Monzo in the media

I guess the happy ending is that Monzo is still here but the post is not.

It has been an emotional rollercoaster :laughing:

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There is something in banking which is known as a “Run on the bank self fulfilling prophecy” (probably not the actual term, I just made it up).

It’s the case where if enough people believe this, they go ahead and withdraw all their cash, which later results on the bank having to shut down.

Luckily we are nowhere near that and I hope not many people believe these rumors

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That’s why when an economy gets really unstable (look at Lebanon or Turkey recently), the government or banks limit the amount of money you are allowed to take out a day.

It’s definitely a terrible thing, which hopefully the UK will never get to

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Yeah it happened with Northern Rock

If it was on bbc news it would be an issue but such a short time frame and just 1 Facebook post is a bit small

I don’t suppose you have any figures of how many people emptied their accounts yesterday compared to any other day?

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Or if it made an impact on support times.

I hope it didn’t make much different and it was just a load of hot air. Before I went to bed it had grown considerably with god knows how many discussions and tags going on in the comments.

It sounds very minor but this guy was from Spain yet it somehow reached me in the UK :man_shrugging: and even some of my friends were sharing it when they don’t even have a Monzo account.

That’s the power of social media though, things snowball quickly.

Took a quick look at FPS payments out of Monzo yesterday compared to the last month. No impact whatsoever beyond any usual weekly/ monthly trends and any natural noise.

FPS payments out of Monzo were actually lower yesterday than 2 days ago and were also lower than a similar time last month.

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You have no idea how happy I am that this stat exists and you shared it

I may need to get a life

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Data > *

The only way it could have been better is if @TheoGibson posted some #DataVis too.

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Nothing new for us, but handy for newbies :monzo: :relieved:

Monzo vs Starling review :smirk_cat:

and 1 of the comments under the video :speak_no_evil:

Feedback about Monzo Jun 2021

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:man_facepalming:

ETA: Well, I effed up, because I put two and two together and made five. As has been pointed out, the bone-headed comment is not from the creator of the video as I had thought. Doh.

I don’t need to watch that video, given the creator has immediately discredited it by citing reports of Monzo closing accounts in the comments. Compounded by a References to ‘well-publicised finanical problems’ shows the commentor clearly doesn’t understand what he’s talking about (one line in a report; Starling are no safer or reliable when you consider Monzo are just as FSCS protected as Starling are).

I mean, I don’t want to say the bloke is an idiot… but he really is coming across as an idiot. :neutral_face: The bloke who wrote the comment is still an idiot, but I can’t say the same about the video creator given the clarification.

ETA context and clarity over account closures: Monzo’s market share was bigger than all the other neobanks combined (Starling, Revolut, etc) - that fact alone accounts in large part for why there are more stories about Mozno accounts being closed than Starling or Revolut or whoever, and something a credible reviewer should have accounted for.

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That comment is not from the creator of the video…

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Doh, thanks for clarifying, I made a (clearly unwarranted) assumption, given it was included in the post. Will go back and edit my original reply. Mea culpa.

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:eyes: be careful what you wish for :joy:

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I read a similar article and even though Monzo now comply the punishment for not doesn’t really sound like a punishment :man_shrugging:

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“Makes sense” :nerd_face:

What point are you making?

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Sounds like someone setup a new company called Monzo last year and are being ordered to change it due to the similarity to the existing bank.

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Very expensive trolling

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It cost just under £50 to register a Company :factory: not a big deal :expressionless:

All fun starts after that, when it’s time to run it :sweat_smile::see_no_evil: