Do you agree with Monzo’s star rating? However, he said the bank still had to freeze accounts, even if customers warned that doing so could cause them financial hardship. It was trialled by 2,000 Monzo users but developments have since been paused due to focus on Monzo Plus. This regulation is designed to protect ongoing law enforcement investigations. Monzo Review 2019 Monzo additional features You can only use Monzo through your mobile app. On a desktop computer, you can access Monzo only for emergency functions. Monzo's insurance is provided by Pluto and offers a good level of cover, but there are exclusions – it doesn't cover those over the age of 46, for example, and pre-existing conditions aren't included, so check the terms and conditions to make sure it's right for you. While their positive reviews are glowing, it’s actually the negative reviews that show where the rubber meets the road. In series 42 episode 6 (Thursday, October 17th), Steph McGovern, Matt Allwright and Nikki Fox investigated the mobile banking app and found some pretty shocking feedback. Monzo Bank Customer Reviews. And when this very rarely takes longer than 4 weeks, it’s usually because of external investigations that are outside of our control. Unfortunately we are not able to get enough information off of what has been provided in this review, so we have reached out to you, here on Trustpilot, in order to get some further information. Monzo customer reviews. Wouldn’t of expected this to come to a head for me to write a crap review. When we’ve directed people to a food bank (which I believe we’ve only done on very few occasions) our customer service staff were genuinely trying to be helpful. We look forward to hearing from you. Check out what 9,189 people have written so far, and share your own experience. Explore Monzo Premium Monzo Plus. In fact, Watchdog received more complaints about Monzo … Monzo Bank Ltd (/ ˈ m ɒ n z oʊ /), is an online bank based in the United Kingdom. We'll be able to do an internal check with such information. Blocking accounts is a legal requirement, and helps protect you from crime. They will stole your money and you have to … Any other bank would have dealt with this on the same day/ time you reported any issues! The bank has a strong following and is rated as 'Excellent' on Trustpilot with 4.5 out of 5.0 stars, with over 12,000 reviews. Because of this, we can’t comment on the specific cases featured in the show. We have robust processes and controls in place to flag any unusual activity in Monzo accounts. If a customer tells us they’re struggling financially because they can’t access money, we’ll sometimes let them know about charities that can offer advice and support. Crucially, no conclusions can be drawn based on a bank refunding those whose accounts have been closed. 202 Monzo Bank reviews. We might receive a report from the police or another bank that confirms the money has come from authorised push payment fraud. Monzo Bank Limited is a company registered in England and Wales (No. We take our banking licence and the laws that come with it incredibly seriously, and our financial crime team has become known for its stand-out work in this area. In October, the BBC’s Watchdog programme highlighted the account closure problem, and the impact its policies were having on the bank’s customers. A few hypotheses on why: I imagine that people using monzo are more vocal online (this sub, twitter etc) since it’s a mobile bank targeted at tech savvy younger people and so issues gain traction online faster than a traditional bank. Monzo has denied that it unfairly froze customer accounts in the wake of accusations made in a BBC Watchdog report on Thursday night. Confirmed criminals will sometimes even take to social media to pressure our support team to release their money. Feedback from customers is incredibly important and we're always working to do better but in these cases, we have acted in line with our legal and regulatory obligations.”, Existing customers can get help via the app. On the review website Trustpilot it is a similar story, with 13% of reviewers rating Monzo as “bad” at the time of writing. We rely on advertising to help fund our award-winning journalism. But be weary when deciding to apply for Monzo A free inside look at company reviews and salaries posted anonymously by employees. Monzo was one of the earliest of a number of new app-based challenger banks in the UK.. When we can return the money to the customer, we let them know it takes between 2-4 weeks to get it back (while we work on fulfilling our other legal requirements, like reporting what’s happened to the right places). It sounds as if automated processes are misidentifying accounts as being used for suspicious activity and that humans at Monzo are not reactivating the accounts … Close. We’re not perfect and there’s always more we could be doing to be better. Revolut operates under an e-money licence in the UK, so you aren't covered under the Financial Services Compensation Scheme (FSCS). Unlike most current account providers, Monzo has not signed up. Originally operating through a mobile app and a prepaid debit card, in April 2017 its UK banking licence restrictions were lifted, enabling it to offer a full current account. We block accounts when we detect suspicious activity. Monzo does not have any additional features like loans, investments or insurance, but personal loans are in a testing mode. FREE £5 when you sign up for Monzo through this link: https://join.monzo.com/r/7xxaqe5 Welcome back to Stu’s Reviews! Tonight the Monzo customers trying to get their money back after their accounts have been frozen. You need to be a subscriber to join the conversation. GB. Monzo Premium: Banking that makes a statement Turn heads with our white metal card, made from steel. Find out more, The Telegraph values your comments but kindly requests all posts are on topic, constructive and respectful. I don't think we're out of line with any of the big banks.”