Monzo hasn’t been around that long
If the money is from a legitimate source they can get it sent again if sent back to the source.
In all these articles the complainer rarely says where the money is from, they just say I need it to feed my baby etc. If wages it could be sent to another bank, if from a friend it could also be sent again, I am suspicious that they don’t know where it is from and laundering it in some way.
I do think the new banks are just a bit over cautious. I mentioned in the Starling bit of the forum that my account was restricted recently (and subsequently unrestricted) but when I’ve had the same thing with a larger bank they just called to ask about the transactions they didn’t freeze my account. My account was unrestricted within 2 hours though with Starling so I can’t complain, they did their job and it didn’t cause any issues. Only improvement would be if they just called at the point of restricting the account and asking the same question then it would’ve only taken a few minutes.
I think the smaller, newer banks just take a more cautious approach which results in a much larger number of accounts being blocked (whether fraudulent/illegal or not)
Do we actually know that Monzo restricts/freezes a larger number of accounts than the ‘legacy’ banks (as a proportion)? This seems to be an assumption so far. It could just be that a smallish group of fraudsters think they can generate enough publicity to have their accounts opened, since Monzo is in the news a lot and needs a good reputation to grow. There could be as many or more people with frozen accounts at Barclays, for instance, but they haven’t gone to the press because they know it won’t make any difference.
For anyone interested, the Vice journalist joined the aforementioned Facebook group asking for people to contact her (I’m only in it because I find it all quite interesting). Does seem the entire group is a bit of a hate mob and anyone sticking up for Monzo soon gets ejected.
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playing devils advocate there are more results relating to Monzo when you google variations of “bank account freezing” than other banks.
I’m no Googling expert I just did a few searches
Unsure why this has been flagged but given the person I mentioned is no longer here, I’ve edited my post and removed my reply to them
For what it’s worth, there are no industry statistics that measure this metric
Came here to post this
Key points for me:
“We learned that things that seem a universal truth when you are 50 people, launching iteratively as no one is paying attention, when you do that with 3.5 million customers it’s foolish,” Blomfield said.
Blomfield said Monzo’s plan was to float within three to four years and he expected the firm to be profitable by then.
Tom Blomfield, the 34-year-old founder and CEO, told Reuters he expected Monzo to top 2,000 staff this year, up from 1,500.
Blomfield said Monzo planned to relaunch the paid-for accounts in the first quarter of this year, implementing lessons learned from complaints following its botched attempt in 2019
And this, any day/ week now
reality bites the ‘challengers’
@rarther, great article. Thank you for sharing!
That Sifted article mentions that Starling has not been funded by venture capital funding cash. What is it funded by?
Only linking this article coz it shows just how rich he is