I wanted to invest in crypto and couldn’t send any money to any exchange. I tried via card payment and manual bank transfer, so yes it was restricted. I’ll like to be the one who deems whether or not something is risky. It isn’t illegal. Yes you could say it is risky, but so is putting £1000 on Qatar to win the World Cup, but they would’ve let me do that if I wanted to. They’re anti-crypto, and are using the excuse of deploying risk adverse measures for their customers to sound like they genuinely care.
Wouldn’t it have been easier to keep the Starling account, and sent the money through Monzo to buy crypto?
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It’s a faff, though, isn’t it?
I’ve just come back from a weekend away with the boys. We’ve each paid for various things and put all the spending through Splitwise. Currently my ‘main’ balance (the one on the opening screen of my Starling app) is –£150, but I’m not being charged overdraft interest because I have my bills money in a Space, ready to be paid, along with other money in other Spaces. So my ‘cleared account balance’ is £4,000+ and I don’t have to faff about moving money and moving it back once my friends have paid me back.
I understand why Monzo has taken a different route, and don’t believe every bank should just do the same, so that there is choice. But Starling’s product here is better.
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They’re using risk as a valid reason for them not having to pay out thousands, not for those who actually know what they are doing, but for those who lose their money to shit scams through crypto platforms.
It’s a sensible move. All banks should do the same.
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=SUM(Overdraft fees, IF balance > 0) = ££££££, make the change and that all goes away.
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I don’t think people are protected by bad investments. Starling would have no legal obligation to protect people from bad investments. Should all banks block anyone from buying assets? Or gambling? Or spending their money how they see fit?
Seconds of my life to transfer money from a space to main account.
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Assets linked to financial crime and cost the banks millions in having to refund, absolutely they should be rid of it.
Gambling? Again. Absolutely, the damage I’ve seen from gambling (addiction) is unreal, people’s lives would improve greatly if it wasn’t a thing - though appreciate the other side of winning big.
Anyway, save going off topic I’ll leave my thoughts there.
I didn’t mean a faff to actually do the transfer. You’re right, it’s seconds. But it’s still more than Starling, which is: Do nothing. I prefer Starling’s approach, than having to mentally keep tabs on money I’ve allocated to other stuff but which is temporarily moved back to the account and covering my overdraft.
But as I said, it’s good there’s a choice. If other people would prefer to manage their money in a way I find a right faff, then it’s good to have different options.
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I agree, if Starling are being in the third party options, Monzo should at least consider allowing pots to be apart of main balance 
I don’t think crypto has ever cost banks millions unless they’re investing in it too and have then been scammed or rug pulled. In true DeFi, you are your own custody, so there is no bank to bail you out.
I think your ideal world will benefit the few and punish the many 
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