Monzo: a non traditional form of bank?

Monzo Chat
21

I logged into my Virgin account to update. It required me to make a manual payment equivalent to the upcoming DD before I could amend the bank details. Made the payment on Saturday and yet 4 days on it still won’t allow me to update my details :roll_eyes:

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22

People are dumb, there would be a LOT of failed transfers. They need to check it on their database to ensure it will work first. This is only a hassle when a bank is new, which is a pretty rare occurrence, and it sounds like most institutions do update at least monthly.

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23

It is not a rare occurance as Monzo, Fidor, Monese, Tide, Fire, Starling (2 codes in their case), etc all launched new sort codes recently and more banks due to do so soon. When Fidor launched they had problems with sort code and BIN acceptance for the best part of a year

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24

One of the merchants I spoke to yesterday having a problem recognising the sort code was Legal and General - they said they would look into it and call em back.

Well… I’ve just had that call… and they have fixed it! :slight_smile: The person I spoke to said that their IT people had looked into it and now the sort code was being allowed.

Just demonstrates (in this case at least) that it is most probably always an internal issue that needs to be resolved.

Thought I’d share this success story! :slight_smile:

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25

I wonder this as well.
As has been suggested, if you’re feeling militant, refusing to pay until they allow your, valid, BACS details might be a way to get them to update their systems? Just ask your existing bank to cancel the direct debit and contact the company to advise and put on record that you wish to change your details to another bank but they are essentially refusing your payment.

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26

Good site to check details http://www.pcapredict.com/en-gb/bank-account-validation/try-it-now

27

I can’t get my wages paid into my monzo account as my works payroll system says invalid sort code! Hope will get updated in coming months, is frustrating :slightly_frowning_face:

28

I’ve decided to go old school with some of the companies who I can’t yet update my direct debits.

I have printed off direct debit mandates and have posted them off to them. My view is they will have to deal with the letter rather than being rejected online or fobbed off over the phone. I will see if it works!

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29

Please add those company’s to this Wiki too, to give other users a heads up that they don’t accept Monzo’s CA for payments & encourage others to harass them :wink: :raised_hands:

30

Creating an up-to-date list of companies accepting :monzo: Monzo’s sort code is great, but moaning that others don’t is futile. I hate to remind everyone, but you essentially signed up to the Current Account preview to deliberately find these sorts of problems before the masses are signed up.

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31

I don’t think there’s any specific mandate for this unfortunately (i could be wrong) and it wouldn’t be a legal one. It’s just in the companies best interests to do so. I imagine if we suddenly rolled out to 100,000 people, they’d move pretty quickly :joy:

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32

I’m not sure it is moaning persay - just altering others to those who won’t current accept the Monzo details and as has been discussed, it isn’t an inherent Monzo problem - just waiting for companies to update their databases.

33

@simonb Okay, brute force it is then. :smiley: We can include a bit of shaming on Twitter, I’m sure @alexs is totally up for that. :smiley:

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34

@Avishai Ooh, sign me up for that too! Only moved 2 Direct Debits so far on my Current Account but having problems with one - Anglian Water :sweat_drops:

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35

Don’t suppose anyone’s managed to get ZOPA to accept Monzo yet? I’ve successfully moved over 10 direct debits with ZOPA being the only ones to outright refuse! If I did cancel the original direct debit surely they have no leg to stand on as they are unwilling to accept my account details?

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36

I too have tried Zopa - without any luck. I’ve tried online which does not work and spoken to them 2-3 times over the phone; advising them that they need to update their sort-code database list and they still “don’t get it”.

37

I just got off the phone with Zopa myself and he took my sort and account and did a validation check and said they don’t accept Monzo Bank Limited, so he knew the bank which sounded like the database wasn’t out of date. I asked him if they would accept Monzo in the future but he said no it’s a bank we choose not allow payments from.

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38

Bacs Direct Debit Scheme rules specify that merchants update “monthly” as a minimum:

  1. Make sure you update any databases or applications that use sorting code information at least monthly (weekly is recommended) to ensure that up to date information is used.

Further reading: The Essentials of Using Bacs :slightly_smiling_face:

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39

Hmmm sounds a lot like the conversations I had a week or so ago so no progress on their end! I do wonder what they would do if we were to cancel our old direct debits… It’s not like we would be holding back payment, only that they would be choosing not to accept payment. After all, what is it to do with them who a customer banks with?

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40

Does that actually work though? Surely as you are actively moving to a service which they do not yet accept payment from you are in effect withholding payment? Would be great if that actually worked though

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