Monzo Bank getting a kicking on 'Watchdog'

ICan'tStandIt

Blimey!

They sound an absolute shambles!

I'm glad I bank with a bank that still (just about) as a High Street presence.

I do think that the hashtag #WhatsGoingOnzoMonzo from the daft presenter on 'Watchdog' is rather dismissive of something pretty serious.

18cc

Sigh, not again. I have absolutely no problem with monzo they are an excellent bank.

ICan'tStandIt

18cc wrote: »

Sigh, not again. I have absolutely no problem with monzo they are an excellent bank.

I'm sure they are for many, but they are hiding behind this wall of silence rather than dealing with things head on.

It's fine to close an account and not provide specific information, banks have that right, but it's not fine to hang onto people's money to the point where people have to think about using a food bank.

born_again

ICan'tStandIt wrote: »

It's fine to close an account and not provide specific information, banks have that right, but it's not fine to hang onto people's money to the point where people have to think about using a food bank.

What if the funds are believed to be the proceeds of crime. Then the police will request the account frozen.

colsten

https://monzo.com/blog/2019/04/04/why-we-block-freeze-close-monzo-accounts

colsten

ICan'tStandIt wrote: »

I'm sure they are for many, but they are hiding behind this wall of silence rather than dealing with things head on.

Banks are legally prohibited from giving any information on ongoing investigations.

System

Hahaha! I saw this post and before I looked at it I just knew there would be responses from certain members supporting Monzo. I just knew it! Looking down their long noses at customers with problems. Can't wait to read more!

ICan'tStandIt

born_again wrote: »

What if the funds are believed to be the proceeds of crime. Then the police will request the account frozen.

I understand all that, but they should be a bit easier to deal with rather than suggesting food banks and borrowing money from friends and family.

One customer apparently had her number blocked by Monzo so she couldn't even call them.

Seems they are just washing their hands of the whole situation whilst hanging onto customers' money.

boo_star

scgf wrote: »

Hahaha! I saw this post and before I looked at it I just knew there would be responses from certain members supporting Monzo. I just knew it! Looking down their long noses at customers with problems. Can't wait to read more!

Probably because they have at least some understanding of how things need to work behind the scenes because of, well, the law.

Ironically your response is just as predictable as the ones from "certain members."

Willing2Learn

scgf wrote: »

Hahaha! I saw this post and before I looked at it I just knew there would be responses from certain members supporting Monzo. I just knew it! Looking down their long noses at customers with problems. Can't wait to read more!

I have a long nose. And crooked too. A bit like a concorde.



Interestingly Monzo do actually say the following:

If we decide an account looks suspicious enough, we’ll freeze it and report this to the National Crime Agency (NCA)

Once we do this, the situation is out of our hands. We’re not allowed to do anything more until we hear back from them.

We’re not allowed to say why we’ve blocked an account

We know this can be very frustrating. But we’re not being deliberately difficult, it’s just the way the law works.

brianposter

colsten wrote: »

Banks are legally prohibited from giving any information on ongoing investigations.

Maybe they should be visibly trying to get the law changed, as it seems to be clear that their interpretation of this particular part of the law does not function sensibly.