Monzo Bank harrasment

leeb2931

I’ve been with Monzo Bank now for around two and a half years, and when I joined they asked all the usual financial questions about employment and income. No problem.

However I now keep getting an annoying message at the bottom of the bank app which will not go away, they are wishing to ask similar questions again. Basically I’ve refused.

I’ve dragged them into chat, and asked them to explain. They have said this is a FCA requirement. However no other bank I use regularly has asked this information, Barclays haven’t asked, Nationwide haven’t asked, and Chase haven’t asked.

Monzo say they won’t use the data for marketing or any of their other purposes, but I don’t trust them especially in the absence of other banks making such requests.

I’ve got nothing to hide and have said I will give them the information if other banks start making similar requests. 

I’ve already been hit by two financial institutions losing my data, so now I’m extremely wary of where my data goes.

Why are only Monzo asking for this and making an issue of and not my other accounts?

I have raised a formal complaint with Monzo.

WillPS

Your other banks will also be asking you the same questions in time. I question your definition of 'harassment'.

[Deleted User]

Just wait until they block your account access until you answer the questions, and then you can claim robbery, too.

It is a regulatory requirement. What else do you think they want to use that data for?

themadvix

I understand where you’re coming from OP, although I’m not sure it counts as harassment. I had similar with Santander recently - I am a business (sole trader) customer and wanted to change to a new savings account with them as the one I had was paying a pittance. They wanted me to go through two telephone appointments and provide evidence of a whole lot of stuff (which they always had/knew as I have banked with them for 10+ years (things like proof of annual turnover - they can literally see all this!). I said thanks, but no thanks - not worth my time for a 0.3% interest rate increase on a few hundred pounds! In the end I opened a new account with a BS that didn’t ask for any of that nonsense and I could do entirely online! It may be regulatory, but no other bank has asked me to reconfirm any of this (and I have a lot of bank accounts with various institutions) and it just seemed utterly ridiculous that I had to spend all this time on the phone with them discussing information they already have.

flaneurs_lobster

Banks get regular audits from their regulators. The regulator will say "tighten up your Know Your Customer process". Banks respond by asking more questions. 

It's what they have to do to keep their regulators onside or risk large fines. If you don't like it then move bank until that bank starts asking the same questions. Then move your cash to a shoebox under the bed.

leeb2931

[Deleted User] said:

Just wait until they block your account access until you answer the questions, and then you can claim robbery, too.

It is a regulatory requirement. What else do you think they want to use that data for?

The issue is they can’t tell me when this became a regulatory requirement, and they won’t detail how the data is used.

They are being very coy on who the data is shared with. Especially in the absence of other banks requesting similar information.

I have spoken to both Barclays and Nationwide this morning and they have no plans as so far to request information.

I understand the anti-money laundering requirements in banking. I get it, but when Monzo won’t be honest with me in how the data gets used, and that’s really important to me that a bank is open and transparent with me, but who is not to say the information won’t be used to profile customers, and build personal snapshots on customers?

Please tell me I’m wrong here….

Penguin_

If you don't like it then close the account. 

[Deleted User]

You are not entitled to hold a bank account. You choose to open an account at said bank and are subject to their rules. We must move away from the cradle to grave thinking I am afraid. The problem is, is that you have defined it as harassment. It speaks volumes. Monzo may well be using the info for other reasons. It will be in the small print. Perhaps you could read their terms?

ryan92

As others have said it's a legal requirement.
It's not a case of all banks asking for the information at the same time which is why your other banks haven't requested this yet.

Just provide the information and move on.
It's not really a case to need to 'drag them into a chat' either. They are well within their legal rights to ask the information they are.

SiliconChip

leeb2931 said:

[Deleted User] said:

Just wait until they block your account access until you answer the questions, and then you can claim robbery, too.

It is a regulatory requirement. What else do you think they want to use that data for?

The issue is they can’t tell me when this became a regulatory requirement, and they won’t detail how the data is used.

KYC regulations have been in place for many years - this document suggests since at least 2007 (and that seems about right based on my memory of it starting before I left the banking world in 2008). It's nothing new, every bank does it, if you continue to decline then Monzo will shut your account.

https://www.betterbusinessfinance.co.uk/aml-and-kyc/what-are-the-aml-and-kyc-obligations-of-a-bank-in-the-uk

flaneurs_lobster

leeb2931 said:

 I get it, but when Monzo won’t be honest with me in how the data gets used, and that’s really important to me that a bank is open and transparent with me, but who is not to say the information won’t be used to profile customers, and build personal snapshots on customers?

Please tell me I’m wrong here….

Of course banks profile their customers, that's why the 5 year olds with kiddie accounts don't get sent promotion details of Premier current accounts or mortgage deals. And what's a "personal snapshot"?