Hi guys, just wondering if anyone came across this before, I’ve completed a CASS switch away from monzo to another bank, the switch completed today but for some reason, monzo has sent my balance to a random s/c & account number? My DD’s have been transferred to the correct account but not my balance which has put me in quite a vulnerable situation now… they’re taking ages on chat to reply… any help would be appreciated
What do you mean by “random”? Another of your accounts? Or someone you don’t know?
Nobody here will be able to help unfortunately, you’ll have to wait for chat to reply.
You need to contact your new bank.
What happens if there is a mistake
The Current Account Switch Service is backed by the Current Account Switch Guarantee. This guarantees that any charges or interest incurred on your old or new account, as a result of a failure in the switching process will be refunded when you bring this to your new bank or building society’s attention.
Under the payment details they’ve sent the balance to an account that has nothing to do with me, I don’t even know where they got this s/c and account number from and it’s not stated anywhere on correspondence and it’s not one of my accounts at all as this is a new bank so I only hold the 1 account
That doesn’t sound good. But as mentioned above, nobody can help you on here because we’re all just customers like you (was).
In app chat is your best bet. You can also try calling them but it’s a bit hit and miss.
The way it is described on the CASS website, it sounds like the switch is handled by the new bank in its entirety. That means your new bank is likely to have been the one initiating the transfer. I’m not sure how that works in practice, but it may also be worth asking your new bank if they know anything. After all, one of the perks of the switching service is that any payments into your old account are diverted to your new one.
Thanks guys, I’ve contacted my new bank & they said it goes into a holding acc, all banks request the funds and they’ve usually got until midday to do this, so once the they request from Monzo, it gets placed into this holding account then transferred to the beneficiary bank before lunch time as it’s all an automated process.
Let’s just say I wouldn’t hold my breath to get in contact with Monzo CS:grimacing:
That’s not the case for everyone though.
Don’t get me wrong, the support system needs an overhaul but posting the wrong info doesn’t help anyone.
You will get it refunded
On the other hand someone is going to be in for a treat when they wake up and see their bank
But I’ve received my money now, it credited at 11:20😁
Thanks for the updates, I never knew about the holding account when you CASS
No worries! The woman on the phone was really nice as she had a similar experience when switching & she panicked too she phoned the switching team & they informed that all funds go into a holding account then transferred to your account
This is definitely something that should be explained better because it would certainly make me panic too!
Not everyone can. Have a look at the screen shots attached to this post:
As above. That’s not the case for everyone.
Okay so we’ve established exactly what I said hours ago.
i had the same thing when i switched from nationwide they send the balance to a random account number and sort code however i still got the money credited to my monzo account so i believe it’s something that happens when you switch accounts