Discussion
Been using monzo for roughly 6 months now
As of Friday my accounts been “Frozen”
No access to a large chunk of money including wages paid in on Friday
They have requested additional bank details to return my money but won’t give me a straight answer as to when
All I keep getting is 2-4 weeks and a specialist is looking into it
No suspicious activity on the account so why would they freeze it ?
And are they legally allowed to prevent you accessing wages etc ?
Seen them all over watchdog etc now so wishing I kept with a high street bank !
Complained to the ombudsman etc
As of Friday my accounts been “Frozen”
No access to a large chunk of money including wages paid in on Friday
They have requested additional bank details to return my money but won’t give me a straight answer as to when
All I keep getting is 2-4 weeks and a specialist is looking into it
No suspicious activity on the account so why would they freeze it ?
And are they legally allowed to prevent you accessing wages etc ?
Seen them all over watchdog etc now so wishing I kept with a high street bank !
Complained to the ombudsman etc
It's not like Monzo are doing this for s
ts and giggles. Either their monitoring algorithms, their compliance officers, or someone at the NCA has seen something amiss, and are reacting according to process. It would have been the same at Lloyds, or TSB, or First Direct. Co-operation gets things sorted faster than screaming at them, so best of British. As I understand it, they aren't allowed by law to tell you what the problem transaction was, or they would be guilty of impeding the investigation.
ts and giggles. Either their monitoring algorithms, their compliance officers, or someone at the NCA has seen something amiss, and are reacting according to process. It would have been the same at Lloyds, or TSB, or First Direct. Co-operation gets things sorted faster than screaming at them, so best of British. As I understand it, they aren't allowed by law to tell you what the problem transaction was, or they would be guilty of impeding the investigation. There will be some concerns to do with money-laundering, although monzo have been seen to be rather heavy-handed with this recently, after they’ve grown a bit bigger and quicker than they can probably handle.
Have a think about any transactions in your account that aren’t just card purchases/salary/ direct debit etc.
Any deposits from crypto exchanges, gambling websites, currency exchange, payday loans?
Lots of small deposits from friends? Any particularly large transactions? Do you transfer a lot of money in round thousand pound amounts?
Could be that you’ve received money from someone who is up to no good, and unknowingly been used as a mule, or caught on the outer fringes of a money-laundering web.
Or, Monzo could have just bksed up.
Have a think about any transactions in your account that aren’t just card purchases/salary/ direct debit etc.
Any deposits from crypto exchanges, gambling websites, currency exchange, payday loans?
Lots of small deposits from friends? Any particularly large transactions? Do you transfer a lot of money in round thousand pound amounts?
Could be that you’ve received money from someone who is up to no good, and unknowingly been used as a mule, or caught on the outer fringes of a money-laundering web.
Or, Monzo could have just b
ksed up. ahhh, another reminder why my main account remains with Santander whilst I toy with Monzo as a "beer and foreign use" card!
They do generally respond to chat.....although have had a few recent high profile cases of perhaps being less useful to their customers than they should. I wish you luck. Twitter is a nice public way to call them out if they are not responding.....
They do generally respond to chat.....although have had a few recent high profile cases of perhaps being less useful to their customers than they should. I wish you luck. Twitter is a nice public way to call them out if they are not responding.....
mikeiow said:
ahhh, another reminder why my main account remains with Santander whilst I toy with Monzo as a "beer and foreign use" card!
They do generally respond to chat.....although have had a few recent high profile cases of perhaps being less useful to their customers than they should. I wish you luck. Twitter is a nice public way to call them out if they are not responding.....
Yeah reading things like this stops the temptation of these kind of companies. Wanted to try one (they have a good interest rate on a lifetime ISA that you can leave alone) but definitely needs some research before going for it. Good luck OP!They do generally respond to chat.....although have had a few recent high profile cases of perhaps being less useful to their customers than they should. I wish you luck. Twitter is a nice public way to call them out if they are not responding.....
MRichards99 said:
mikeiow said:
ahhh, another reminder why my main account remains with Santander whilst I toy with Monzo as a "beer and foreign use" card!
They do generally respond to chat.....although have had a few recent high profile cases of perhaps being less useful to their customers than they should. I wish you luck. Twitter is a nice public way to call them out if they are not responding.....
Yeah reading things like this stops the temptation of these kind of companies. Wanted to try one (they have a good interest rate on a lifetime ISA that you can leave alone) but definitely needs some research before going for it. Good luck OP!They do generally respond to chat.....although have had a few recent high profile cases of perhaps being less useful to their customers than they should. I wish you luck. Twitter is a nice public way to call them out if they are not responding.....
randlemarcus said:
You stick your cash under the bed then?
