I feel bad for Monzo having to pay 3k for someone’s stupidity.
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If it was a good will gesture, they didn’t have to. It was a choice they made.
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And it’s also, surely in the spirit and intent of the APP Code?
Admiteddly more complex, in that there was a loan step, but ignoring the loan element and if it was ones own funds, it sounds like it meets the same points as fraud they reimburse under those types of scams?
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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