Starling Feedback


(Lawrence Ferguson) #5005

Honestly, I don’t care that much. If it makes the bank stable for current account holders, I couldn’t care less.

I just find it amusing that when I open an N26 account…I’ll be using Starling.


(Marcel Ruhf) #5006

…unless N26 impresses you so much that you start using them instead.


#5007

I think this is to misunderstand what Starling’s trying to do here. In the absence of knowing exactly what their relationship with N26 is, it seems to me that you might as well say when you open a Starling account you’ll be using GPS or Natwest. Or, if you have a HSBC account that you’re actually using whatever third party suppliers they use…


(l8n.me) #5008

Yes, exactly, so not a misunderstanding in any way of what Starling are trying to do here, just a statement of facts. It does highlight however that most joe public have no idea how fragmented banking is and that just because their card and branch may say Nationwide say, very little of what it takes to run their financial life is actually done by the company they’ve put their trust in, but by all manner of other companies. Obvious to us who have an interest in the area but I suspect not for most people.


#5009

Well put. For me the interesting thing is where we go from here.

Put crudely, I can see Monzo hiving off its back end and Starling flogging its current account customers. They could end up as very complementary businesses…


(Lawrence Ferguson) #5010

When customers get sold or banks get split do they usually accept new terms or are the TUPE’d over so to speak? I’ve never thought about it…


#5011

Good question. I think there has to be some sort of court order if they’re moving you between banking licences (I remember some of that happening after the banking crisis) but if they sell the licence with it then changes are governed by the T and Cs.


(Graham - Mental health professional) #5012

This is a fascinating (and ever so slightly scary) discussion. :anguished:


#5013

Interesting to see.


(Hugh Wells) #5014

Personally I don’t really see this happening :wink:

Keeping our technology internal and moving to do that with as many 3rd party services as practicable and makes sense allows us to be very responsive to customer requests (remember all those cool Monzo Time projects :wink:), own and fix issues quickly and generally build the product that makes money work for everyone. I genuinely don’t think we could do that in the way we want to by taking a different direction here :slight_smile:


(Kevyn) #5015

I would assume the terms and conditions would stay the same until the purchasing bank decides to unilaterally change them and give you the statutory minimum of 2 months notice to either accept them (by staying) or not (by closing your account). I guess they could time the actual purchase date to coincide with the end of the notice period for the change in the terms.


#5016

Personally, I read the tea leaves as they have decided retail is not their forte and they will be moving more to B2B, so I’d expect the current accounts to quietly disappear.


(Lawrence Ferguson) #5017

I hope not but even so…by that time you think monzo would sort payee management and re-evaluate their overdraft…or that N26 propose a good offer …if so… Like I said I don’t care …I’ll jump to best offer always :slight_smile:


(Dan) #5018

Agreed. We’ll probably hear Starling’s current accounts were just “an experiment” like their community was. It’ll just be a way to show other financial institutes that their infrastructure works.


(Dan Mullen) #5019

I couldn’t disagree more with those opining that Starling’s current account offering is likely to disappear. Surely building back end systems that other banks and financial institutions can make use of, thus generating additional profit for Starling, can only be a good thing? There are no negatives that I can think of. Stuff like this is likely to mean that account benefits such as fee-free foreign ATM withdrawals will continue to be provided.


(Lawrence Ferguson) #5020

I find on here it’s more people willing it to happen…just cos.


(Simon B) #5021

This isn’t the case (at least for us)

There’s little to no cost in re-opening an account and we literally do it everyday.

This is an example of something that may have originally been posted as a question and over time is being mentioned as if it were a fact.

I don’t know what kind of systems Starling might have in place but I suspect it’s not to do with costs for them either.

It’s more likely that they simply want to deter people from closing accounts.


#5022

It was directly said by Starling to us.

So I’m purely repeating what they have said.

Although seeing as “time is money” and all that, surely there IS a cost of the human operator having to do th various checks, despite how minor it may seem?

Regardless, another reason why this thread shouldn’t exist IMO, what Starling do, or decide to do is their business, and comparing their processes and costs to Monzo’s creates confusion all around.


(Tom) #5023

Could it be an anti-money laundering thing? But then Monzo would have the same requirements, so probably not :thinking:


(Simon B) #5024

Once you start bean-counting every single task that customer operations staff do, you’ve failed at providing good customer service. Our customers are people, and we provide a human service. We won’t put up arbitrary obstacles or nickel-and-dime them just to use the service.

I don’t agree with it, but I understand Starling’s logic of charging for international replacement cards. It doesn’t cost anywhere near £60, so the rest of that fee is obviously being used to cover costs elsewhere, but at least that’s something you can measure in pounds.

Re-opening an account doesn’t fall into that category. A 12 month ban on re-opening an account, to me, smells like a deterrant. But, if it’s what they said, fair enough.