Why the slowdown in the Current Account Roll Out?

By the sounds of this, you failed the checks they are required to by law - maybe your details didn’t match up. Anti-money laundering is a big issue for banks so they won’t mess around with anyone who might look like they are committing this. Not that you are!

It might be that you have a seriously low score or seriously bad debts (defaults, CCJ’s etc) that might mean a current account isn’t right for you and a basic bank account is the right one for you. This will be up to each bank, and Starling obviously have criteria. I wouldn’t know that part as it’s really between you and the bank.

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It depends on which credit agency you use/Monzo use. Not all credit agencies are informed by companies searching so it might show on 1 but not on the other 2.

If a search is done, soft or otherwise, it will show on a credit report somewhere.

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I’ve been watching the live account counter and there’s not been too much movement this week, are you still on track for 3k acounts this week? :smiley:

The problem with sending out cards will have put a pause - the tracker updates when cards are received and activated. Expect there to be a bump on Saturday and Monday!

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Yeah in case anyone’s wondering, Tristan gave us a heads up about this yesterday -

Yeah, just echoing some of Tristan’s comments. We had a couple of minor issues producing and sending plastic cards, which delayed things by a week or so.

Apologies - it’s been a little frustrating, but hopefully it’s fixed now.

You should see the numbers of current accounts rise rapidly over the next few weeks.

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In the interest of transparency, are you able to divulge which issues have caused the delay? :slight_smile:

I know both Starling and Monzo have quite forgiving scoring, for past issues at least (I have defaults and an IVA from 4 years ago showing, but no new problems), most mainstream banks would restrict me to a basic account only. Starling offered me a small (as yet unused) overdraft

Sure - the first issue was that one of our card suppliers got the wrong shade of hot coral, so we had to reprint cards!

Second problem was a bug in our system that meant customer delivery addresses weren’t formatted 100% correctly when we sent them to the card supplier, so they rejected the orders for a couple of days.

All fixed now - I believe we’ve sent out a big batch of current account debit cards today.

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You should do something creative with the dodgy batch, maybe create some new artwork for the office :smiley:

image

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nice to see over 120 sign ups this morning - not that Ive been watching its snail like progress over the last couple of weeks

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2k+

A79DFDE9-3548-4AAD-9599-EE5808EC81BA

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Damn. Really slowed down then.

2,374 now :+1: :+1: :+1: :+1: :+1: :+1: :+1: :+1: :+1: :+1: :+1: :+1:

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Well done guys slow roll out and nicely done.

Got my card and activated the current account yesterday. Added some money and will probably test it on Monday.

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Up to 2,510 :sunglasses:

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Best of luck :slight_smile: The speed does seem to have increased over the last few days (there are some graphs somewhere) so fingers crossed

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Random question for those in the know…

So with the prepaid, would I be right in saying that the cards are or were sent out by Monzo themselves? Whereas the current account cards are sent out by an external producer (kind of dropshipping).

So at the moment there are ~400,000 prepaid cards and ~30k in the queue and at some point they are going to want to move over to the new current account when it goes full.

Question is this, do we know if it will be a phased move over or does their contract with the producer have the capacity to make such a move if everyone (or a large proportion) said yes on the same day and do we know what form the overlap between the two accounts being public is going to take? Otherwise waiting weeks for a card once ordered could be detrimental to the brand.

I would assume currents account going live would mean the prepaid product ceases to be sent out then there will be a run-down of the prepaid culminating in a switch off but do we know how long these overlaps and run-down periods will be? Obviously there should be enough time for people to have the opportunity to switch comfortably and to get the word out there that it’s happening.

:rotating_light: New update from Tristan :rotating_light:

Edit

:eyes:

https://twitter.com/trstnthms/status/907294803590868992

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