Monzo Stole My Money In The Headlines Again

These stories are gaining momentum and it seems that Monzo management just have their heads stuck in the sand.

Even if only a small %age of these are true Monzo seem to have completely lost control of the narative here

This article seemed to cause all sorts of issues elsewhere but as someone that is well versed in the industry I think it deserves a mention where it can be freely discussed,

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He’s probably not far wrong. Obviously people are saying that this is just because the demographic of Monzo users are more likely to post on social media about this than other banks - but the noise is so much louder about Monzo than any other bank, including other neobanks like Starling which should have a similar demographic that there must be something in it…

My suspicion is that they have less budgeted on fraud investigation per user than other banks in an effort to become profitable, so where other banks might take a closer look and then make a decision, Monzo just close the account based on what the algorithm says.

Agreed, the demographic is much much younger and more tech savvy than most hence the posts but given Monzo are so easy to sign up to as they are so intent on numbers and trying to make money it’s no wonder that anyone can get an account.

Mondo/Monzo was effective in using social media to it’s advantage for growth. Makes some sense that there’s noise on social media about the account closures.

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I’m one of those people who had the account closed by Monzo for no apparent reason.
I posted about my experience at the Monzo forum but go the thread closed twice. I tried to be constructive and hoped to provide feedback and a place where others like me could see how it’s going, not sure what rules I breached there but I guess they can do whatever the hell they want.

I am waiting for an official response to my complaint and Monzo customer service is a mess as ever (in my opinion) - they keep messaging me without checking previous messages. I’ve been refraining to message them until the date they gave me for complaint response.
In the meantime, I’ve moved my regular payments to another bank and have lost all trust with new banks and that’s despite being a small investor.

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Is this the same Monzo that claims to be socially responsible and promote financial inclusion? It’s worth bearing in mind they will be charged £750 for the Ombudsman investigation. They might think twice about throwing customers under the bus willy-nilly if each one costs them £750.

I honestly don’t think they care about the £750. If you look at the number of FoS complaints where they don’t cooperate with the ombudsman I think for them it’s just the cost of doing business

Maybe a Monzo employee will be brave enough to post anonymously somewhere to share what actually goes on in cases like this, given how much it disrupts the lives of so many innocent customers. I’m assuming there is some distant connection to ‘dirty money’ which the account holder has absolutely no knowledge about. This could happen to any of us so we should all be asking questions about how “socially responsible” and “financially inclusive” this is.

Given that they are advertising for staff and pretty crappy wages combined with the usual indoctrination of being a Munzonaut I’d be very surprised if anyone would be prepared to speak out.

You only have to look at how much SimonB still defends them on the community. I suspect he has some kind of Stockholm syndrome and thinks it’ll get him back in.

I honestly believe the reason it goes down the way it does is because:

  1. Their systems aren’t actually that good at spotting legitimate one offs (such as house purchases). Lloyds and Barclays are better at this because they have a lot more data
  2. They don’t have enough staff to deal with
  3. Once someone starts making a lot of noise they go straight to the “let’s close it down because our terms say we can”.

In the same way that most of the stuff you return to amazon get’s thrown away because it’s more cost effective I suspect Munzo just close the accounts because it’s cheaper than having to find someone to deal with it

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I’m not sure anyone ever has had more intense Stockholm syndrome in the history of the universe. I bet when Saint Tom left he cried for weeks, even though he’d almost been gone himself a year at that point.

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Aren’t they supposed to be a living wage company? Meaning lowest wages surpass UK minimum wage by a fair margin?

Or am I mistaken? Could have sworn I remember seeing it on their website. Though possibly getting them confused with one of the b corp energy companies.

Honestly don’t know but they’re advertising for frauded department staff in London at £21k per year which seems very low for such a specialist role. Maybe it’s because everyone there is a specialist so what they actually mean is customer service staff with the fincrime know how

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This is a really important point IMHO.
I am a very small investor in Monzo and I bought into the hype they created, pretending to be all noble or maybe just too naive to understand the banking world and business. I must say I was also naive to believe the things they were promising without thinking about how they would be delivered.
For example, until about two years ago Monzo had always assured that they are building a marketplace of sorts or many things were supposed to have been delivered (according to their old and binned Trello roadmap) but never came to being.

I definitely blame myself for putting so much trust in a private company without doing much thinking or with much understanding but now Monzo for me, has become like an online cult that is not really known much in real-world and most people will not take online cults serious enough to become a success in real life.

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ah yes the fabled marketplace… the USP of fintech… the thing that would make Monzo…

One Of A Kind GIF by ANTIQUES ROADSHOW | PBS

£21k to travel in to Central :joy_cat:

That is £1,494.50 pm clear (without any other deductions) Monthly 1-6 travelcard £253.50 leaves you £1241pm, after rent and bills there is no way you’d have any money to live.

You’d have to be really desperate or be straight out of Uni and living at home to work there for that money.

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Another one thrown under the bus by Monzo, this time a crowdfunding investor who was full Monzo, apparently for making normal and legal payments to crypto platforms. The community then tells them it’s their own fault.

Ordog doing what Ordog does

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