Starling Bank Discussion: Part 2

Fair enough, at the time Monzo/Starling was my main bank so would make sense.

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There’s nothing wrong with the procedures per say it’s just that Monzo is awful at executing them

My Starling account has probably had at max £750 in it ever, today I withdrew £5k from a savings account into it, and then instantly tried to forward it onto a car dealership

Ofcourse that should get stopped for a check and it did, which took around an hour. I spoke to support at first who answered in 30seconds to tell me why it was pending and what they were checking

They asked questions with an in app questionare that were similar with Monzo on the phone did after making me wait 3 days with a frozen account

It was all over in an hour, you’d be lucky to get a basic chat reply for monzo in an hour

It’s very frustrating how badly Monzos customer service lets it down, for how amazing they do everything else

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Can’t remember which it was, maybe revolut, whereby it wasn’t recognised the customer emptied their savings accounts before forwarding it all to a fraudster.

Possibly a lesson learned for all entities to trigger some events.

But agree, monzo should be able to resolve these far quicker.

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Monzo definitely need to step up their customer support, especially given how trigger happy they are blocking WHOLE accounts for stuff like this.

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It’s the niche stuff that’s problematic for the most part.

I’m sure monzo handles thousands of chats a day with simplified responses, those cops hitting target good for them.

You mention something outside the ‘where is my bank statement’ scenario, it’s a problem.

Chase seem to have nailed this, either their staff are multifunctional (as it should be) or their redirection approach is seamless and hardly; if at all, noticed.

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I found Starling to have very good customer service, always got back to me in minutes, I do rarely need customer service so I’m happy with the rest of Monzo.

I guess it only takes one bad experience for people to be soured on them though.

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Pretty sure there is no ‘standard’ cut off at any bank - or else fraudsters would work out that it’s easier to get a victim to send them £2,499 than £2,500 if, for example, £2,500 was the cut-off.

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Yeah, it is cutoff per customer relative the usual income and spend.

Cause what is “abnormal” and “big” purchase is different for every person.

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https://vm.tiktok.com/ZGeq4JPaU/

Starling and now advertising the Apple wallet balance feature yet when you ask the customer service about it, they don’t have a clue what it is

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For those interested, Starling have published their annual report for FY 2023/2024

£301m pre-tax profits is the headline.

4.2m total open accounts or which 2.9m ‘active core accounts’

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Interesting to see Starling & Monzo’s core strategies diverging.

Monzo has surpassed Starling revenue (not profit…) and was started a couple of years later. But the BaaS platform from Starling is certainly very interesting… not sure how fast and how big it can scale

Interesting

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I think the strategy of having a bank engine you can sell as a service potentially has the opportunity to provide greater income longer term. At some point Monzo will reach a peak in customer numbers and after that, it will need further approaches to increase revenue. The same could be said of Starling but it’s customer numbers are roughly half that of Monzo.

It’s good to see them both profitable and doing well.

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Isn’t Monzo about to move into pensions? That could be their next earner.

But as you say, good to see them both doing well.

I’ve heard rumblings that Starling investors are eyeing up a £10b valuation ahead of floating. Will see how true that is - with Engine, this could be a reality.

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I just want Starling to let ex customers back in within 12 months :pensive:

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Stop closing the account then :joy:, mine has a bit of cash in it in case Monzo decides to do weird things :joy:

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I’ve moved most of my banking over to Starling after Monzo became the Ryanair of banks - good products and shiny social media but no customer support.

Working out pretty well so far.

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Hey hey now, Ryanair Customer Service usually answers within an hour and the first person you speak to can help, no need to insult them with that Monzo comparison

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Stop closing? I closed one, due to excessive fraudulent attempts which starling were shit at handling and couldn’t stop.

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Oh yes, I remember. They were unable to remove the fraudulent card transactions that kept coming up every day for you

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just notifications or actually a financial impact?