Sounds familiar…
3 Likes
Another email from Monzo has arrived - it’s very nice and empathetically written - all about the problem and their investigation, and says that they’re looking into the complaint and will come back by their own deadline of 25th March
But I do find it rather incongruent that whilst they allow themselves three weeks to deal with a single customer service query, they also expect business customers to talk to every one of their clients and suppliers and persuade them all to have completed changing over to a new bank account in less than 8 weeks
So Monzo allow themselves 21 days for one single query but require their business customers to deal with hundreds of queries in just 60 days!
5 Likes
If it’s a complaint I think they have to quote the legal maximum time or at least an indication of the maximum time they expect to take
3 Likes
There are plenty of reasons why converting a bank account from personal to corporate makes no sense, mostly compliance.
For example limited companies can have X shareholders and Y directors. Even if you form a Ltd where you’re the sole PSC you can always issue shares / add directors etc.
Another example is banks must keep track of every transaction in case a court requires them etc., these are bound to account no/sort code. Once an account number is generated, it must stay bound to the same entity (physical person or Ltd company) from account opening to account closure + X years.
I am no expert but I am pretty sure no bank ever allows/will allow that kind of conversion.
It also explains why a system like the “current account switch service” from personal accounts to Ltd accounts will probably never exist, because that does not make sense either from a legal point of view, even though it could bring convenience to a few small biz owners.
This topic was automatically closed 180 days after the last reply. New replies are no longer allowed.