Ermm another bank.(yes I know you mentioned it could happen to any other bank, but they need time to hone there systems)You need to watch the watchdog episode, it hints at the issues Monzo has as a new bank, and managing it legal obligations with customer bank accounts...
Edited by Thesprucegoose on Monday 25th November 20:00
Thesprucegoose said:
Ermm another bank.
You need to watch the watchdog episode, it hints at the issues Monzo has as a new bank, and managing it legal obligations with customer bank accounts...
Monzo response - https://monzo.com/blog/2019/10/18/watchdog-respons...You need to watch the watchdog episode, it hints at the issues Monzo has as a new bank, and managing it legal obligations with customer bank accounts...
The only difference between Monzo and big. Four banks is the lack of a call centre in India.
randlemarcus said:
The only difference between Monzo and big. Four banks is the lack of a call centre in India.
? These 'challenger' (loss making ) banks are known for making the opening of an account as easy as possible. They rely on headline numbers to keep raising money.
I took quick look at the Monzo site and Barclays site to compare account opening processes. Barclays asks for things like employment details Monzo doesnt appear to want that, they just want a selfie
Monzo also sends the bank card anywhere you want, sounds a Fraudsters dream!!
Monzo said:
Step 4: Tell us where to send your card
This can be your home address, or somewhere else.
Barclays asks for 1 proof of ID and 1 proof of address, Monzo only asks for ID only it appears?This can be your home address, or somewhere else.
https://monzo.com/blog/2019/08/28/how-to-open-a-mo...
https://featuresstore.barclays.co.uk/forms/account...
Edited by hyphen on Monday 25th November 20:14
randlemarcus said:
Monzo response - https://monzo.com/blog/2019/10/18/watchdog-respons...
The only difference between Monzo and big. Four banks is the lack of a call centre in India.
16 reviews on trust pilot with negatives in the last 6 days, all experiencing similar issues. They hide behind legal requirements, they treat customers who are affected poorly, is it a gamble you want to take? The only difference between Monzo and big. Four banks is the lack of a call centre in India.
randlemarcus said:
Monzo response - https://monzo.com/blog/2019/10/18/watchdog-respons...
The only difference between Monzo and big. Four banks is the lack of a call centre in India.
Only difference?The only difference between Monzo and big. Four banks is the lack of a call centre in India.
How about the lack of any online full screen webapp?
I do appreciate it is because I'm not a young thing anymore, but I personally prefer to be able to see my main account on a big screen: just find it easier to manage!
& yes, I do use mobile apps for Monzo (& Starling, Santander & Tesco!), but for main reconciling etc, I use a full screen app!
hyphen said:
Barclays asks for 1 proof of ID and 1 proof of address, Monzo only asks for ID only it appears?
https://monzo.com/blog/2019/08/28/how-to-open-a-mo...
https://featuresstore.barclays.co.uk/forms/account...
Fair points. I assume the employment details are to see if you can make Barclays enough money, as I don't think KYC is that intrusive. The ID and address are surely linked via the credit reference?https://monzo.com/blog/2019/08/28/how-to-open-a-mo...
https://featuresstore.barclays.co.uk/forms/account...
Edited by hyphen on Monday 25th November 20:14
Sending cards to other addresses strikes me as odd, as well.
Almost 2 years in with Monzo as my only current account, plus 2 months with a Monzo business current account. No issues on either and has been a breeze the entire time. Pots are a nice little touch alongside the instant transaction updates.
Have seen people complaining at their accounts being frozen although less so recently. Seems like they're trying to perfect the algorithm.
Have seen people complaining at their accounts being frozen although less so recently. Seems like they're trying to perfect the algorithm.
Been with them 11 mths and found their customer service as good as First Direct and their online app implementation so much better.
My account was frozen because I reported a transaction I didn’t recognise. Two minutes on the chat function and it was sorted and unfrozen.
The pots and savings rates are good and the notification every time there is a transaction is excellent together with the app authorisation when using web sites is a decent anti fraud feature.
My account was frozen because I reported a transaction I didn’t recognise. Two minutes on the chat function and it was sorted and unfrozen.
The pots and savings rates are good and the notification every time there is a transaction is excellent together with the app authorisation when using web sites is a decent anti fraud feature.
hyphen said:
I took quick look at the Monzo site and Barclays site to compare account opening processes. Barclays asks for things like employment details Monzo doesnt appear to want that, they just want a selfie
A selfie is actually a much more secure form of ID and verification, it’s live, and also you can blacklist individual faces, or look for the same face being used under different names...Edited by hyphen on Monday 25th November 20:14
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