. monzo close. One mother told Watchdog: “It's been really stressful because it's put us into rent arrears; it's actually put a bit of a strain on our relationship as well. Check out what 10,742 people have written so far, and share your own experience. The BBC One programme criticised the start-up for freezing accounts without explanation, leaving some customers struggling to pay bills and buy food. Reply. Share. 09446231). Monzo are all over Watchdog right now! Several investors who had backed Monzo in crowdfunding campaigns posted on the bank's online forum on Thursday night to complain that no Monzo executives appeared on the programme to defend its actions. I turned on my TV and it came one so thought I'd watch it as I'd just switched over, they're even a hashtag on twitter regardings this #whatsgoingonzomonzo. This only happens very rarely, and most customers will never even know it’s happening. Somewhat frustratingly, we’re not allowed to say why we’ve blocked an account, to either the customer or the press. 21. Our customers have consistently praised our award-winning customer service. The advice came from a good place, but I’m sorry if that caused any upset or distress. Part of a statement from Monzo was read out at the end of the Watchdog report. Negative reviews for Monzo mostly revolve around frozen accounts, which is one of the ways Monzo prevents fraudulent activity. “With the benefit of hindsight, we should have appeared.”. 1 2 3 4 5 6 …. Information about our Personal Current Account Services. Last night, BBC Watchdog discussed how we deal with financial crime and why we block or close some accounts. “So we expect to see a big fraction of suspicious activity. While e-money firms must still ringfence your funds in a segregated account, to protect it in cases of insolvency, we can only recommend the more robust, independent FSCS safety net. Archived . Instead, we gave a statement to the BBC to explain our position and we’ve included this below. Without context, which we are prohibited from sharing by law, it is incorrect to reach a conclusion about why accounts have been frozen or closed. Monzo are all over Watchdog right now! We’ve been able to return millions of pounds to victims of fraud in this way - work that I’m very proud of. This is a relatively common thing banks do in this situation to try and help. We’re asking #WhatsGoingOnzoMonzo When we’ve reported an account and decide to close it because we suspect there’s financial crime, there are a few things we have to do next. We then need to make a judgment call based on the evidence in front of us. We aim to have a person review the account within 10 minutes (night or day) and, if we discover that it’s not suspicious, we immediately reactivate the account. To detect financial crime, we have a set of automated rules that flag any activity that might be suspicious, and sometimes block the account. Do you agree with Monzo’s star rating? “There will be cases when we block legitimate customers' accounts incorrectly because we've made a judgement call,” Mr Blomfield said. Check out what 12,109 people have written so far, and share your own experience. I would expect monzo to have more AML claims than a traditional bank and I would expect those affected customers to make more noise about it online. Monzo Plus Put money in your hands Full financial visibility, with your other bank accounts and credit cards all in one place. We know that 2.7 weeks is still a long time for anyone to be without money, and we’re working hard to make this shorter. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. However, chief executive Tom Blomfield said on Friday that Monzo was no “more or less exposed than any other bank”. About them freezing peoples accounts and people not getting their money back and lossing hundreds of pounds.. Read more: Al-paca it in: Monzo co-founder leaves to farm Alpacas. Enjoy peace of mind with extensive phone and travel insurance, interest and much more. In our independent 2019 customer satisfaction awards, Monzo won Best Overall Bank with 5 out of 5 stars and 88% of users saying they would recommend the service. If the account activity does seem suspicious, we’re obliged to report it to the National Crime Agency and wait for their response before closing the account. 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Mr Blomfield said seeing those messages made him “wince”. Posted by 1 year ago. Monzo denies unfairly freezing accounts in wake of BBC Watchdog claims Chief executive Tom Blomfield said Monzo was no 'more or less exposed than any other bank' Credit: Monzo/PA M onzo … Monzo’s bound to have to freeze more accounts, they’re the fastest growing bank in the U.K. They’re just doing exactly what every other bank has to do too. Yours Truly Revolut Team Igor Y 2 reviews. I sent them email multiple times but they didn't do anything about it. Here’s the full statement we provided to the BBC: “Typically, if we discover that activity is not suspicious, an account that has been frozen is reactivated in 10 minutes. Our Financial Services Register number is 730427. When people can’t access money, we try to help as much as we can. Mr Blomfield said he was unable to appear because he was undergoing surgery. "And I've dug personally into those cases and I've then seen the fraud reports from the police and the other banks that confirms absolutely that person is a criminal.”