Idea to help get Salaries paid in to Monzo quicker


#1

Hi James, Tristan and Monzo team

I have just received access to the new current account, However my employer is asking for a recent bank statement or a headed letter before they will pay my salary in to MONZO for audit purposes.

To be honest with so many money laundering laws now in place I do not blame them.

As this may come up a lot for other people as the Current Account gets rolled out I thought it would be useful if Monzo could post a PDF letter on headed paper some where on the Monzo website or Forum stating to “whom it may concern” explaining a bit more about the BANK and its official authorised bank status and address.

I have already sent my employer this link - https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000002syvKiAAI

But they still want the statement or headed letter and there is no point arguing with them as at the end of the day its up to them so if Monzo provided the generic letter it might help more people switch over quicker

Many Thanks


Requesting paper statements
(John) #2

Seems a bit overkill not sure how a headed piece of paper with Monzo and the logo would make the difference. I would have thought as long as they can resolve the sort code / account number it should be enough to prove it’s a real bank.

At the end of the day it’s your money, you’ve earned it so getting it paid into a bank account of your choice shouldn’t be an issue as long as it’s in your name


(Richard Grey) #3

Is this something they can do? Does your job require a professional membership where this is a requirement?


(Change Works) #4

You could just make your own, couldn’t you?


#5

It is a financial services business so money laundering laws are forefront of their mind and if they feel further information is needed they are perfectly within their rights to ask for further information so as mentioned “no point arguing” unless your a lawyer who can state otherwise :smile:


(simon) #6

You should ask in app for a “Proof of ownership of account letter.” We’ve got a stamp and everything.


Request for an Identifiable Proof of Payment
#7

Perfect I will do this now, Thank you :smile:


#8

odd, I work in financial services and they didn’t do that for me. It’s your choice where you want your legitimate wage paid into, not really your employers?

I’ve just never come across that before.

@simon - do you just want to use the stamp??


(simon) #9

It’s a great stamp! (our lovely design team designed it.)


(Change Works) #10

If the Monzo office is anything like the offices I’ve worked in, it could be a few months before someone finds the stamp :wink:


#11

We should stamp out this ridiculous requirement of employers to see proof of account.


(Colin Robinson) #12

I went to 230 City Road to pick up my Current Account card - wouldn’t mind working there :slight_smile:


#13

Hi All, Already received the “Proof of ownership of account letter.” by contacting Monzo through the app

Thank you James @ Monzo - great service !!!

But think it will be worth Monzo getting some thing ready for when the current accounts are being rolled out in large numbers as I am sure I wont be the last person to ask for this,

Fingers crossed it does the trick


#14

I work for a financial services payments incumbent. Their systems are ancient but no problem whatsoever with new 040004 bank details.

I think, like with buying pasties in a train station, sometimes people are just jobsworths and will kick up a fuss with anything different or new. It’s good to know Monzo have a solution for them although I don’t think ‘here’s a paper form to prove it’s a real bank account’ would improve the signup flow :roll_eyes:


(Jamie 🏳️‍🌈) #15

If my employer (legal sector) told me they required to see a bank statement before paying my wages I’d ask to see the policy where this is stipulated for every UK bank, not just mine. If everyone is in the same boat, then I wouldn’t rock it. But if it was because someone in payroll hadn’t heard of Monzo I’d tell them to poke it, and if they pulled the money laundering argument on me I’d ask them if they were questioning my honesty and integrity (and sue them if they pursued it).


#16

or just get a letter from Monzo to avoid an argument with your HR department :slight_smile:


(Jamie 🏳️‍🌈) #17

If they’re treating me differently to how they’re treating everyone else I’d want to have that argument. I’m not going to jump just because someone in HR tells me to.


(Caspar Aremi) #18

It’s due to money laundering legislation. My employer (one of the big UK media agencies) doesn’t require it for salaries yet, but we do for new suppliers and even clients - basically our finance division won’t send payment (or accept money) unless we have confirmation of their bank account details.

I think it’s also come around party in part because there was so much fraud caused by simply calling a company, claiming to be from someone else known to work with them, and saying due to an emergency they needed to move bank accounts. It happens a LOT and affects companies of all sizes.


https://www.fca.org.uk/consumers/banking-online-account-scams


#19

we won’t pay out unless we have bank proofs, either, to other businesses.

but for the individual we’re ok


#20

CHILL Jamie it got sorted in under one hour in a friendly way and no one had to get sued :joy: