Monzo

[GhostofTarbera]

Holding post for people waiting 12 months to get there cash out discussions




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[jayn200]

What happened with monzo? I almost opened an account there but went with starling instead. Also have my business bank account with starling.

[PCTNN]

That's not good. I've got a fair chunk of change in one of their savings accounts. I shall review my options.

[LondonManc]

Monzo losses double as UK digital bank warns of pandemic uncertainty

Sounds like they were far too ambitious, even before C-19.

[PCTNN]

Monzo should have accepted when rbs wanted to buy them. They would have made a ton of money. Now who knows, they might go belly up and lose everything.

[elsergiovolador]

People use banks because only alternative is cash. If everyone could run their bank account themselves and had the card talking to their own server exchanging with the payment networks, then nobody would use banks. Even such server could run on the phone and you wouldn't have to wait ages for incompetent customer service as you would be served by yourself personally.

[jayn200]

People use banks because only alternative is cash. If everyone could run their bank account themselves and had the card talking to their own server exchanging with the payment networks, then nobody would use banks. Even such server could run on the phone and you wouldn't have to wait ages for incompetent customer service as you would be served by yourself personally.

That sounds awful. No thank you, I would rather use my no fee account and not have to worry about any of that.

[AtW]

If it folds cash should be paid out quickly by the regulator, but up to 75k or 85k

Keeping more would cash be crazy

[GhostofTarbera]

If it folds cash should be paid out quickly by the regulator, but up to 75k or 85k

Keeping more would cash be crazy

That’s fantasy island

Will take months to reconcile the safeguarding accounts


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[AtW]

That’s fantasy island. Will take months to reconcile the safeguarding accounts

I think they (FCCS or whatever they are called now) obliged to pay out real quick, essentially Govt picks the bill fast and then tries to clawback whatever actually left in accounts: it's the only way such protections could work to be trusted.

Having said that I would not want to be the person how it actually works.