Monzo Bank getting a kicking on 'Watchdog'

Thrugelmir

eskbanker wrote: »

I'm not defending Monzo's track record btw, just picking up on a post implying that this is all about money laundering as such, rather than activity that happens to be triggered by AML legislation, which is a distinction that seems to be too subtle for some....

With a business model that results in a minimal profit being generated per customer per annum. Having a no nonsense approach to unusual account activity makes perfect sense.

System

eskbanker wrote: »

for reasons covered ad nauseam in this thread and others . . .

In other words you are sick of seeing these posts. Maybe others aren't? It's not all about you.

PS: I love to see the mutual admiration society thanking each other. It makes me laugh!

eskbanker

scgf wrote: »

In other words you are sick of seeing these posts. Maybe others aren't? It's not all about you.

You seem to take things way too literally - I didn't say I was sick of seeing anything, I was simply using a common phrase to highlight that it was an issue explained frequently already and therefore there was no need to repeat it....

IanManc

scgf wrote: »

PS: I love to see the mutual admiration society thanking each other. It makes me laugh!

Oh grow up.

borkid

18cc wrote: »

One common reason for totally innocent person to have their account suspended is if they receive a payment from a third party whose account is under suspicion

This could be at one end of the scale a payment from your son or daughter who unbeknown to you has been drawn into money muling and whose account is being looked at

at the other end of the scale it could be a payment form a complete stranger for something you have sold on eBay

Either way the source of those funds have come from a suspicious account and so your account will be blocked while it is investigated

In this day and age the safest thing to do is to have one separate account where all your household direct debits etc come out of and the money that goes in there is from a source that you trust for example your salary. This account is ring fenced and is never ever under any circumstances to be used for anything else

you then have a completely separate account with a completely separate institution for all your 'other spending'

Exactly what my son does. His second account is Monzo, he likes the app because he knows exactly how much money he has left to spend. A sensible way to control spending if prone to over spending.

System

IanManc wrote: »

Oh grow up.

Huh? Just saying . . . . you guys are like a bunch of kids in the playground, backing each other up. I'm not sure it's me who should grow up to be honest.

born_again

eskbanker wrote: »

Nobody's disputing that there isn't much for blocked customers to go on (for reasons covered ad nauseam in this thread and others), but the point is that in the absence of useful information people (understandably) jump to conclusions that will often be inaccurate.

Add in a lack of information in most OP's that leave more questions. Which then get dripped fed in.

Sadly when a bank blocks a account. The only people that know the real reason is the bank.
Hate to harp on. But ML is just one of many reasons that can trigger a block.
Yet is often the 1st answer given. Mostly by people who have no banking experience.

pavane

Monzo are entitled to block accounts and perform checks during which time they have to abode by legal requirements on not disclosing. The problem isn't they are blocking more than other banks or that they are not detailing reasons for the investigation the problem is they are apparently taking far too long to process the checks while accounts are frozen because they don't have adequate systems and staff.

eskbanker

scgf wrote: »

Huh? Just saying . . . . you guys are like a bunch of kids in the playground, backing each other up. I'm not sure it's me who should grow up to be honest.

Perhaps if you posted something helpful, constructive or even just (deliberately) amusing, rather than the persistent ad hominem (oh no, more Latin to digest ) sniping about other posters' conduct, your input might be appreciated one day too....

Fingerbobs

pavane wrote: »

Monzo are entitled to block accounts and perform checks during which time they have to abode by legal requirements on not disclosing. The problem isn't they are blocking more than other banks or that they are not detailing reasons for the investigation the problem is they are apparently taking far too long to process the checks while accounts are frozen because they don't have adequate systems and staff.

I'm not sure that's necessarily the entire problem. Judging by what I've read on these forums, Monzo do seem to be very trigger-happy on freezing accounts - in fact, I'm sure one of the Monzo supporters on this thread posted that they have had their Monzo account frozen "a couple of times" and how quick Monzo were at unfreezing once the requested information had been provided, but that post appears to have been deleted or edited to remove this - I wonder how many times that poster's mainstream bank accounts have been frozen?