I think a prepaid card is a supplementary card that is ‘attached’ to another account that funds it, whereas a current account card is ‘sold’ as the one and only card that you need , that is meant to be reliable - in my opinion
Yes, if the debit card you have is for a current account that you’ve switch to from a legacy bank, then that new FinTech current account needs to be extremely reliable.
I think reliability is way more important than a proposed fee on overseas ATM cash withdrawals.
reliability for me is the number one issue for a Fin Tech current account which I have been encouraged to transfer to and potentially has all my cash in it
Yeah I wouldn’t fully migrate to any of them just yet for this reason.
I do like Monzo’s approach of building everything themselves for the CA though. Hopefully it’s more reliable (hasn’t been around long enough to know) but even if it’s not, it’s unlikely to fail at the same time as GPS/wirecard. So unless MasterCard’s network fails, a combination of Monzo+starling/Revolut/loot should be pretty reliable
They wouldn’t have a banking license with a single point of failure. The programming is what they are doing, the services are hosted on AWS within some sort of Avalbility group I would imagine with multiple distributed systems across them
Are you guys able to top up Loot wth your Monzo debit card? From the Loot app i get an error message and had this from support
"The error links to a 3D Secure failure, our process is roughly along the lines of:
Enter card details
Loot 3D Secure + other security checks
Process with bank
Add money to Loot balance
I’m not 100% sure if Monzo have 3DS on their current accounts or whether they have got super strict rules on where the card can be used. This’ll also be why the card charge doesn’t show on your Monzo transaction list.
I agree it’s a bit of a shame it doesn’t work but hopefully it’ll work when they launch their accounts properly smiley
Loot blocked my account over a week ago after I received a transfer in of around £3000. The first I knew was when my card got declined. I contacted support who asked for proof of where the money came from, which I sent them.
They have not replied to any of my messages in the last 3 days, my account is still frozen, there is no complaints email address I can find on their site. Having Googled it seems I am far from the only one this has happened to.
Can anyone advise what steps I can take in order to get this sorted?
As much as I’d like to help you there isn’t much I can do… does Loot have a community forum? Maybe try asking there or reach out to them through social media?