Yesterday i open chat in my Monzo App, and tryied to speak with customer service about my overdraft.
So i opened chat at ~09:00 and wait for the answer, but answer came after 4 HOUR!!! You can imagine that it last so long? And for my next question - almost 6 HOURS!!! Better for me that i have just a question about overdraft - but if it was about card or payment problem, what to do?
For me is terrible this situation, and when I’m thinking about ADs in underground station like - “we are here 27/7” I’m laughing well. Yes for sure may be support center is working 24/7 but you’ll wait a day for answering…
And about overdraft, i have regular overdraft rating for my region so i intendent to ask about overdraft, and they said - “we are low low appetit for risk…” WOW guys, you just got 1bn price for bank with last investment for 100k million and you cant me offer overdraft for 500£… Its very amusing situation, i cant believe that with 2million customers Monzo have big problems with it.!
About proofs ill attach some screenshots.
They’re valued at 2ish billion - that doesn’t mean they have 2 billion in the bank sitting there. Also the money they lend to people is the money that customers have in their account so they need to be careful with how much money they are giving out to people.
If all 2 million customers had a £500 overdraft (the maximum is actually £1,000) that is £1 billion lent out - which as you can imagine, is quite a lot of money.
I think all guys on this topic what to make me believe that im not right and monzo is.
I attached money theme to show that they with SO value want to risk with ~ 500£…and this is named “Bank”
No one is saying monzo is right however no bank is obliged to give you an overdraft and every bank will score you differently depending on their own risk appetite. In this case Monzo have a pretty low tolerance to risk when it comes to lending. You will also find this appetite to lend can vary several times a year as banks reduce lending to maintain a healthy balance sheet.
With regards to response times - the way monzo have built and sell the chat means it has the appearance of being live chat and with it an expectation of fast response times. Had the decision been to go a ticket based system I don’t think there would be such an expectation of very fast response times.
There’s isn’t a “right” or “wrong” here - Monzo decide who to lend to and that’s their decision to make unfortunately. Albeit COps should have got back to you quicker
I didn’t have the option to mark my question as urgent, that function seems to have disappeared. My enquiry isn’t urgent luckily but I’ve been waiting 17 hours so far. The chat doesn’t provide me with any further details, other than a sent notification. Has it been delivered? A bit more info around delivery and queue times would be helpful.
