Most cases it would be upto the customer to take action against monzo to recoup their money if monzo refuse, here monzo would have to take the customer to court, writing off the loan likely would made sense
Also I suspect the interest of The Telegraph here in that case, like The Guardian previously, also persuaded them that the optics of swallowing it were worth it
The end of free bank accounts is bad news for Monzo and its rivals https://apple.news/AtSK01BkKT_qTL8qEvhOPfQ
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Thanks! An interesting read - but more about negative interest rates than free banking, I think.
Here’s the original URL:
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Thanks, I tried a few times to ‘come out’ of Apple News and paste the Wired link but couldn’t work it out 
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Indeed, and the article feels a little messy/confused to me. Banks passing on a negative interest rate isn’t really the same thing as banks charging people for holding an account.
But negative interest would be an issue for Monzo. They made £6.2m from interest on customer deposits in the last financial year, so that would be revenue lost. Also, as their interest rate is 0% already, they’ll have to decide if they put the negative rate onto customers or not, if they don’t it’ll cost them more.
Still, £6mil a year seems unlikely to bring the bank down on its own. It’s a challenge but alone I doubt it looks fatal for any of the fintechs. Also, the theory is in a period of negative rates people will spend more, meaning Monzo makes more transaction fee revenue.
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Interesting, I wonder if this is the same book that was quietly cancelled last year.
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It doesn’t really matter now because they’re both successful but it’s really disingenuous to just leave a start up to launch your own start up in exactly the same field.
They’ve essentially stolen someone else’s idea after hearing about it.
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Not really sure you can steal the concept of a bank even a digital one, they all boil down to pretty much the same functionality just with subtle differences, it’s a free market end of day hence competitors popping up doing the same things
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Has the NDA been nullified then? Seems a little odd that nobody would ever talk about it before and now it has several chapters in an upcoming book?
What NDA? Why would Boden have signed an NDA at all?
There are so many assumptions in these posts.
Presumably, though, if Anne is giving her account, then others involved will be free to offer theirs. And for anyone interested to make up their minds on the basis of multiple accounts, rather than just one side. Unless, of course, folk have made up their minds already?
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It’s not like they heard about it down the pub
The economic instability caused by the pandemic could trigger negative interest rates, causing banks to stop paying money out to savers, and charge people to hold money with them instead.
No… that’s not what will happen at all - negative interest rates are intended to force banks to lend because of the holding cost at the bank of England.
There is no chance that it leads to the end of the free (at the point of use) bank account in the UK.
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Are there really though? Could you show five? It just looks like a VERY reasonable discussion to me. Assuming you are referring to the posts after the mention of Annes book.
I am sure, as is generally the case, it is all a lot less interesting and involved than some imagine
Two very different people came together with a shared idea, could not quite stay on the same page, and decided to strike out on their own paths
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I’m not saying that it isn’t. I’m not getting into games of listing stuff for you, but my point was that Anne’s book will be, by its very nature, one side of the story.
No one knows why Tom and co left. What the terms were. Who was in the wrong, if anyone. Or, Indeed, who originally came up with what idea.
I’m not taking sides, just suggesting that no one jumps to conclusions.
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No you didn’t, you clearly stated that ‘There are so many assumptions in these posts’. And decided it would be ‘playing games’ to list the posts were people jumped to conclusions. You can’t list them - because they don’t exist! TBH I expect better of CC - making things up then being patronising when challenged about it is not OK.
Yes. And that remains true. For example, there’s an assumption that the original idea wasn’t Tom’s or one of the other people that left. And that there was an NDA.
You instructed me to list five. That’s not the way that civilised discourse works.
I listed two above. But I’m not being drawn into these sorts of games. I’m sorry if that is disappointing to you.
I’m a member on here like anyone else. My opinions aren’t better or worse than yours. Don’t use the label as a stick to beat me or the others.
I don’t think that either of those things are true.
I wouldn’t usually respond to this sort of thing, but thought that this it would be worthwhile clarifying things. I won’t enter into further dialogue about it, though, I’m afraid.
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