Monzo Does Bank Statements

(Beatrice Borbon) #1

We’ve added the ability to create bank statements, I hope you’ll find it useful :slight_smile:

Full details here:

And props to @jamesallison and @richmccartney for their work!

Starling Discussion & Feedback
Business Expenses Trip

Monzo required me to send a ‘mugshot’ while holding an ID when I had to request a statement a few weeks ago. I argued that all the account info is already there to see so why extra security for this. I was told it’s because Statements can be used for a number of things, fair enough!
Now looking at this, I would like someone from Monzo to explain what has changed? Why Monzo decided to make statements available to be downloaded without any further ID checks?

(Tommy Long) #3

Because they’ve got their legal team to double-check every aspect of it and made a high-level decision?


I had a statement sent to me using the in-app chat just over a week ago, and was not asked any security information, so maybe they had already changed their policy.

As long as it’s getting sent to the registered home address, I don’t see the need for any extra security (although I do think that there should be some security to access the app in the first place).

(Neil Stewart) #5

Things change a lot in a few weeks.

(Jack) #6

How does this work if you require it printed by Monzo? Is that option also there to select?

(James Allison) #7

If you require a printed statement, you should get in touch with support and we’ll be able to send you one :slight_smile:


Well, I gave them quite enough time to decide I wasn’t in much rush and even raised a complaint and went through whole official complaint procedure. So genuinely interested in this change because if they are going to bring Statements to Android without any security (As the main reason given was security) then I just don’t see the logic of not accepting my argument only a few weeks ago.

Of course, we can speculate on this whatever we can make of it but really hope to hear some genuine feedback on this from Monzo.

(Hugo) #9

They said this would take 3 - 6 weeks. It took two!


(Laurent) #10

Great news! But is it possible to schedule to receive them monthly by email as a password-protected PDF? The idea is to be able to automate accounting processes.

(Herp Derp) #11

I can’t print them :eyes:


(Herp Derp) #13

Testflight should have them now though?

(Peter Roberts) #14

I believe I’ve already seen a Monzo employee (sorry I forget who) respond to you in another topic basically saying they have decided to relax the security on this. With that said, you had a previous crappy experience but that is done and none of us have a time machine

So surely this is the best possible outcome? What more can they do? If you were to need a statement now you would have a pleasant experience :grinning:


This is what was said but it just doesn’t make sense because of the response I had from Monzo after my complaint;

The purpose of this procedure is both to identify and verify who our customers say they are. In seeing your driving licence, we are informed of who you are, and in seeing your selfie, together with your ID, we are able to verify that you are the person who owns the ID. You asked us the reason why you need to submit these details again when you already did this upon signing up to our service. The reason we ask for this information again, or indeed any form of verification, is because we need to protect certain parts of your account information (eg: PIN, statements) from being incorrectly shared with someone who may not be the account holder but who may have managed to gain access to your Monzo app.

You posed a question in response to this answer, stating that if someone had access to your phone they would already be able to see transaction data, account details and address details. While it is true that if someone who was not yourself were to gain access to your app, they would be aware of your transaction details as well as your account number and sort code and so on, they would not yet have the ability to obtain real, tangible things in the world with these details. Whereas a statement would give them the power to do so. If fraudulent transactions were to take place on your account, we are liable to help you and reimburse you for these promptly, whereas fraud caused by statements could be much lengthier to reverse, so we consider the risk to be greater.

Questions were also raised about the necessity of the identity verification process when you were asking for paper statements to be sent to your home address. Regardless of where we post statements, we are still required to perform identity verification. If someone were fraudulently trying to obtain your statements, there is no reason to say that they might not be someone who lives at the same home address. We are not implying that this is true in your case at all, however for many people, especially those who live in big cities, it is common to live with a few people, some of which they may not be very well acquainted with. So, to best serve our customers, and eliminate all possibility of this, we still need to perform these checks.

I am glad that Statements are going to available on demand without unnecessary checks but just wanted to get some reasoning behind this change. :slight_smile:

(Peter Roberts) #16

I think it makes sense if you assume Monzo is run by humans, humans make mistakes and are not perfectly consistent rational agents :smile:


Do these statement have a running balance, or are they the same as in app transaction list ?


Oh yes, I am sure and I am not perfect in any way at all - Don’t get me wrong I am not criticising the decision, I am actually glad about the change but just how they took a complete U-turn on this is just baffling me.


It looks like BACS direct debits & direct credits aren’t showing correctly in the statement. It just shows the reference, rather than the name of the company paying in.

(James Allison) #20

They have a running balance :slight_smile: