This is horrendous for the brand. I’ve had friends and family messaging me asking what’s going on with Monzo and wanting to move their accounts.
I honestly think this could be detrimental to them.
The reverse race to 2 million may be on
Today’s newspaper is tomorrow’s chip paper. The negative effect will be minimal.
I hope so. They deserve some accountability on this one.
Family WhatsApp group is going mad, 4 family members urging me and wife to move all our money out of Monzo.
This could be a real disaster if they dont get on top of this ASAP.
The thing is this looks very scammy… money disappearing into thin air…? needs investigating properly
I will be moving money elsewhere cough starling cough if this isn’t addressed in the next few days.
I must admit, I don’t get why people are so worried given that this has been discussed a number of times on the community forum over the last couple of months, with the reasons being given that they have to investigate potential fraudulent activity (as any bank should).
The difference being that because Monzo’s so far advanced their triggers are probably a lot more sensitive than the standard legacy bank
That and their growth of new customers is probably alot higher…
Crikey should of fielded someone to respond to the accusations - could of generalised about closing of accounts not hide behind the FSA !
That’s fine - but someone should have been on there saying this IMO
Not just someone, Tom should be…
lol @ people cussing them on their own tweet
Because the forum has a readership of a few thousand, Watchdog has a viewership of millions who then tell everyone they know. A shedload of people moving money out of a Monzo account is not good news, it needs the money to lend to generate profit.
This was the “I knew it” moment for my mum who I spent ages trying to convince her that Monzo was reputable. There is a strong chance she will be moving her money out now. So frustrating.
I think it’s absolutely shameful that Monzo didn’t have anyone on the show to reassure customers. The presenter said that Monzo had been on the phone to them angry about them running the report, but refused to speak on the record.
Why? This is an ongoing issue for many people, and it’s no secret that Monzo lock and freeze accounts more than other banks. It’s not really on.
Existing customers are getting worried, and potential new customers will be put off if they’ve seen this. There was clearly forewarning that the report would be shown tonight, so the fact that they haven’t even responded to it (other than a tweet about why they freeze accounts a little while before the show - now we know why they tweeted that).
I think most of us who see “Monzo froze my account” just assume “there’s no smoke without fire” and all these people seem a little bit dodgy.
Having (seemingly) genuine people show up in person, on video, and seeing they are normal people… adds credibility to their claims, and make Monzo look horrendous.
I didn’t think it would be that bad, but this is about as bad as it gets for Monzo right now.
I agree. I didn’t realise so many “genuine” people were being frozen out as well.
But that’s exactly the point I’m making… if people took it with a pinch of salt (seeing as you can’t always believe everything the media tells you, especially if it’s the BBC in my opinion) then there’d be no need to worry!