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.
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.
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
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.
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.
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.
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.
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.
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)