How am I making it sound the worst? I just don’t like mailing things. It’s a hassle I avoid where possible. Why would I opt to do something that’s more of a hassle and costs me money to send vs. the depositing in the all but dormant account up the road for free? Especially when cheque imaging is a viable solution these days.
Wow, you’re defensive.
In case you missed my previous post, I am using a different bank, I use a few banks for different purposes, as many people do - but don’t let the rest of my post(s) get in the way of whatever nerve it is I appear to have touched in a thread literally asking for feedback… but I guess I’ll just stop using Monzo altogether because you said so.
1 Like
phildawson
(Sorry, I will have to escalate this.)
42
If a lender takes a copy of your report held with Experian or Equifax it won’t show you have an active current account if you only have Monzo.
How this affects your lending is up to how that lender takes into account the lifetime age of your bank accounts. It might make all the difference or it might be insignificant in their weighting in how much they will lend you and at what rate.
Lenders like to see stability. However I’ve personally swapped my legacy multiple times a year with seemingly no adverse affect.
You see it so often here with people making their life difficult for a bank. I already mentioned what’s actually involved in mailing a cheque so you can read that again if needed.
End of the day I pretty much agree with you as I had said.
If you sue cheques use a bank that supports cheques in the way you need. Monzo isn’t going to support that kind of thing any time soon, and they don’t need to, there not a bank for everyone.
Ok so since November 2017 to now on Experian and Equifax I have not had a bank account and have been unemployed since November 2017 (I am a carer for my son & in July started as a sole trader) so also no definite income, except benefits.
I know, that’s what I’m saying, it isn’t for me. And it isn’t about the amount of cash, it’s a matter of principle. I don’t agree with being charged to deposit my money.
4 Likes
phildawson
(Sorry, I will have to escalate this.)
46
Yeah so if you use MSE Creditclub (Experian) or Clearscore (Equifax) you shouldn’t see anything under current accounts, but if you use Credit Karma (TransUnion) you should see Monzo listed.
The only people that can say if that has an affect for a particular loan/credit card/mortgage etc are the people that came up with the scoring system or the devs that helped implement it for that lender.
And they shouldn’t really be saying it as it could help people game their system if it becomes public knowledge.
A lender might take all three reports and cross reference to get the best picture.
From a lenders perspective I would want my lendee to have an account listed even if it has < year of activity. I’m might draw a conclusion that they haven’t been able to get one or keep money under their mattress.
I’m intrigued to know the factors/weighting behind Monzos loans as that seems to be voodoo. I can imagine it takes time to improve. They already gone from using the direct score so thats an improvement.
Exactly! At most I get a cheque maybe once in the entire year so it’s just so much easier to post it to Monzo on my way to work than it is going out of way to a bank branch.
And the fact that bank branches only open and close exactly when I am supposed to be in the office makes my blood boil.
Yeah, I wish Monzo didn’t discontinued development on that but because I was with Bank of Scotland which never had that feature until after I left, can’t miss what you never had.
And as I said, I get a cheque like once a year so this really isn’t an issue for me.
Anarchist
(Press ‘Help’ search ‘Contact us’ or email help@monzo.com or call 0800 802 1281)
51
Which goes to prove that there isn’t a bank for everyone.
I get four or five cheques a year, and by far the easiest thing for me to do with them is pop them into an ATM when I’m passing. It has the advantage over posting in a post box that I get a receipt straight away.
Are these outdoor ATM’s? I.e. the ones you generally pass on the street?
I know you can deposit in branch at machines but that’s restricted to the opening times of the branch, which in more rural area’s is becoming an ever shrinking time-frame during the day.
I generally just get some exercise and walk to the bank on a Saturday morning and deposit it then.
Whilst I’m technically classed as full Monzo, (joint, single accounts, all direct debits and wages now paid in and out) I’m still clinging on to a legacy bank account. My main reason for doing so is even with no money in it, it shows on my credit report I do have a bank account (all 3). Whilst not a deal breaker with Monzo also gives me the ability to put cash in for free and faster cheque process but these are not something I do on a regs.
To end on a positive note my reason for shifting over is the ability to have shared pots and pay bills out of said pots. These to me are invaluable.
I’d love to go Full Monzo, but I need an IBAN to receive my salary. My employer (a U.S. bank) won’t pay in to an account with only a sort code and account number.
I use my Monzo account for the majority of my banking, and I can see several benefits of going full Monzo. However, a few factors prevent me from doing so:
The ability to deposit cash and easily pay in cheques
Having an account that allows me to receive international payments directly
Being able to make larger one-off payments. This has got much better with Monzo, since they extended their limits, but the process still feels hit and miss - and very much dependent on their customer support, which can also be hit and miss to reach in a timely manner
Packaged accounts that are far more compelling than any of the Monzo Plus iterations to date, and include mobile phone insurance, travel insurance, ID Aware and emergency cover - though I would be willing to switch if they developed the right proposition
Web internet banking - which is still useful to have as a back-up
Finally, my current employer requires me to have my salary paid into an account with a specific bank - so I wouldn’t have much choice either way!
I can imagine it takes time to improve. They already gone from using the direct score so thats an improvement.
