OP wants (£250k per transaction, £500k per day, and £1m per week) so maybe they do keep that money there.
You seem obsessed with calling them competitors. They are not a bank with adequate protection so they fall at the first hurdle. Quite simple really.
I guess there a quite a few people who need to move large amounts of money around suddenly right now, so I do agree that the process could be better.
Exactly this:
“I feel a little like I’ve been hoodwinked by Monzo though. Because when I first started using them for everything back in 2018 prior to moving spending and bills to N26, this stuff was hassle free and quick, which was my pretence for using them; the low limits needn’t matter when they’re able to quickly adjust them upon request. I’ve never seen a service so good deteriorate that rapidly and drastically before, even from other volatile hyper growth startups.”
Exactly.
The benefit of Monzo FSCS is your current account is insured to £85k. Whoopee. You wouldn’t keep £85k in it for longer than strictly necessary. The downside is you risk money being held up for a week.
The benefit of Revolut/Transferwise is that you can move funds between FSCS protected accounts without the risk of it being held up. The downside is you may lose money if the banks that operate their client accounts go pop as your money is transiting. Practially this is low risk and those banks are likely to be bailed out* before formally failing anyhow.
This doesn’t apply if you sign up to Revolut (the bank, covered for €100k by it’s banking license) rather than Revolut (the UK e-money institution)
*Look back to 2008 for an idea of how this works in practice. The banks - effectively - went bust. Long before they prevented customers accessing their current accounts - which would risk causing a run on other banks - the government stepped in to recapitalise them. Same would happen with a Monzo etc.
The bigger risk is the bank freezing access to your own funds due to actual fraud (plenty of desperate idiots offering to be money mules these days and giving the sad face when their funds are frozen) or perceived fraud (when some dumb algorithm flags ‘paying rent’ or similar as suspicious and freezes access to an account pending a human perhaps getting around to maybe looking into it).
I think the feedback with regards making sure - once again - that you can be relied up to transfer sums over £10k within a reasonable timeframe is clear enough.
I’ll sign off and let the Monzo fan club debate the most appropriate way of implementing this.
You say “long before” but in the case of HalifaxBoS, the UK was within six hours of the national ATM going offline to stop a run on the banks. SIX HOURS.
There’s been some feedback about the limit increase process and I’ll make sure this gets back to the correct teams.
There has also been comments which have taken us off topic and not really given us an opportunity to have a constructive discussion, you’re allowed to discuss aspects you wish worked smoother and we don’t want to stifle a beneficial discussion.
I’ll keep the Topic open and remove anything that needs removed and if I have an update I’ll be able to post it in here.
A post was merged into an existing topic: Removed Posts - February 2022
Good point. I was, however, obliquely (too obliquely I suspect) referring to Russian oligarchs. An example of jokes not working if you have to explain them.
Wow.
I hope everyone close to you, and those in Ukraine are keeping safe.
No, 4 days is if you’ve expressed dissatisfaction and we’ve raised a complaint on your behalf.
I’m hoping 
I’ll be able to just respond with or
Unfortunately with regards to complaints the FCA disagrees!
We aim to sort most limit increases within 24 hours, but as I’ve said on here before there are some which need to go to a team that can take up to 72 hours.
In the past I have complained that they have raised a complaint on my behalf. They threw me some cash to go away.
That isn’t quite true.
Any measure of goodwill/redress is given for the distress or inconvenience you received, not to make you go away. Quite the opposite.
I called Lloyds once to ask why they’d charged me a fee, no anger distress or inconvenience, refunded my fee and gave me £25 
Even asked if I wanted the call charges refunded.
It’s just how banks work I guess.
My understanding is that it’s to do with the FCA complaints reporting rules, which mean that even if a customer doesn’t explicitly say “I wish to make a complaint”, there is a threshold of some kind that means a bank has to treat a customer enquiry/communication as a complaint if the threshold is passed.
I presume it’s to avoid situations where the FCA look at a bank and say “All these customers were unhappy, why did you not do more to resolve their issues?” and the bank replies “But they didn’t complain.”
It is a phrase. And it is to stop the complaint being persued. This is real world, not the terms and conditions world.
A few years back Monzo were known for throwing money at complaints for the smallest of things, disproportionately.
Also not correct as banks encourage you to go to the ombudsman if you feel it’s not been treated appropriate or in full.
Even if the bank gave you a high level redress or goodwill; you are still entitled to go the ombudsman regardless.
That’s what they’re there for.
The banks exhaust their complaints procedure and provide an outcome, if your dissatisfied in any way, take it further.
Happy Birthday! 
Thanks! Didn’t even know it gave it away 
