Loot goes into administration

Financial Chat Fintech Chat
24

Did someone loot them out of business lol

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25

I personally hadn’t heard of too many using it as their main account but yes you are right might be hard to detect

27

Loot going into administration has made the decision for me not to sign up with Loot.

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28

Probably wise :wink:

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29

They’re now closing all loot accounts by the 26th of july.

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30

You should really really take care when posting credit card pictures online.

  1. Never show any number. The first numbers of a card a related to a bank (BIN), so these are the same for all loot accounts (5353 0401). If you hide all but the end, you provide almost all info you need!
  2. This is not to mention the last two digits are Luhn control code, and allows one to find the digits they miss.
  3. The 9-12 digits are barely hidden at all!
  4. The CVV code is readable! Poor choice to take a picture with light behind!
  5. Blurring digits is a very poor choice too. It’s been proven one can retrieve numbers out of it.

Long story short, anyone can have access to this card number with minimal effort. I guess (hope) it’s empty, but remember when showing card, hide all numbers using a mask, covering all digits and dates, front and back.

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31

Thank you for the advice, but i don’t mind someone having the details to an account that’s been empty for 2 years, with a bank that’s now in administration! I don’t post active account/card details anywhere - obviously.

I’ll buy you a bottle of your choosing if you can give me the full card number and CVV!

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32

Could someone at monzo please let us know what would happen to monzo customers money if monzo went into administration?
I am full monzo and have been since I very first signed up. All mine and my partners money passes through monzo.
What would happen with my money if monzo went into administration now? Including my money in shawbrook savings?

Although I don’t expect monzo to go into administration. I would like to know what would happen if it did

33

@Liamford1993 You would be covered by the FSCS for up to ÂŁ85,000: https://www.fscs.org.uk/what-we-cover/banks-building-societies/monzo/

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34

Monzo is protected by the FSCS. Your money is guaranteed, up to ÂŁ85k.

Not sure about Shawbrook as they’re a different entity.

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35

Loot wasn’t protected by the fscs?

36

Shawbrook is also FSCS protected

37

As an e-money licensed organisation Loot have all their customer deposits held in a ring-fenced account with a real bank (Wirecard in their case), meaning they cannot touch your money for their own purposes and it is protected from their business entity going bankrupt (although the extent to which it is protected is uncertain, for example if the company fraudulently breaks the ring fence and goes bankrupt it is unclear who is responsible for compensating customers, if anyone is).

If you use a real bank like Monzo then the funds are not being ring-fenced with another bank. The banks’ whole business model is to make net interest margin by taking your money and lending it out so that wouldn’t make any sense to ban them from touching it. The business model is prone to shocks and bank runs and that’s why the FSCS was introduced.

They are basically insuring each customer’s deposits up to £85k so if Monzo did decide to plow everyone’s funds into sub-prime loans in Louisiana (why any bank would do this I have no idea, need to brush up on my history), so we would have nothing to worry about as long as we are within the FSCS limits.

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40

If you own a loot card owner, you should of received an email yesterday regarding all account closures.

42

Is it bad I only applied for a loot account for the semi cool card.
The app was poor and didnt use the card, ever.
Shame, but they were too far behind. Prepaid MasterCards arent the future.

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43

After Loot runs out of cash, founder and 17 team members join RBS’ digital bank Bó | TechCrunch :eyes:

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44

Weird. Does RBS just have stupid money to burn? Or do the Loot team know where the bodies are buried?

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45

yes RBS had about £45,000,000,000 of it didn’t they from the taxpayer ? :slight_smile:

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46

Presumably RBS don’t see it as wholly burnt, as it’s clear now they’ll be sweeping as much of the expertise and possibly technology also into Bo as they can. (Awful name)

47

Not the first time recently that RBS has manufactured the demise of a business to cash in…
https://www.bbc.co.uk/news/business-48621096