Vanguard needing to verify Monzo accounts

A couple of weeks ago I tried to switch my Vanguard direct debits to my Monzo account. I got a message back saying that they couldn’t verify the account details and wanted me to upload a bank statement. I couldn’t be bothered at the time so I just switched the details back to where the payments were coming from before.

I’ve asked them now why there is a problem, and will let you all know the response. I wonder if this has been raised before regarding Vanguard?

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I use Monzo for my Vanguard direct debits, but with the same process you describe (uploaded a bank statement). I don’t class this as Monzo being refused, though.

If I had to guess, I’d bet Vanguard are using a credit reference agency that doesn’t list your Monzo account. As a result, they can’t check that the account is yours, and need your statement to do so.

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Let Monzo know via in-app chat and they will chase it up

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Thanks @lumisota and @o99. I’ll follow through with uploading a bank statement and also let Monzo know in the in-app chat. I suspect you are right. Perhaps Monzo need to start reporting to more credit reference agencies as I’ve seen that mentioned before.

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If it’s any help, Vanguard were quick (<24 hours) to accept the account details once I uploaded the bank statement.

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To be fair, I’ve just received a really speedy reply from Vanguard that even details exactly how to get a statement from the Monzo app (which I already knew, but very helpful to have again).

Their customer support person said:

“I am a big fan of Monzo and think it is a fantastic alternative to the current offering.”

“In some cases however we do need to ask for additional documentation. The reasons for this vary but most commonly it is due the client having lived at the same address for either a very long or very short period of time and so the details simply aren’t in the system to check against.”

I’ve asked if they switch the details over or if there is something else I need to do.

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I think this is the same as AJ Bell which I posted about earlier Electronic verification

I think it’s because they use Equifax to verify the bank account matches your name and address. Monzo seems to fail this and so they have to request confirmation that the bank belongs to use.

My employer use Equifax to verify client nominated bank accounts and it works 90% of the time. There must be a reason why it fails if you have a Monzo account. Not sure why.

AFAIK, Monzo only report to Callcredit, and not to Equifax, hence the fail.

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Just FYI, this is what an Equifax address fail looks like - sort code and account number passes correctly and matches the client name that was provided, but the address the bank account is held in fails. This is because either 1) it doesn’t match with the details provided or 2) the bank doesn’t provide this information (legacy banks can also fail if the account has been opened for more than ~16 years).

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