If you haven't moved over, what's stopping you from making Monzo your main bank?


(Andre Borie) #471

I know someone working for a legacy bank whose name starts with L that apparently does the same thing. She’s full Monzo besides that and used to be full Barclays but still had an account at that legacy bank just to get her salary paid.

I’m not sure which EU regulation is supposed to prevent that, however there is a much easier solution than trying to litigate this. :wink:


#472

Lloyds TSB (as was) insisted on this when I worked for them in 2007ish.


#473

Oh believe me, I’ve thought about it… :joy:


#474

Haven’t read through this whole thread, but in response to the original post I’m not sure what constitutes my main bank.

I have accounts with several legacy banks to take advantage of things like high interest regular savers and cashback on household bills. My salary is paid into one of these banks and then part of this is transferred to Monzo. Monzo is my bank for all spending except household bills I get cashback on.

I’m not keen on having my salary paid directly into Monzo because I don’t want others to see it in my feed - I often show the app to others. I’m comfortable with them seeing my spending and how much I transfer into Monzo, but not my salary.


#475

What does this mean?


(Andy Little) #476

When they show people the app, they don’t want everyone to know how much they get paid.


#477

What Andy1 said


#478

Think I was drunk when I read it last night :joy: it makes complete sense now


(Kieren) #479

For me it is partly the cheque/cash pay in process but also the lack of Paym- I would rather this than ‘pay other contacts with Monzo’ if I’m honest.

Also the lack of ability to have multiple accounts puts me off as, at present, my salary goes to a High Street Bank, DD’s come out from there and my disposable income comes across to Monzo as my ‘spending card’ - it saves me having to make any effort at all to work out how much I have left for the month


(Shaun Coley) #480

Same for me! They either need much smarter pots, or allow multiple accounts. Actually, they need that anyway, if my partner and I are to ever move over our joint account.


(Marcel Ruhf) #481

Shouldn’t be too long. Same for pots with interest


(Martin) #482

The lack of internet or telephone banking is stopping me, I’m going to be working away for quite a while without mobile signal or WiFi (just very slow cabled internet) so wont be able to use my phone and need some way of getting to my money.


(Kieran) #483

You can call monzo on 0800 802 1281 :slight_smile:
From the bottom of https://monzo.com/


(Martin) #484

I asked them in chat and they said they don’t do telephone banking and agreed I’d be best sticking with my legacy bank until I return to somewhere with decent internet.

I take it that number’s is for customer services so lost cards, unexpected transactions etc.


(Andre Borie) #485

telephone banking

Do you really want to discuss your account & financial details on an unencrypted link with no secure authentication?

The Monzo app doesn’t actually use that much bandwidth, so even a slow internet link should be fine. :+1:


(Martin) #486

Unfortunately for me there’s no WiFi at all and Apple haven’t yet released an ethernet adapter for iPhones.

Telephone banking wouldn’t be my first choice although I’d be more worried about poor security checks than someone snooping on my call (may depend where you are). However given limited options I’d put up with it as there’s no website either.


#487

Shame, as there are Ethernet adapters for Android


#488

I use Monzo, I think it’s great & the best thing that could happen.
But I’m not receiving my salary on it.
I’m afraid that if a financial crisis happens, Monzo will go broke and freeze my account or something similar.


(Is Santa here yet?) #489

They are as protected as any other bank. The FSCS scheme means deposits up to £85,000 are protected and you’d get your money back within 7 days (normally unless you have something complex about your account)


(Chinedu Umeh) #490

Why wouldn’t your current bank do this?