Loan repayment from different bank

Hi. Due to serious security and customer service issues with Monzo, I am switching to a different bank. I am trying to find out how to set up a DD to make my loan repayments to Monzo but can’t find any information on how to do this (and get no response on the chat). Anyone know how to do this?

It’s overly complex. The people over the years that have closed the account and need to repay the loan seem to have no end of trouble. Battling to get answers for settlements etc etc.

Leave the account empty, set a standing order to go in the day before your loan. Then close it afterwards.

I understand you want to leave but all you’re going to do is cause more stress for yourself.

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I would do as @Revels says or you’ll run into a lot of issues

Thank you.

You can’t do a full account switch if you want to leave the account open. It is called a partial switch and certain things aren’t automatically done unlike a full switch.

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Thanks. I wasn’t looking to keep the account open. Just make loan repayments. Monzo has provided bank details for me to make the repayments so it’s all sorted.

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Another example of Monzo support performing adequately that’ll probably slip under the radar.

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Not a flex on their part. This is the first example of Monzo support doing anything adequate since they had a security breach resulting in money being taken from my account.

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Yeah, that definitely happened.

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I’d ask you to elaborate but you probably won’t.

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I reported a fraudulent transaction and received a phone call “from Monzo” within minutes of lodging the report. The person that called me was a scammer but they had access to all of my account details, savings pots, scheduled transactions amounts and dates, previous transactions etc. Details that only someone at Monzo could know. This situation was suspicious and I didn’t trust the app in case that had been hacked. So I called Monzo and I reported the fraud separately. But the level of access he had to my Monzo account details could only mean they have a security issue with the app or their systems, or it was someone at Monzo commuting the fraud.

Even after a month the Monzo fraud team have never contacted me to discuss the situation or the concerns I had. I raised a complaint and was promised contact within a week but heard nothing. I eventually got the money back but still no communication from Monzo.

I’m not a big client for them, so I guess they didn’t care if I left. I liked banking with them. The app and use of pots are great. But I just didn’t trust that my banking was safe with them and I wanted to understand what had happened to feel reassured. But all I got was radio silence.

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Ideally, there needs to be a screen Part of the account closure flow that states please write these details down as you’ll need to pay off your existing loan to these details

Rather than relying on the lack Luster support to give them