I completely understand the HMRC being archaic but even they are trying to pull the nation into the 21st century with MTD yet reluctancy from majority has already postponed it for a year.
That being said, no where in their terms and conditions does it state that they require a statement that has been posted through my letterbox, in fact they have already accepted once and then I had another member of staff ask me for it again and said that it wasn’t adequate. Quite frankly it stinks of disgraceful customer service by the vendor and more importantly worse from my Bank that should fight my/yours/any customers in this situation.
I have even gone to the extent of getting the reason code that MasterCard would except for this situation and provided it to Monzo as I work in the FinTech industry and yet still nobody wants to do right by the customers that they expect to support them in making a challenge against traditional banks.
I actually wouldn’t have given any other Bank the time of day or opportunity to redeem themselves if it weren’t Monzo. I was going to say I don’t know why, but I do know why, they have postitoned themselves amazingly as the Bank that people talk about. I found out about them through my friends friend and both have invested, I have even tried to despite my experience.
My concern is that I would rather be an investor than a customer as I think that Monzo are one of if not the best placed to succeed in what is becoming a crowded market, that being said, the reason for their success is due to brand recognition rather than customer support. I could give many examples of why this is to be the case but again I don’t want to slate a business that I believe has the potential to change the state of banking for the best, I just don’t believe they want to waste their time on such Banking support mechanisms such as chargeback due to the outlay of their own funds until they receive it back from Visa/MasterCard (especially as they don’t yet have any revenue stream other than crowdfunding to support such customer support)
Maybe when they have their own revenue generating portfolio of lending/payments/insurance etc that retail banks have, they might consider supporting customers in situations where necessary.
I must say that I haven’t had the experience with Starling so can’t comment on the same situation but I also haven’t had an Issue with Starling that hasn’t taken more than an hour to resolve. Maybe because they are doing more right in terms of app/banking in general or maybe they are better in terms of customer service.
I do t actually care, I just want a bank to make my funds available without having to anything g kore than move my wrist, all on my phone/tablet/PC or if my Great Great Nan wants to send a cheque she can do (I say Great, Great Nan as my Great Nan I have setup on Monzo on her iPhone that I gave her when she got with the times of modern banking
I closed my Starling and kept Monzo. I’ve just gone full Monzo.
If it doesn’t work out I’ll probably jump ship to Nationwide or First Direct.
I also still have HSBC account open.
Thing is I’ve not had any specific problems with HSBC or Barclays I just thought give things a go with Monzo.
My partner has opened a Monzo but he isn’t convinced to switch.
I agree I think Monzo need to concentrate on some proper revenue streams like loans and credit cards. With useable and decent limits. IE: £25k personal loans & CC’s.
Though it’s early days and I would imagine capital is tight.
Perhaps I was lucky but I had a very good chargeback experience (quite a while ago I admit, before any talk of support backlogs and a million users etc).
I explained what happened in in-app chat and told them why I wanted to do a chargeback (it was basically a vending machine that didn’t vend and the venue it was located on said there was no way to contact the owner, so Monzo just had my word to go by).
I think I was believed because it was only £8 or something and I was really annoyed about it. They made me aware that this is a last resort measure. IIRC I filled in a form online which they then sent to MasterCard. About a month later I got an in app message from Monzo saying my chargeback claim was successful and the funds had been returned.
I don’t know what happens if the merchant contests or there is some other hiccup along the line.
As far as Monzo sticking up for users or refunding them before a chargeback decision has been made, I’m not sure if that should be their role and I’d be shocked if NatWest etc actually did that as suggested.
There are 4 parties (Monzo, Mastercard, PayPal and the PayPal merchant) and Monzo is the only mechanical one in this - their job is to take the complaint and send it to mastercard, then return their decision to the user. Mastercard raises it with PayPal and PayPal liases with or investigates the merchant to decide whether it should be refunded.
Going a bit off track there but what I’m trying to get to is what have Monzo done wrong here (have they actually not submitted your form?) and what would have made you more satisfied with their handling of the matter?
You’ve said a lot without actually saying anything.
So you bought something by card that didn’t arrive or didn’t match your expectations so you’re trying to do a chargeback. Have Monzo said why they haven’t submitted a claim? Do they believe there are no grounds or that your claim is fraudulent? Why on earth did you need to submit a statement, passport, during licence etc to a company just to get a refund? You seem to be leaving a lot out of this story
This is why I can’t trust Monzo to be my main bank account. UKVI is even more rigid than HMRC. Despite Monzo have posted statement feature, I cannot afford to risk my visa simply because a paper statement doesn’t look like it’s from a “real bank”.
