Advantages of Holding a Traditional "Mainstream" Bank Over Mobile Current Account Providers

anotheruser

JuicyJesus wrote: »

I'm aware of this - however the Home Office are exceptionally picky and it's not worth the potential loss of a £1k non-refundable application fee to piddle around with a bank they may well not recognise issuing statements they don't recognise.

Why don't you ask the Home Office?
I highly doubt they'd not accept the statement unless they specifically have a list of banks they don't accept.

It's a poor reason really.

Ashen

anotheruser wrote: »

Why don't you ask the Home Office?
I highly doubt they'd not accept the statement unless they specifically have a list of banks they don't accept.

It's a poor reason really.

If I was in their position, and had just 1% doubt, I doubt I'd take an unnecessary risk for something so major.

You say poor reason, I say poor decisions are taken every single day.

anotheruser

Ashen wrote: »

If I was in their position, and had just 1% doubt, I doubt I'd take an unnecessary risk for something so major.

Perhaps. But then who in their right mind would ONLY have an app bank?
Just because someone is asking why not, those against seem to think those for would ONLY have an app bank.

That's unlikely and simply not a good reason to not have an app bank account.

Ashen

anotheruser wrote: »

Perhaps. But then who in their right mind would ONLY have an app bank?
Just because someone is asking why not, those against seem to think those for would ONLY have an app bank.

That's unlikely and simply not a good reason to not have an app bank account.

They've said about having a Monzo account along with another bank. The question was about the advantages/disadvantages of mainstream banks over mobile current accounts, I can't see any assertion about 'ONLY' having an app bank.

JuicyJesus

anotheruser wrote: »

Why don't you ask the Home Office?
I highly doubt they'd not accept the statement unless they specifically have a list of banks they don't accept.

It's a poor reason really.

I am completely aware that Monzo are a registered, FCA-regulated bank that the HO has no specific prohibition of. That's not in dispute.

The issue with your plan is twofold. First of all, the Home Office don't answer questions on specific documentary evidence, because they're a terrible Byzantine mess, and the people on the phone are not the same people judging applications, who you can't speak to ever. Secondly, the Home Office's decisions are not subject to free or easy or quick review so all I need is one caseworker who doesn't know what a Monzo is or why I've just got some coloured printer paper and a funny looking stamp from a bank they've never heard of and the application gets refused and I'm out £1k plus whatever the appeal fees come to.

It's a complete mess, and the entire process is one you enter into basically making sure that you give whichever underpaid caseworker is handling your application absolutely no reason to question or refuse it. Anyone who doubts me on this is someone who will not have had to deal with the UK visa system, especially the bit that deals with family visas.

Takmon

Heng_Leng wrote: »

Well, none of my other cards was rejected at any Pay at Pump.
You can say ASDA is at fault but if every other card works...

IMO it's fine as a backup account but not as a main bank account.

I would never use any account as a main bank account, almost every bank has had issues at some point so you should always have multiple accounts that you can use at all times.

d123 wrote: »

There was an issue specifically with Monzo being refused by Asda Pay@Pump possibly due to higher than average fraud from Monzo cards.

I've only ever used Monzo once at Asda Pay@Pump, this was a good few years ago and i was able to put in a full tank when i had less than £10 in the account; so maybe alot of people were doing this and not putting money in to cover it.

JuicyJesus wrote: »

I mean, what do people expect when they do basically no ID&VA or credit checks on opening an account. Everyone talks about how its unconscionable that banks ask for documentary evidence etc but ultimately banks do ask for these things for a reason, and part of that reason is because it dissuades fraudsters from committing first party fraud. If you reduce the documentary and credit requirements for your bank so that basically anybody can satisfy them, then fraudsters will consider your bank to be a good vector for fraud.

I have managed to open accounts with almost every high street bank without any ID being needed (they just check my credit report). But everyone i know who has opened an account with Monzo had to show photo ID and produce a video. So if anything i would say the Monzo ID requirements are more robust than a high street bank.

System

Takmon wrote: »

I would never use any account as a main bank account, almost every bank has had issues at some point so you should always have multiple accounts that you can use at all times.


I've only ever used Monzo once at Asda Pay@Pump, this was a good few years ago and i was able to put in a full tank when i had less than £10 in the account; so maybe alot of people were doing this and not putting money in to cover it.

I would suggest that you are in a minority - I have multiple accounts but one is my main account.

Monzo didn't work for me and never experienced that even going back using a Solo card in the day. I can't really comment on your experiences.

I need reliable cards and banks - not mickey mouse banking.

Takmon

Heng_Leng wrote: »

I would suggest that you are in a minority - I have multiple accounts but one is my main account.

Considering that there is no definition of "main" bank account then my "main" bank account is different depending on which is most beneficial to me. I have my wages paid into one account and then various standing orders transfer the money to different accounts, one of which is my bills account which gives me cashback. So either of these could be my main account. But when a bank switching offer asks to switch my main account to get a bonus then a sacrificial account i have never used suddenly becomes my main account

Heng_Leng wrote: »

Monzo didn't work for me and never experienced that even going back using a Solo card in the day. I can't really comment on your experiences.

I need reliable cards and banks - not mickey mouse banking.

Unfortunately no bank will offer 100% reliable banking, if you look back at the news almost every bank has had major outages that have caused people difficulties who only had one account.

The_Green_Hornet

Heng_Leng wrote: »

I need reliable cards and banks - not mickey mouse banking.

You won't want one of these then.

System

Takmon wrote: »

Considering that there is no definition of "main" bank account then my "main" bank account is different depending on which is most beneficial to me. I have my wages paid into one account and then various standing orders transfer the money to different accounts, one of which is my bills account which gives me cashback. So either of these could be my main account. But when a bank switching offer asks to switch my main account to get a bonus then a sacrificial account i have never used suddenly becomes my main account

Unlike your nebulous definition, a main bank account is generally the one that the majority of income is deposited into.

Other accounts that funds are subsequently trickled down to wouldn't be.

Takmon wrote: »

Unfortunately no bank will offer 100% reliable banking, if you look back at the news almost every bank has had major outages that have caused people difficulties who only had one account.

Conflating an occasional outage with a mickey mouse operation?