Unusually, I’ve had to withdraw a reasonably substantial amount in cash. That amount exceeded the Monzo withdraw limit, so I messaged in app (with a reply in 14 minutes ) asking to increase my withdrawal limit.
While the person at the other end seemed lovely, I wasn’t prepared for the hoops that I needed to jump through. You can only increase your limits for the one day (I wasn’t sure if I wanted to withdraw the cash today or tomorrow), then do a selfie with ID, specifying the amount of the withdrawal and roughly when I’d want to make it.
Now that all seemed a bit excessive to me. And given that I wasn’t sure exactly when I wanted to make the withdrawal I ended up cancelling my request and used my high street bank instead.
I’m less interested in what else I could have done differently (I’ve solved it, after all) and more about why this is the case. I could, for example, completely empty my account through a faster payments transfer with standard authorisation, should I be so minded (for clarity, I think that’s reasonable and proportionate).
When I asked whether the authorisation could span multiple days I was told no and that it was for ‘security reasons’.
Just some feedback from me - this doesn’t feel very customer centric and it feels disproportionate given the security model elsewhere in the app. But maybe there’s something different about cash? Or is Monzo trying to disincentivise cash withdrawals as they cost them money?
Well they would need some ID and taking a picture it the only way.
I think the do need to be security minded and if you do need to get a large amount of money out then thye do have to be carful.
I don’t know if they would be a better way may over time lints could go up as you use monzo ect.
It may seem a bit of messing around but limits are they all banks do have limits to some existent.
But if I can send £thousands using biometrics or my card PIN, why isn’t the same security model appropriate for increasing a cash withdrawal by a £hundreds?
It would be a great idea but monzo has not got that feature it would be great to see this find if thing it would help and same them and us time on both ends but they not got to that point and I dont know if offer banks have this I mean offer banks have card readers and that witch works well.
More and more though banks are moving away from these type of things or “something you have” security to face id/fingerprint or “something you are” security paired with your pin “something you know”.
I honestly don’t think we should need to go through another loop and provide an id picture, if we do there should be a little more flexibility to the choosing of the customer
I get thye must be a better way more so in this day and age but most banks still use card readers I would be great if they was some \ sort of way of doing it by Face ID or Touch ID but I don’t know if banks are at this point yet as said they are rules in place money has to be protected.
I remember reading a post on Forbes about Face ID and banks in the EU UK things it’s not secure so they are or wore going to bakc back to things like passwords card reader ect I try and fine the link
phildawson
(Sorry, I will have to escalate this.)
15
Could be to make sure you really really want the cash, so it doesn’t take literally years to deposit again if you don’t end up spending it.
I don’t like that we are now a society where when ‘security reasons’ are quoted as a reason. It is certainly not limited to Monzo, or even banking in general. ‘Security reasons’ are not reasons. Think of it as a heading but without any substance. The actual reason is not there.
I do not accept ‘security reasons and banks are regulated’ when other banks have higher limits on some accounts. I also don’t accept it when I could transfer 10k out of my account using my phone and my PIN without my card. It is simply a hoop we are made to jump through to encourage paper trails of where money is going. Not security, at least, not the customers security.
Well according to a post I saw sorry not sure where now but the banks in the uk and eu said Face ID and Touch ID could be a security issues so they going back to passcode card reader ect.
I agree security should not be quoted but your see and hear a lot about it limiting a how much you can take out per day all banks do this but like I said maybe they could be higher more so if you have a good standing and have no offer issues.
Limited are they for a reason all banks have them but you can all ways ask them to increase them maybe they will.
Yes this is why most keep they old bank open but use monzo as they main bank.
They is a lot to like about monzo but they is still a bit of a way for them to come to make people switch fully.
If someone close to you like a co worker flatmate etc was going to steal from you they wouldn’t send it to another account as that’s very traceable , most people don’t have someone else’s account to use and using their own will probably result in getting caught.
They would use a cash machine as the cops wouldn’t even bother investigating.
Someone you trust stealing is in my opinion is the biggest threat , as they are in a position to see your pin number.
That’s why I agree with having extra security on upping the cash limit
) asking to increase my withdrawal limit.
Seductress 