This regulation is designed to protect ongoing law enforcement investigations. | Read 6,601-6,620 Reviews out of 10,742 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. While their positive reviews are glowing, it’s actually the negative reviews that show where the rubber meets the road. 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. 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). The advice came from a good place, but I’m sorry if that caused any upset or distress. 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. 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. Part of a statement from Monzo was read out at the end of the Watchdog report. 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 Plus Put money in your hands Full financial visibility, with your other bank accounts and credit cards all in one place. Do you agree with Monzo’s star rating? However, chief executive Tom Blomfield said on Friday that Monzo was no “more or less exposed than any other bank”. 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. The brand’s well designed and user-friendly app, plus the overall experience, were favourites with customers. Monzo Bank Ltd (/ ˈ m ɒ n z oʊ /), is an online bank based in the United Kingdom. Close. I acknowledge our communication has been poor in some of these cases. Because of this, we can’t comment on the specific cases featured in the show. When people can’t access money, we try to help as much as we can. On a desktop computer, you can access Monzo only for emergency functions. Monzo's digital rival Starling took third place, with Nationwide in fourth. It was trialled by 2,000 Monzo users but developments have since been paused due to focus on Monzo Plus. Monzo has denied that it unfairly froze customer accounts in the wake of accusations made in a BBC Watchdog report on Thursday night. Share. Unlike most current account providers, Monzo has not signed up. I was getting money through my paypal business account only. Explore Monzo Premium Monzo Plus. On average it takes us 2.7 weeks. Check out what 12,109 people have written so far, and share your own experience. Monzo says it is aware of merchants losing up to £5,000 in this way, and banks do not cover them for it. 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. I don't think we're out of line with any of the big banks.”. Monzo Bank Customer Reviews. 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. As a regulated bank, we have a legal duty to detect and prevent financial crime. 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Innovative alternative Great app for saving money and monitoring transactions Useful. When we do have to close an account, we aim to return any money as soon as we can. At the same time, we must make sure we keep any negative impact on our customers to a minimum. Monzo, which some people view as a partial competitor to Revolut, is being featured on BBC1’s Watchdog consumer television programme this evening. Enjoy peace of mind with extensive phone and travel insurance, interest and much more. 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. Not Recommended. You can freeze or unfreeze (Monzo calls this "defrosting") your card and see your transactions. “There will be cases when we block legitimate customers' accounts incorrectly because we've made a judgement call,” Mr Blomfield said. Confirmed criminals will sometimes even take to social media to pressure our support team to release their money. "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.”. In a more basic version of the fraud, gangs grab a … We’ve been able to return millions of pounds to victims of fraud in this way - work that I’m very proud of. 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. This is a relatively common thing banks do in this situation to try and help. “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. However, he said the bank still had to freeze accounts, even if customers warned that doing so could cause them financial hardship. We’re not allowed to say why we’ve blocked an account. 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. GB. It does not mean they have been treated unfairly. Great response, it was really disappointing to see Watchdog criticise Monzo for not giving customers updates, knowing that they can’t. 21. 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'. 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 … 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. 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. Sometimes, the evidence is very clear. 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. 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. Yours Truly Revolut Team Igor Y 2 reviews. Other times, it’s not clear-cut, and we’ll ask customers to explain where the money has come from. Somewhat frustratingly, we’re not allowed to say why we’ve blocked an account, to either the customer or the press. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. We then need to make a judgment call based on the evidence in front of us. Monzo review: an elegant way to manage your money. 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. To detect financial crime, we have a set of automated rules that flag any activity that might be suspicious, and sometimes block the account. Mr Blomfield said he was unable to appear because he was undergoing surgery. Archived . 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. 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. The complaints are that customers’ accounts become frozen and customers can’t pay bills, pay their rent or even feed their children. FREE £5 when you sign up for Monzo through this link: https://join.monzo.com/r/7xxaqe5 Welcome back to Stu’s Reviews! 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! About them freezing peoples accounts and people not getting their money back and lossing hundreds of pounds.. “With the benefit of hindsight, we should have appeared.”. We'll be able to do an internal check with such information. They will stole your money and you have to … Posted by 1 year ago. We might receive a report from the police or another bank that confirms the money has come from authorised push payment fraud. Revolut operates under an e-money licence in the UK, so you aren't covered under the Financial Services Compensation Scheme (FSCS). The BBC One programme criticised the start-up for freezing accounts without explanation, leaving some customers struggling to pay bills and buy food. Our Financial Services Register number is 730427. We’re no strangers to holding our hands up and admitting fault - transparency is one of our core values. 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. We’re not perfect and there’s always more we could be doing to be better. 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. A free inside look at company reviews and salaries posted anonymously by employees. | Read 5,161-5,180 Reviews out of 9,189 It launched in 2016 with a simple, yet eye-catching, prepaid card service; bright coral plastic versus the more subdued traditional hues. It’s a legal offence called “tipping off”. Read 1 more review about Monzo Only the latest review will count in the company's TrustScore Bam Olayisade 1 review. 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. “So we expect to see a big fraction of suspicious activity. We’re asking #WhatsGoingOnzoMonzo Monzo has surpassed two million users and its growth doesn't show any signs of slowing. 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. 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. But, at the heart of this issue is the work we do to prevent criminals using our financial system for gain. 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 was one of the earliest of a number of new app-based challenger banks in the UK.. Which was 100% legal. 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. Instead, we gave a statement to the BBC to explain our position and we’ve included this below. "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. Monzo are all over Watchdog right now! Most of its reviews, 80%, rate the challenger bank as excellent, citing a good user experience and helpful budgeting features. 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 customer reviews. Monzo are all over Watchdog right now! Check out what 9,189 people have written so far, and share your own experience. Monzo Bank Limited is a company registered in England and Wales (No. You need to be a subscriber to join the conversation. Mr Blomfield said seeing those messages made him “wince”. 1 2 3 4 5 6 …. And when this very rarely takes longer than 4 weeks, it’s usually because of external investigations that are outside of our control. I sent them email multiple times but they didn't do anything about it. Check out what 10,742 people have written so far, and share your own experience. 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. Customer Reviews. In October, the BBC’s Watchdog programme highlighted the account closure problem, and the impact its policies were having on the bank’s customers. 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. It’s a similar story on other online customer review forums. Read more: Al-paca it in: Monzo co-founder leaves to farm Alpacas. How do you explain to a four-year-old that there's no food in the house because of a bank?”. Monzo Premium: Banking that makes a statement Turn heads with our white metal card, made from steel. 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