I voted when this was posted but haven’t commented.
Reading through now and there are lots of good points, with many subtle takes on how Monzo could improve.
Main point is that 64% of the people who voted on this (which is a very small subset of the entire userbase of active Monzo users) think Monzo is doing just fine.
I’m pretty happy with Monzo and now use it as my main account, switching from Santander in August.
I would feel a little happier if I had the option of an overdraft, I had one I wasn’t using before and it’s a bit annoying I’m not eligible. I don’t really understand why as my credit rating is excellent. I wonder if it’s because my husband is the main earner.
Having said that, some of the Monzo features mean I’ve actually saved a bit of a buffer.
Dribfunk
(Kickstarter's easier than Monzo Plus!)
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In the grand scheme of things, Monzo are still a new, young company and they also need to maintain some kind of profit strategy.
All the issues I have, are certainly little niggles (such as when I open the app, I want to see the whole list of accounts, not a randomly selected pot). So, Monzo Plus aside, it’s all good under the hood - but I’m a low financial user and not a major player in the league.
Someone has explained why - their system is hit and miss and they use Creditkarma apparently. Transunion who are behind CK are as useful as a chocolate fireguard - so don’t hold out much hope. I’ve had 2 fraud enteries on my file - and when I disputed them both were rejected, so now I have to suffer due to some scumbag opening a catalogue in my name.
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We’ve removed a few posts above, so let’s get back on topic
From reading the thread it seems clear that one of the main issues is that the customer service is perceived to be lacking. It seems similar to what happened with TalkTalk when they expanded massively but didn’t have anything like the infrastructure to deal with the increased work loads.
I really hope that it does survive, I believe it will, whether that is as they currently are or they are subsumed by a bigger player etc.
I’ve just gone ‘Full Monzo’ from today, with all my worldly wealth moving to Monzo, so I hope that everything keeps going smoothly.
I don’t watch TV so I only found out about the BBC bad press stuff from the monzo forum and reading about it when I saw it in a copy of the telegraph on the kitchen table mentioning the closure of accounts story.
I don’t use monzo as my main account as my main concern is this despite the FSCS protection. Not the account freezing but monzo being bought out or going under.
I don’t use monzo as my main account as my main concern is this despite the FSCS protection. Not the account freezing but monzo being bought out or going under.
I wonder who you do bank with then? You know most high street banks already went bankrupt right? And they they have lent out your deposits 10 times over in a fractional reserve system that is very vulnerable to collapse in another crisis?
If there was no FCSC protection, Monzo and Starling would basically be the only safe banks to save with.
It doesn’t matter if the business fails. I think you are confusing a collapse in the business with a collapse in the fractional reserve system.
The vast majority of customer deposits at Monzo are not lent out, they just sit around in the bank of england waiting for you to retrieve them. If the business goes bankrupt (which, financially, is a completely separate thing to your deposits), you’d just get your money back.
What happened when, say, NatWest collapsed is a completely different thing because they have lent your deposit out several times over already.