Why Monzo rejecting new referral applications

[kmrafis (Mohammed Rafi Karugappadam)]

Recently i habe sent a referral link to my friend to open new account in monzo but got rejected am very disappointed by monzo

[Revels]

It’s nothing to do with the referral. The person you sent it to isn’t eligible.

The end.

[Carlo1460]

Monzo aren’t rejecting new referrals, they just don’t want your referral.

Either they haven’t verified their ID during the soft check against credit reference agencies, the applicant may have a CIFAS marker they need to attend to, or severely bad credit which makes them a risk and Monzo doesn’t want that type of customer.

Worth asking your friend to check their credit file on ClearScore or credit karma for free, ensure they are on the electoral register, and all their current bills and debts are registered to the address they currently live at.

Lastly, no bank has to accept any customer, it’s not an entitled facility, they can pick and choose how they deem fit against their risk appetite.

[coffeemadman (Jonathon 🏳️‍🌈)]

@Carlo1460

Lastly, no bank has to accept any customer, it’s not an entitled facility, they can pick and choose how they deem fit against their risk appetite.

Well, except those with legal requirements for basic bank accounts, which tbh if you’re being rejected by Monzo might be the best (or only) bet!

[Carlo1460]

IYKYK.

But yes, that may apply but monzo can only make it basic (exclude from lending) once you have an account, not prior so they may not be eligible upfront if they are seeking a basic account.

[ndrw]

@Carlo1460

that may apply but monzo can only make it basic (exclude from lending) once you have an account, not prior so they may not be eligible upfront if they are seeking a basic account

It doesn’t apply to Monzo. It’s certain high street banks that are required to offer basic accounts and only to customers who have no other banking facilities.