Monzo Or Starling Bank account

pmduk

You should check each bank's terms and conditions ecarefully before making your choice. I can.t recall in their case, but many banks will close your account once you declare bankruptcy.  Se the Citizens Advice article referred to above 

Wannabedebtfree21

pmduk said:

You should check each bank's terms and conditions ecarefully before making your choice. I can.t recall in their case, but many banks will close your account once you declare bankruptcy.  Se the Citizens Advice article referred to above 

I’ve had a look at the monzo terms and conditions last night and can’t see anything in relation to what would happen once I’m declared bankrupt. I have sent a message to them via chat and awaiting a response. I spoke to starling, asking if bankruptcy would effect my account, they said it would so I immediately closed that account having never used it in the 12 month it had been open. 

I had a nationwide account many years ago, but wasn’t happy with the service they offered at the time. 

I currently bank with Santander, and they have said my account will be frozen and subsequently closed once bankruptcy is issued. However I do believe they do accept insolvent customers as my wide opened a basic account when she entered into an IVA

Alex9384

I don't really understand why some banks want to close your account if you are bankrupt.
Why don't they just downgrade it to a basic account (if they have such option) so you can't go into overdraft?

Alex9384

Btw, have you checked Revolut?
They are not a bank and they don't provide the overdraft facility, so they might be more lenient in cases like this? I don't know, just  wondering..

colsten

Alex9384 said:

Btw, have you checked Revolut?
They are not a bank

They have applied for a UK banking licence. If they get, it may or may not change their stance. 

[Deleted User]

I've used Starling as my main current account since 2017 and I would not go back to using an old high street dinosaur bank now. They are just as safe as any well known high street bank where your money is concerned. Also most hacking is the fault of the customer using weak passwords, divulging information to scammers, and having malware on your device, etc. Not from someone hacking the bank from the bank's end, even if that did happen then you'd still be compensated.  

Wannabedebtfree21

Alex9384 said:

I don't really understand why some banks want to close your account if you are bankrupt.
Why don't they just downgrade it to a basic account (if they have such option) so you can't go into overdraft?

When I spoke to my bank a couple of days ago on the phone after previously speaking to them via their online chat option, I haven’t really been given a straight answer, although the person I spoke to over the phone (after putting me on hold for 10 mins) had spoken to the collections team who stated as my account is a current account with an option to have an arranged overdraft (even tho I have never been eligible due to my poor credit ratings) it will be frozen, standard procedure, and then subsequently closed.

when I spoke to them via chat, I was told ‘IF’ my account is to be closed they would then open a basic bank account. But......... I’ve been told so many different things from so many different companies (including CAB and StepChange) I do not know what to believe anymore. 

Lightning360

Deleted_User said:

I've used Starling as my main current account since 2017 and I would not go back to using an old high street dinosaur bank now. They are just as safe as any well known high street bank where your money is concerned. Also most hacking is the fault of the customer using weak passwords, divulging information to scammers, and having malware on your device, etc. Not from someone hacking the bank from the bank's end, even if that did happen then you'd still be compensated.  

A lot of "dinosaur" banks have very similar features to Starling and Monzo now. They are nowhere near as unique as they like to pretend.

[Deleted User]

Lightning360 said:

Deleted_User said:

I've used Starling as my main current account since 2017 and I would not go back to using an old high street dinosaur bank now. They are just as safe as any well known high street bank where your money is concerned. Also most hacking is the fault of the customer using weak passwords, divulging information to scammers, and having malware on your device, etc. Not from someone hacking the bank from the bank's end, even if that did happen then you'd still be compensated.  

A lot of "dinosaur" banks have very similar features to Starling and Monzo now. They are nowhere near as unique as they like to pretend.

Well luckily I still do have accounts with some of the old banks and their apps are no where near as slick as Starling's.

Lightning360

Deleted_User said:

Lightning360 said:

Deleted_User said:

I've used Starling as my main current account since 2017 and I would not go back to using an old high street dinosaur bank now. They are just as safe as any well known high street bank where your money is concerned. Also most hacking is the fault of the customer using weak passwords, divulging information to scammers, and having malware on your device, etc. Not from someone hacking the bank from the bank's end, even if that did happen then you'd still be compensated.  

A lot of "dinosaur" banks have very similar features to Starling and Monzo now. They are nowhere near as unique as they like to pretend.

Well luckily I still do have accounts with some of the old banks and their apps are no where near as slick as Starling's.

Slick in what way?