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 âwhom it may concernâ explaining a bit more about the BANK and its official authorised bank status and address.
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
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 itâs a real bank.
At the end of the day itâs your money, youâve earned it so getting it paid into a bank account of your choice shouldnât be an issue as long as itâs in your name
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 âno point arguingâ unless your a lawyer who can state otherwise
odd, I work in financial services and they didnât do that for me. Itâs your choice where you want your legitimate wage paid into, not really your employers?
Hi All, Already received the âProof of ownership of account letter.â 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,
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. Itâs good to know Monzo have a solution for them although I donât think âhereâs a paper form to prove itâs a real bank accountâ would improve the signup flow
If my employer (legal sector) told me they required to see a bank statement before paying my wages Iâd 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 wouldnât rock it. But if it was because someone in payroll hadnât heard of Monzo Iâd tell them to poke it, and if they pulled the money laundering argument on me Iâd ask them if they were questioning my honesty and integrity (and sue them if they pursued it).
If theyâre treating me differently to how theyâre treating everyone else Iâd want to have that argument. Iâm not going to jump just because someone in HR tells me to.
Itâs due to money laundering legislation. My employer (one of the big UK media agencies) doesnât require it for salaries yet, but we do for new suppliers and even clients - basically our finance division wonât send payment (or accept money) unless we have confirmation of their bank account details.
I think itâs 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.
