That’s a name I haven’t heard in a while.
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I think that’s next to impossible to measure but my sense is it’s probably overblown.
I wouldn’t like to guess how many people have even heard of this Issue, particularly with the maelstrom of politics around the world at the minute. How many people still even read newspapers or watch Watchdog. A subset of the population, for sure, but fewer still would be those who trust everything they read.
We’re in a little bubble here but in the wider world I suspect this is nothing more than a footnote in history.
Certainly don’t feel sorry for investors, firstly it’s just patronising but secondly, if they’ve invested in a company that can’t handle a bit of bad PR then the consequences are probably justified.
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For good reason
Honestly, whilst a lot of us did feel a bit unsettled by the Watchdog extravaganza, nothing has really changed and I ultimately don’t think we’re at risk by using Monzo. If you keep using your account as normal, there’s no reason for Monzo to flag and freeze it.
I’ve seen a few people on here say they’ve let Monzo know if they’re expecting a large or out of the ordinary transaction and it’s all been ok. Just use a bit of planning and take precautions if you think something might look suspect - but that would be the same at any bank.
I agree Monzo may have been a little overly cautious in some cases, but IIRC they’ve said it’s going to be worked on and that’s good enough for me.
I think they’ll get past this.
#twocents
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As normal ? Any examples what is not normal for Monzo ?
If I will transfer £15000 from my HSBC account ? I wanted to transfer my savings to Monzo. No-no.
Yeah, why not? That’s normal for a lot of people
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However you would usually use it. If that’s normal for you then there’d be no reason for it to be flagged. It’s unusual activity they’re looking out for.
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I transferred multiple tens of thousands from Starling to Monzo either side of midnight last year by FPS. No prior notification. No delay. No issues
(Both accounts were in my name. The money stayed once received. That covers most cases)
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It’s also worth noting what @simonb has said previously “transaction history alone is one of many, many, factors” (sorry, couldn’t figure out how to properly quote from a closed thread).
Large transactions are not in themselves suspicious.
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I did exactly that.
I used my legacy bank instead sadly.
My issue would have been doing the opposite as Monzo impose a £10k daily limit and so would have involved large payment in and then multiple payments out.
Completed with legacy bank not even raising an eyebrow (to my knowledge anyway as all gone through and account not cold, let alone frozen)
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One question is with the £10k limit if I wanted to buy a brand new car could I buy it with my debit card or transfer if I contacted support to raise the limit.
Would that be possable. (I dont do finance or credit in anyway)
They have said on In-app Chat before that they will consider a temporary increase if you contact them before hand.
Make sure you pay the deposit on a credit card though for the extra protection that brings.
I dont have one and don’t want one.
I was talking way in the future as I plan to run my current car until it dies.
I transferred that money in from Starling, so the split over midnight was because their similar10k limit
Not an expert on limits at other banks, but presumably all have some equivalent limitations?
FP seems to have a 10k limit per transaction, however, Monzo limit is per day.
That was my stumbling block had I wished to move the money out of my Monzo to Marcus.
Would have taken a few days.
Monzo will raise limits temporarily if you ask - that’s my experience at least.
Worth noting that the only theoretical restriction on Faster Payments is a maximum of £250k per transaction. Its a great payments system but deliberately throttled by every bank on a ‘risk management’ basis. Shame really.
I’ve asked support to temporarily raise my limit with no problems.
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I believe the FP limit is much higher and it’s the banks that impose the £10k per whatever limitations.