Monzo does not give great interest rates on your savings.
But they don’t need to.
I tried to move some of my savings to Atom bank because they pay 4.85% interest.
But Monzo has blocked my transfers “to protect our customers from scams”.
They keep saying “The scam prevention team will be in touch with you as soon as we can”. But the hours go by and there is no SLA.
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Yes, Atom does provide confirmation of payee.
I basically expect that if I put money into Monzo, I can also take it out.
If Monzo want to do extra compliance checks, that is fine. But they then need to hire enough staff to do these checks in a timely manner.
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still waiting for the fraud team to get back to me
possibly you won’t hear until Monday, I don’t think they work weekends or atleast that was my experience
if this is going to be a problem for you moving forward, consider switching to a bank like HSBC that have inbound call scam prevention teams where you can call and speak to them, and don’t have to wait
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Agreed. No objection to additional checks but I think the banks are now allowed several days to do the checks which is IMO too long.
And what checks truly do take days and days nowadays 
Have you tried reaching out to Monzo via in App, email or phone ( Monzo Help - Reporting fraud ) just in case it wasn’t properly highlighted to the fraud team?
(I recently had a transaction blocked on MBNA and got zero indication from them what to do - after 3 phone calls and a live chat, I was then told the transaction was flagged as fraud and to call a third number - and 30 minutes later all was unlocked)
yes, I have wasted hours on chat and on the phone.
It is like speaking to the wall.
They say they will get back to me “as soon as they can”
but no indication how long that would be.
I will absolutely agree. It’s insane to not approve to move your own money. They have a process in place with the video and once you pass it they shouldn’t block people’s account without a reason . I have the same issue. Online it says clearly that if someone needs over the transfer limit they can apply for it and that’s that. If they aren’t able to have clear processes and seamless security systems then maybe they shouldn’t be a bank and open a cafe instead.
I’ve been waiting since last Thursday - have you heard anything more?