It could happen to any bank but it has happened often with Monzo in the last year. In the other thread about the same issue (not sure why the two threads haven’t been merged) @Chalky posted this and the last issue was on May 10th.
I get paid via BACs so this wouldn’t have affected me but if it had, I would probably start questioning reliability. The fact the system totally rejected inbound payments instead of stacking them up to process when the issue was resolved is worrying. My HR is closed for half term so speaking to someone to follow up payroll to retry would have been hard. I look forward to reading the write up too. Should be interesting.
Its probably a big deal to the people it affects and in a year it is over 22 incidents. Yes, they have been better lately but overall reliability needs to be seen as a new bank with national TV ad campaign encouraging people to switch to the unknown. The expectation of reliability was the reason Monzo left GPS. As I said, the write up will be interesting to read!
But how serious were those 22 incidents? I picked one from the list at random and the whole incident lasted 17 minutes. Anything under 2 hours is still within the advertised time frame for Faster Payments.
This is likely to be a wildly unpopular opinion, but personally, I don’t think the whole “transparency thing” is particularly helpful in these situations.
There was never a timeframe put on it (which is fair enough if they had no idea how long it would last), and whether it was Monzo or a legacy bank… If it isn’t working, it isn’t working.
Like I’ve said before, for me, the only thing that is missing from the status updates is a slightly more details explanation of what is happening/happened - Although it looks like we may get some more detail this time.
The reason I’d personally like to see that, is because on this occasion, it looks like it was the 3rd party that were at fault.
Now, there have been 22 other occasions where there have been bank transfer issues of late - If all 22 were down to the 3rd party, would that not suggest Monzo need to do something about it (similar to how they removed GPS from the equation)?
If they are 22 separate issues which have no correlation, you just have to shrug and assume it’s a bad coincidence.
I appreciate that the status updates from Monzo will make some people feel reassured, and I’m absolutely not knocking them for doing it.
Hopefully the upcoming blog sheds some light on how it all works.
Presumably with 22 separate incidents , some lasting 7 minutes some lasting a number of hours , if they were all for the same reasons Monzo / the provider should have a good handle on it by now, as you say a bit more detail of reoccurring problems or entirely separate issues would be appreciated from Monzo. ( I want it now , I need to know immediately what went wrong, grumble grumble )
At the end of the day if it has affected you ( didn’t affect me at all ) it is an important issue in terms of trust in your sole (?) account - which is also another good reason to keep two or more CA going
