Questions about USA functionality

Hi! I just got my beta Monzo card in the mail. (or, is it the post?)

Some questions:

  • There is a routing and an account number. Can this be used for payroll deposits?
  • Can ACH be used for paying bills?
  • Any info on Venmo compatibility? (I haven’t tried this yet)
  • There are limits on inbound “monthly top up by card limit” and “cash deposits every 30 days”. Hypothetically, does these limits apply to inbound ACH payments (e.g., for payroll?)
  • Is this account FDIC-insured?
  • Does the account work with Plaid.com? (If not, is this functionality planned?)

Thanks!

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Welcome to Monzo

No, not yet.

No ACH or account number, so no.

It may work, but you’ll likely be subject to a 3% fee as you are with credit cards etc.

No ACH so the limits are irrelevant. It’s not FDIC insured. Currently no Plaid functionality either.

This isn’t correct. The account is FDIC insured.

It’s literally just on the USA homepage - https://monzo.com/usa/

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Are you sure? My account shows a routing + account number.

The best way to get 100% accurate information would be to start an in app chat.

Could you come back and tell us what they say, as it would be useful to know if anyone else asks? :pray:

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I would be illegal for an entity to call themselves a bank unless they were FDIC insured. That has been the law since the Great Depression.

In the US is what I mean. ^^^^

Makes sense, the same idea applies here in the UK too.

Bank is a protected word in the UK, a company can’t have “bank” in it’s name without being an actual regulated bank + bank deposits are protected by FCSC up to £85,000. Not quite as generous as the US though :blush: