It strikes me as much more likely that criminals have moved to the new banks hoping their security practises aren’t as fully fledged as the old money banks, as well as the ease of opening accounts. In that scenario they’re going to have a higher than average flag count
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I wouldn’t say it’s so clear. They didn’t give any stats or data. They said they’d had more reports about Monzo, but given that there was an organised Facebook campaign to contact Watchdog about Monzo, this cannot be considered reliable evidence.
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This isn’t good enough, there is clearly something going on here… yes other banks block accounts but why is the process much more frequent with Monzo? and why does it take Monzo so long to sort out compared to other banks?, all you’ve done is skip around the actual problem here and not given an answer.
I can ‘lose it all’ in the sense that I won’t have money whilst I’m on holiday!! I don’t have other savings accounts I can dip into!! Yes I might get it back in the long term but that doesn’t help me on the holiday does it?
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They made a claim that will have to have been fact checked and has not been refuted. I think it’s clear enough.
Monzo is more hassle than its worth.
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I did but I’ve got 4 high street bank accounts and never had one closed… surely you can understand my suspicious mind!
Did i say that? I think not. anyway I bank in quite a few places other than Monzo and yes I know people who have had their accounts frozen, only a couple and none at Monzo. The response of these other banks (all big four) was essentially the same.
Might as well apply that rule to every bank. Best start getting all your money out and putting it under a mattress.
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You should be fine. Personally for piece of mind, I carry more than one card, and some cash. I also have Apple Pay setup.
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The point is they have leeway and seem to be making serious mistakes in coming to that point of view. Who would want to be falsely accused of being a criminal?
I can’t say I trust their fact-checking. After all, they also claimed that a customer was directed to a homeless shelter, which was provably false.
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There seems to be a Facebook group that is encouraging folk join the community to comment on this post… that explains the influx from earlier.
Comments such as “they know what’s coming, don’t they?”, and “They’re getting what they deserve” are just akin to folk throwing their toys out the pram.
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5 posts were merged into an existing topic: Removed Posts - October 2019
Yes, 100x more than one that presumes guilty more often than they need to. Compliance should almost always be a sufficiency requirement not above and beyond.
Where is the proof of this? Is there an industry wide report available?
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This exactly, I feel criminalised to be honest. It was hard at the start but I made peace with it.
Just to reiterate, just because I can’t bank with Monzo, it doesn’t mean that I’m a criminal!
I’m happy with just using Curve + a legacy bank.
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What hassles are you having?
I’ve had my account since February with no issues at all, don’t believe the ‘noise’, the majority of customers of Monzo have had no cause for complaint (and complainers always make more noise than those who are happy, regardless of the product).
Enjoy your trip!
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