You’re both assuming it’s just salary that this feature is useful for.
It can be one-off transfers as well, I’ve had refunds and all sorts of payments early. I understand the salary argument to a degree, (apart from those times you can get it several days sooner and before the weekend), otherwise the sooner it’s back in my account the better.
I didn’t know it worked for non-salary payments, i’ve never had the option; fair enough
I think the Watchdog effect has been overstated. It felt a big thing at the time but Monzo has still managed to grow massively since.
All banks freeze accounts, the only difference with Monzo seems to have been the online-savvy username has made their voice more visible.
I have also noticed myself that when I get refunds they are back in my account within 24hours. I really like Monzo and how you can track all your money “behind the scenes” by seeing what’s coming and going before it’s actually moved. I know some other banks can do this but in my experience it’s been hit and miss.
With large cash transfers I paid off a loan for £13k. Monzo did freeze my account but was soon unfrozen again by simply doing a Face ID check . I didn’t need to contact anyone it was pretty straight forward. I thought this was a really good security feature which was nice they froze the account due to this transaction as it’s not my usual spending habits and was easily sorted with my app.
I don’t know, I feel like it stuck with a lot of people
I can’t say whether it’s “not trusting the new online bank” or because of this, for a lot of people it seems like they just read a load of (criminals) complaining on social media e.g that facebook group
It’s explained away pretty well here
The legacy banks won’t buy for two reasons, they would destroy the value the second the deal completes, and the technology play wouldn’t work, as the system will never mesh.
I’m someone who despite being a bit nerdy on this, only banks with Monzo, I pay in a fair amount a month, and then payout a fair amount a month, so the idea that’s still a spending card, is for the birds.
Anyway, we’ll find out more soon when the annual report comes out
I’m not sure using a video from four years ago is evidence for this, though.
Yeah agreed! And at the time of that YouTube interview, Monzo had 3.5million customers. I think they are at nearly 9 million now. So it’s not effecting people in joining as customers
Totally it didn’t affect new people joining, but I’m trying to put my finger on where the mistrust for large deposits comes from here
I do get it really. Not having all your money in an app only bank. Also found out recently that even though our Monzo money is protected. The fraud side of it isn’t… Monzo currently will only refund fraud as a good will gesture and don’t have to by law. Until October this year where all banks will have to protect customers from fraud and getting 100% of the money back.
Only the banks on their knees begging for customers who need to look good in the media right now (e.g Nationwide) actually refund people when it was clearly negligence or just a straight up lie of a story
It’s not by law either way, banks who join the CRM, pay into the CRM, to reimburse those a victim of fraud from that pot, generally makes it easier for them as it’s not their own money.
To be fair, monzo still refunds a fair bit. It’s not a heartless game.
The Payment Systems Regulator has said it is specifying APP fraud minimum standards for all institutions, rather than leaving it to individual ones to join on a voluntary basis.
True, but the post above mine was referring to CRM in its current platform, which is not law.
Starling, who I think are part, also can tend not to refund if you ignore the warnings I believe which really weakens the value.
I think as a whole a lot of customers like to feel their bank has their back when fraud happens (either knowingly or unknowingly) . Sometimes scams can be prevented with a-bit of common sense but sometimes can’t be helped. So with online banks I can see why these crop up and people don’t join as people tend to scrutinise online banks more.
Chase has excellent support tbh.
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