit out.

I message on Monday stating I need to transfer a significant house deposit on Friday. I’m told I can’t pre-arrange this early and I need to request 24 hours before. I outline my reservations particularly with response times and shock horror it’s slowly becoming a reality.

Messaged this morning at 9am with the required detail and rationale. I’m told it’s being ‘passed to a specialist and could take 24 hours’. Still outstanding and no sign of it being resolved soon and the phone number may as well be non-existent.

What kind of response is this knowing I am exchanging tomorrow? I’d get a better service from a legacy bank.

I’ve been with Monzo since early 2017, had serious doubts about using my account for this transaction but wanted to prove myself wrong — maybe I should listen to my gut more.

Annoyed doesn’t cut it at the moment. Now sitting and waiting on the complete gamble that someone pulls their finger out before tomorrow morning :rage:

29

For what it’s worth, if you read this and other threads on here, you’ll see that it’s very rare that this process goes wrong, if at all.

Everyone who goes through it, though, finds it very stressful, and, I think, unnecessarily so.

Good luck :+1:

30

Indeed.

It would be useful if Monzo provided a help article setting out exactly what information “the specialists” need for this sort of transaction. Then you could send it to them up front and only need to reply if something needed to be queried. Most people would then be allowed to just get immediately approved once their case had been looked at.

I think it’s the combination of a back and forth, and the transactions being time sensitive, that is such a source of stress.

31

This would be an excellent candidate for proper self service. But if that’s not going to be a thing it really needs to be done in advance - or to have responsive in-day chat.

It’s one area that I just couldn’t trust to Monzo right now, alas.

32

Agreed @Peter_G , the unnecessary stress and ‘what if’ it causes on top of an already stressful time can easily be avoided. Needless to say if I’m unable to exchange tomorrow morning and it’s as a result of Monzo’s inaction I won’t be hanging around :frowning_face:

33

Yep. If I was relying on Monzo for this and they screwed up, I’d be CASSing the next day.

It seems like such a simple problem to solve as well. Monzo already have the components to build a form. I know it’s a development cliche to say things “shouldn’t take much development”, but this shouldn’t, right?

34

I presume in the big scheme of things a once in a decade or two transaction isn’t a priority comparatively speaking.

I think that’s wrong (because of the disproportionate impact that one transaction has) but I’m assuming it’s been looked at and rationally prioritised.

35

It’s definitely one of those things which sounds simple but…

  • How does an automated process fit in with our financial crime controls to prevent money money laundering?
  • How does it deal with somebody who is ‘pretending’ to be somebody else in order to have their limits raised
  • How do you stop somebody who is being tricked into sending money fraudulently or who is being coerced into doing so.

I would absolutely 100% love this process to be a tap of the button in the app, BUT one of the things I do as part of my role is process high limit increases. You can get so much out of a conversation with a customer and their conversation history as well as their transaction activity which helps you make a good judgment about whether to increase their limit or not.

That said there is a LOT we can do to improve this experience and it’s incredibly frustrating on our side when somebody has been waiting X hours to get their limit increased for something like a house purpose when it could have been done in a few minutes. We know that and we are working on making it better, but in the meantime (as with everything else) I’ll keep raising it on your behalf and plugging away about it.

36

Sorry Dan, completely understand what you’ve outlined, but the bottom line is if I was speaking to Natwest or one of the other banks now it would be sorted and I wouldn’t be seeing red.

37

Sorry Jai, I didn’t see the whole of the thread before replying it. When I clicked on the unread post it took me straight to the comment I replied to.

I wish I could do more to get this sorted for you, but I’m on annual leave at the moment and don’t have access to my laptop or slack to chase this up for you.

Once this is sorted then please ask to raise a complaint - this helps us gather the data to demonstrate this is an ongoing problem.

38

FINALLY, FINALLY! :white_check_mark:

I got through to a lovely person called Jess who sounded like a fellow Welshy. She’s saved the day after me hammering Monzo’s phone line all afternoon whilst also pretending to pay attention in work meetings! Relieved it’s sorted but I wish it wouldn’t come to this, this would’ve honestly been enough for me to walk away from Monzo entirely after being a staunch supporter and advocate.

Please take learning Monzo from everyone’s experience here, whilst it might get sorted in the end I’ve probably lost 5 years off my life due to stress.

If the current process (in app chat) has to remain the same, then just let people request it with a bit more notice as opposed to 24 hours. Appreciate there are nuances here and barriers to potentially overcome, but it’s the right thing to do.

39

No need to apologise Dan, thank you for the offer.

If a complaint is the best way for Monzo to take learning from such scenarios then I’ll be sure to provide my feedback.

40

please raise an official compliant and lets try and get this sorted out once and for all, it can be a frustrating state of affairs