Monzo in the Media 📰

UK Monzo Chat
1658

Pretty decent CV there

1659

I think this is spot on. The best leaders know what they are good at but also know when it is time to get someone in who is better than you.

As a smart chap I suspect he understands there are others better at the Bank CEO role than him - gives me confidence he can self reflect and make that choice, because that is the sign of strength.

Still miffed my shares are down at least 40% however, but hey.

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1661

The timeline given in that article is painful to read:

Monzo started life as a prepaid card connected to a smartphone app, which enabled customers to see how they spent their money and budget accordingly. In April 2017, it received its full UK banking licence, meaning users could access a current account through the app. When other banks started developing similar products, Monzo introduced new features, such as the option to “freeze” your debit card temporarily if a user suspected it was lost or stolen, instead of cancelling it

So, Monzo didn’t let you freeze your card until after they’d got their full banking licence? Is that really what you’re meaning to say there, Wired? :man_facepalming:

Reading further, and this paragraph is unfair on the part of Wired (emphasis mine):

The bank issued a statement claiming that it could not alert customers as to why their accounts had been frozen because of a law that prevented banks “tipping off” customers to potential criminal investigations into their finances.

Phrasing it that way makes it appear as if Monzo may not be telling the truth, and that they could have alerted customers but chose not to. There’s no ‘clamining’ about it when you’ve a law to contend with, FFS. Did the writer not want to do the quick research it would take to establish the law is there and thus not need the weasel word in their article? :man_facepalming:

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1662

I really enjoyed this article and to be honest its something id like to see more of here on the forum as opposed to in the news.
@AlanDoe i know you teased about staff Q&As, is this still the plan?

Some points disclosed like…

Blomfield says the product has had to be overhauled. “We are reconfiguring so that we can launch a version which strips out those benefits, but still has a bunch of compelling benefits, which will broadly be the middle tier,” he says. “Then we’ll add to that and release the top tier when these restrictions are lifted, I think.”

Why couldn’t this be shared on the forum rather than with a journalist. Would be nice to hear it from the dogs mouth sometimes so we feel more engaged.

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1663

The Telegraph appear to have gone silent on the golden M word lately (junk writers all furloughed?)

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1664

Meanwhile, more great journalism over on Sifted. They actually find sources! :grinning:

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1665

37 posts were merged into an existing topic: Britain’s Monzo cutting up to 120 jobs due to coronavirus impact

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2 posts were merged into an existing topic: Removed Posts - June 2020

1677

This has reared its head again

Monzo customers shut out of accounts in lockdown

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Frozen accounts in the Guardian
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Headline should be of course “customers have accounts frozen because they were helping launder money”.

Now, more than ever, Monzo need to fight back in the media to explain that 95% of these accounts are being used illegally.

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1680

Monzo is a regulated bank. If it really was behaving in the way described in this article, it would have its banking license revoked. End of discussion. Poor journalism.

EDIT: my comments aren’t directed at you @DaveJ, I know you were just posting the article.

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https://www.theguardian.com/money/2020/jun/06/monzo-customers-shut-out-of-accounts-in-lockdown here we go again. This issue hasn’t gone away. This issue hasn’t been dealt with.

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1701

That was posted an hour ago. Maybe READ before posting?

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1702

Nor will it ever be. It’s a feature of UK banking and isn’t going to ‘just go away’ or be ‘fixed’ until laws are changed or people stop breaking them.

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1703

Tetchy?

1704

I can’t believe Monzo lock accounts of people who commit money laundering. It’s shocking!

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1705

Not surprised. I am one of those customers, I’ve been here before trying to have a reasonable and fair discussion about this but people made personal attacks on me insisting I was doing something illegal when I was not. This problem will not go away

1706

My apologies for any tetchiness.

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1707

:joy::woozy_face: ok