#NoBarriersToBanking - Share your experiences!

(Richard Cook) #1

Hi everyone! :wave:

We’re currently running a campaign to highlight the problems people can face when trying to access financial services, and share ways we can help.

It’s called #NoBarriersToBanking and we want to involve the whole Monzo community. As well as signing up to show your support for the campaign, and sharing our tool that helps people in need find local resources, we’d love to hear your stories.

Have you ever faced exclusion from accessing financial services? Maybe because of your background or a special requirement that hasn’t been met? Or is there anything else that makes things fundamentally more difficult than they need to be.

Come and share with us. We’re all ears :ear:

And don’t forget to visit the campaign site:


(If there's the wrong end of a stick, you'll find me holding it.) #2




It’s really, really hard to pay in cheques. Do you have any good solutions to this?



(Craig A Rodway) #4

A lot of people on low incomes, perhaps with several part time jobs, are more likely to be paid in cash. Paying this into a Monzo account costs them money, which I think is a barrier to banking.


(Dave) #5

I get paid mostly from foreign companies by international bank transfer. There are some banks that don’t charge a fee for processing these incoming payments which is useful.

I’m surprised Monzo isn’t properly supporting international incoming payments yet as it must be a problem for quite a few people. This makes Monzo the bank putting up the biggest barrier to me.



You literally charge people (affecting more poor people than not) to put cash in their accounts.

You know that’s a barrier to banking.

You make it difficult to put in cheques, also a barrier to banking.

You’re top of the list right now :smile:

This is what I was on about with monzo saying one thing in their PR, but doing another in reality.


(Dan) #7

My employer require IBANs in order to pay employees. As a result the organisation of which I am affiliated with does not let employees receive their salary into Monzo (and a LOT of my colleagues love Monzo).

Also some companies may provide employees the option of sacrificing salary to participate in the company’s stock scheme. The service provider of the stock scheme also requires IBANS & BIC.

Also responsible lending can force those struggling with money to sign up to high interest solutions. Banks should be able to consider other factors on a case by case basis.

Moreover, people with no debt can be likely to be declined for credit. Providing a solution for this small group of people would be advantageous.



Maybe monzo need to look at themselves and fix their problems first before trying to take the moral high ground and suggest others change.



This thread hasn’t quite gone how Monzo planned! :rofl:



I can not agree with this frustration enough. Banking for All is a campaign that greatly contradicts Monzo’s priority to make profit at the moment.
Given that you’re a bank with no branch, the way you put off necessary features for people who can’t access banking sevices or make it ridiculously expensive is just hypocritical. Maybe you guys need to get out of the central London bubble and visit small towns with alarming number of branch closure to understand that serving this demographics is too ambitious for your capabilities at the moment.

To answer OP’s question: I used to get refused to open an account despite having a valid visa just because I haven’t got any proof of address. I’m working as a freelancer through agencies, serving asylum seekers under care of local councils in the Midlands. I know the hoops one needs to jump through to get banking service here and I don’t think Monzo is equipped enough to serve them because you have no branch. Once, I was asked by a client who just earned her right to remain to help her open a bank account with Nationwide. The bank clerk asked me to bring a photo ID with a proof of right to work just to interpret for my client to arrange an appointment to open an account, which obviously was ridiculous and under no FCA guidance. These vulnerable people are, in majority, not tech savvy and certainly can’t afford any fee to deposit their money nor have the time and nerve to trust the Post to deliver their precious cheques.



I’ll give them this, opening an account is easy.

I do have a concern though as to why it’s so easy in comparison to other banks. While accounts can be difficult sometimes to open with a number of hoops, it’s not like the banks have those policies just to annoy people. I do wonder how many account closures monzo has in comparison to other banks because of fraud issues. How long before they add more controls?


(Jordan) #12

I think there is a difference between having access to a bank account and how that bank account operates in relation to cash, cheques, online/mobile payments.

Monzo isn’t saying it is the gold standard, they’re saying that the unbanked should be helped to be able to become banked, not discriminating for any reason. Which is quite different to having to post a cheque or pay cash in.

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What’s the point of opening an account easily and then have restricted access, compared to working your way around varied, stupid law interpretation but then be able to use the account like a normal person?


(Jordan) #14

I’m not saying there is a point, I’m saying its a different issue. Monzo inherently have difficulties with the way in which they are set up - I’d agree with that.

But the Legacy Banks are the ones who should really be leading the line for the unbanked, your previous post proves that.

That is a subjective and not an objective statement “normal” to me is not using cash or cheques - in fact using cash is very abnormal for me.



Your statement is subjective itself, too. You refused to see the point I am trying to present. Monzo’s approach is stigmatising traditional payments. Surprise surprise, they’re still around. And just because you and your social circle hardly ever touch them does not mean they’re dying out.

Monzo does not have to please every demographic, I get that. They just need to stick to what they need: start making profit, instead of trying to be a jack of all trades.

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(Jordan) #16

Apologies if it didn’t come across, but it wasn’t a statement, I was trying to say how “use the account like a normal person” is subjective - how one person uses their account can be evidently completely different to someone else.

I didn’t refuse to see your point, I agreed with it.

Agreed again, cheques are losing their prominence although cash will likely always be something that is used, even if digital payments take precedent. I’m not arguing that.

Again agreed, but that doesn’t mean they can’t agree that the unbanked need help? They’re trying and are pretty transparent for the most part on why things get dropped and why things have to work a certain way. A digital only, no-branch bank is naturally going to be harder to pay in cash and cheques, that’s a fact.

However the barriers to banking for the unbanked can still be worked on for the legacies who have the infrastructure to pay in cash and cheques.


(Aaron Payne) #18

Child accounts is an area that needs work. My kids (11 & 14) are learning banking and HSBC offer a debit account, Apple Pay and plastic card. Banking with them is clunky but they are trying to capture that demographic


(Jordan) #19

Not personally used or looked into a great deal but have seen some buzz about this product - Go Henry

I think is more for the 6-12 age group and looks to be fully parent controlled - looks to be trying to bridge the gap whilst also educating young children about money.


(l8n.me) #20

To be fair much of the buzz I’ve seen is from parents saying they need another option because they object to the fee Go Henry charge. :see_no_evil::joy:

Revolut are/were working on this. They sent out a questionnaire and held an open day/ focus group for families to find out what people wanted from children’s accounts. I haven’t heard anything since but then I don’t keep a close eye on what they’re up to so I don’t know if they’re still working on this, but they seemed by far the fintech most pro-active and interested in this area.


(Jordan) #21

Ah I see - I did say I hadn’t looked that much into it :rofl::rofl:

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