Monzo/Starling Banking/Revolut

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basically poor performance financially and they are being investigated for breach of anti money laundering regulations which is why I left them.
 
That’s not the entire picture though. Direct debits, mortgage payments etc. I would imagine that being a nightmare if they did go under. Why take the risk?
 
tom_e said:
Yes covered by fscs up to £85k
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Thanks, but when they say it’s covered, does it mean the money will remain accessible to transfer or switch if the bank folds or would the money be frozen and long administration procedures have to take place before people get their money back?
 
robfosters said:
Why would Monzo go belly up? Have I missed something :confused:
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In their annual report, their own auditors said they feared for the company as a growing concern.

As far as the customer is concerned, they have FSCS protection and should have their money in about a week if something happened. I'm guessing everything gets frozen and withdrawals are blocked until the FCA can sort the mess out.

Not that anything is likely to happen Monzo would be a good target for a buyout from a traditional bank wanting to get into digital, or a foreign bank wanting into the UK market like BBVA with Atom.
 
I'll be moving away from Monzo at some point, too many reasons not to do so in my opinion - the only thing keeping me was pots, but if Starling has those now.

  1. Even if protected, not having access to money in my current account for a week will be a PITA if they go under
  2. Monzo are a fintech bank who don't offer cheque imaging, and according to their community forum, aren't going to be implementing it. Unfortunately I've had two cheques recently for a VED refund and HMRC income tax overpayment refund. Hilarious considering there are high street bank apps offering cheque imaging now...
  3. I read an article about how the Monzo founders were dubious in their split from the founder of Starling
Think I'll wait for my bonus payment to hit in the next three weeks and I'll then start the switching process.
 
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robfosters said:
Thanks, but when they say it’s covered, does it mean the money will remain accessible to transfer or switch if the bank folds or would the money be frozen and long administration procedures have to take place before people get their money back?
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You have to wait for the FSCS to compensate you. They aim to pay within seven days of the bank's failure but more complex cases take longer.
 
Mekrel said:
I'll be moving away from Monzo at some point, too many reasons not to do so in my opinion - the only thing keeping me was pots, but if Starling has those now.

  1. Even if protected, not having access to money in my current account for a week will be a PITA if they go under
  2. Monzo are a fintech bank who don't offer cheque imaging, and according to their community forum, aren't going to be implementing it. Unfortunately I've had two cheques recently for a VED refund and HMRC income tax overpayment refund. Hilarious considering there are high street bank apps offering cheque imaging now...
  3. I read an article about how the Monzo founders were dubious in their split from the founder of Starling
Think I'll wait for my bonus payment to hit in the next three weeks and I'll then start the switching process.
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What reasons are they?

I'm with Monzo...
 
I'm happy with Monzo. I also have Revolut, Chase, Starling and Nationwide but Monzo is what I use day to day. I only got Starling so I could cash in a cheque which Monzo don't offer in the app frustratingly.
 
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