. I acknowledge our communication has been poor in some of these cases. Fans of Watchdog know they don’t shy away from taking down the big banks, but many were surprised when they turned their attention to one of the newcomers on the scene, Monzo. We’re not allowed to say why we’ve blocked an account. "The reality is we're opening about three million new accounts per year at the moment, which is a big fraction of all new accounts,” Mr Blomfield said. On average it takes us 2.7 weeks. It’s a legal offence called “tipping off”. The complaints are that customers’ accounts become frozen and customers can’t pay bills, pay their rent or even feed their children. I wanted to share some more details about how we approach this and be as transparent as we can. monzo is totly bad its service is very good for some time then but after some time like afer get positive review thats service is not properly work it is close your account any reason and then says that your account has against over term's and conditions. We won’t always get this right, and I wholeheartedly apologise to any legitimate customers who’ve been left out of pocket for a period of time. We’re continually working to minimise this, and we need to balance it with combating money laundering and financial crime, including £1.2bn of UK bank fraud every year. Do you agree with Monzo’s star rating? | Read 5,161-5,180 Reviews out of 9,189 The Watchdog report also said some Monzo employees had sent messages to customers with frozen accounts suggesting they could turn to food banks or charities if they were struggling to pay their bills. I was getting money through my paypal business account only. We’ve rolled out new guidance for staff to make sure we only sign-post people to charities or help when it’s appropriate for their circumstances. But, at the heart of this issue is the work we do to prevent criminals using our financial system for gain. When we do have to close an account, we aim to return any money as soon as we can. It does not mean they have been treated unfairly. Most of its reviews, 80%, rate the challenger bank as excellent, citing a good user experience and helpful budgeting features. It’s a similar story on other online customer review forums. At the same time, we must make sure we keep any negative impact on our customers to a minimum. | Read 4,061-4,080 Reviews out of 12,109 Customer Reviews. Monzo's digital rival Starling took third place, with Nationwide in fourth. Not Recommended. It launched in 2016 with a simple, yet eye-catching, prepaid card service; bright coral plastic versus the more subdued traditional hues. “I've personally dealt with dozens and dozens of cases where there's the most horrendous sob stories - 'I can't feed my kids, I'm being booted out of my house'," he said. Read 1 more review about Monzo Only the latest review will count in the company's TrustScore Bam Olayisade 1 review. Monzo had a legal obligation to freeze accounts that had signs of suspicious activity and it often had to wait weeks for the National Crime Agency to allow the funds to be unfrozen. In a more basic version of the fraud, gangs grab a … You can freeze or unfreeze (Monzo calls this "defrosting") your card and see your transactions. Monzo froze my account for no reason Monzo froze my account for no reason. We’re no strangers to holding our hands up and admitting fault - transparency is one of our core values. GB. He said Monzo could not tell customers why their accounts had been frozen because of a law that prevented banks “tipping off” customers to potential criminal investigations into their finances. Which was 100% legal. We either have to return the money to the bank it came from, send the money to law enforcement, hold it, or return it to the customer. I have to wait for a dispute for the next few weeks when I’ve sent in evidence and it’s in plain sight what has happened! As a regulated bank, we have a legal duty to detect and prevent financial crime. Great response, it was really disappointing to see Watchdog criticise Monzo for not giving customers updates, knowing that they can’t. Other times, it’s not clear-cut, and we’ll ask customers to explain where the money has come from. | Read 6,601-6,620 Reviews out of 10,742 We urge you to turn off your ad blocker for The Telegraph website so that you can continue to access our quality content in the future. Monzo review: an elegant way to manage your money. After a raft of IT blunders during 2018, TSB took the wooden spoon for the second successive poll, with 33% of customers voting it 'poor' and 32% rating it as 'OK'. Sometimes, the evidence is very clear. How do you explain to a four-year-old that there's no food in the house because of a bank?”. Innovative alternative Great app for saving money and monitoring transactions Useful. Monzo says it is aware of merchants losing up to £5,000 in this way, and banks do not cover them for it. Monzo has surpassed two million users and its growth doesn't show any signs of slowing. Monzo, which some people view as a partial competitor to Revolut, is being featured on BBC1’s Watchdog consumer television programme this evening. Monzo, a digital bank popular with millennials, is the fintech success story that many start-ups dream of. Monzo has an impressive TrustPilot score of 4.5/5 stars. 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