Monzo/Starling Banking/Revolut

Vanquish-Storm · 13 Jan 2020 at 21:06

Had Starling since day dot and now moving away. Probably for a silly reason but hey ho.

I don't agree with the way they are not being open about their new overdraft fees.

LeeUK · 20 Jan 2020 at 17:41

Dave85 said:
Moved from Starling to Monzo and not regretted it yet. Starling just refused to work with the unmanned petrol station next to my house but had zero issues with my Monzo.

Who owns the petrol station? I use my Starling card all the time on ASDA pay at pumps.

Junglist · 20 Jan 2020 at 17:58

Vanquish-Storm said:
Had Starling since day dot and now moving away. Probably for a silly reason but hey ho.

I don't agree with the way they are not being open about their new overdraft fees.

All the banks have been hit with this though, haven't they?

Dave85 · 20 Jan 2020 at 19:20

LeeUK said:
Who owns the petrol station? I use my Starling card all the time on ASDA pay at pumps.

It's an actual Asda. It's an unmanned so they claimed it is dealt with differently and it would just throw up an error on the App telling me to pay at the kiosk that doesn't exist. Apart from that I was actually happy with Starling.

Vanquish-Storm · 21 Jan 2020 at 00:14

JunglistE said:
All the banks have been hit with this though, haven't they?

They have but Starling are doing different rates based on a scoring system they will not divulge.

Junglist · 21 Jan 2020 at 10:06

Vanquish-Storm said:
They have but Starling are doing different rates based on a scoring system they will not divulge.

Ah that is rather shady.

I haven't used Starling in quite some time now. Decided to stick with Monzo however I do like that starling offer interest in the current account

ChrisD. · 3 Feb 2020 at 10:41

I've recently opened a Monzo account. I really like the instant payment notifications and that it's reflected on the balance straight away. I'll still use First Direct as my main account and I'll use Monzo as my slush fund and as a savings account for going on holiday abroad. Large purchases will still be on my Amex though for the Avios points.

ChrisD. · 5 Feb 2020 at 12:00

Chaps, my mrs is flight crew and receives money onto a travel card in whatever currency the country has where she's visiting. Crew don't always spend all of this this allowance and transfer whatever is left it back to their UK account but this normally comes with high fees. Until recently, they've all been using Revolut but it seems like Revolut have cottoned on and they've stopped accepting their travel card to deposit money with. Are there any alternates? I've looked at Monzo and Starling but it doesn't appear that you can pay into these accounts from a card like you can with Revolut.

Liquidfox · 5 Feb 2020 at 13:10

Vanquish-Storm said:
They have but Starling are doing different rates based on a scoring system they will not divulge.

The exact same that all banks are, it's based on your credit score and risk profile. It's the same when applying for a loan, they may give you the advertised rate, but it may be higher. They won't tell you why that is as it's confidential.

Vanquish-Storm · 5 Feb 2020 at 22:51

Liquidfox said:
The exact same that all banks are, it's based on your credit score and risk profile. It's the same when applying for a loan, they may give you the advertised rate, but it may be higher. They won't tell you why that is as it's confidential.

Which other high street bank has different overdraft rates for a different set of customers?

It's a cop out it's not confidential, these fintech banks have come on the scene all happy faced claiming to be clear and open and they do this.

The_Abyss · 5 Feb 2020 at 23:02

Vanquish-Storm said:
Which other high street bank has different overdraft rates for a different set of customers?

It's a cop out it's not confidential, these fintech banks have come on the scene all happy faced claiming to be clear and open and they do this.

Is the overdraft rate that you'll pay clearly presented to you? If so, then what's the problem.

Vanquish-Storm · 5 Feb 2020 at 23:09

The_Abyss said:
Is the overdraft rate that you'll pay clearly presented to you? If so, then what's the problem.

The problem is they are hiding behind an algorithm for what rate you get. It would be much better for them to either have the one clear rate for all or show why you actually are on the rate they have given you.

I forsee the majority of their customers will get banged onto the highest rate with no explanation other than computer says so meanwhile they will be advertising as "we have rates much lower than your high street bank" but with very few people being given access to that rate.

I'm not bothered what the rate is, it's the fact they are not being clear and open about it.

The_Abyss · 5 Feb 2020 at 23:16

But there are standards about advertising rates, specifically use of the lowest rate.

But you're not bothered about what rate you could pay, even though they tell you, but instead you're angry at not understanding how they're calculating rates of others, within a range, in a practice that is well established through credit risk and applied through similar methods of debt such as personal loans and credit cards.

I think you were right in the first place, it is probably a silly reason to leave

VincentHanna · 6 Feb 2020 at 07:43

Anyone having an issue with revolut card top-ups?

I've always used my Santander card to add money to the Revolut account, but today it asked me to open the Santander app to verify everything.

So I did and everything was authorised on the Santander side, but when I go back to the revolut app on the phone it's saying top up failed?

I tried it twice

Vanquish-Storm · 6 Feb 2020 at 07:47

The_Abyss said:
But there are standards about advertising rates, specifically use of the lowest rate.

But you're not bothered about what rate you could pay, even though they tell you, but instead you're angry at not understanding how they're calculating rates of others, within a range, in a practice that is well established through credit risk and applied through similar methods of debt such as personal loans and credit cards.

I think you were right in the first place, it is probably a silly reason to leave

I'm not angry about it at all, I just think it's a shady tactic by a company that is surposed to be differentiating itself from the old high street bank.

iamtheoneneo · 6 Feb 2020 at 08:02

Vanquish-Storm said:
I'm not angry about it at all, I just think it's a shady tactic by a company that is surposed to be differentiating itself from the old high street bank.

This is a myth you have told yourself just because they have better app support.
Thats it really, its a bank that has a better app. They are still out to make as much money as possible.

ChrisD. · 6 Feb 2020 at 08:22

VincentHanna said:
Anyone having an issue with revolut card top-ups?

I've always used my Santander card to add money to the Revolut account, but today it asked me to open the Santander app to verify everything.

So I did and everything was authorised on the Santander side, but when I go back to the revolut app on the phone it's saying top up failed?

I tried it twice

This is exactly the issue my mrs has been having for a few weeks.

Vanquish-Storm · 6 Feb 2020 at 10:23

iamtheoneneo said:
This is a myth you have told yourself just because they have better app support.
Thats it really, its a bank that has a better app. They are still out to make as much money as possible.

Tbh their support isn't as good as it used to be either.

Liquidfox · 6 Feb 2020 at 12:41

Vanquish-Storm said:
Which other high street bank has different overdraft rates for a different set of customers?

It's a cop out it's not confidential, these fintech banks have come on the scene all happy faced claiming to be clear and open and they do this.

Lloyds Bank, Halifax, Bank of Scotland and TSB are doing exactly that.
Source:
https://moneyfacts.co.uk/news/banking/lloyds-and-tsb-announce-overdraft-changes/
https://www.moneysavingexpert.com/n...bank-of-scotland-to-charge-up-to-49-9--inter/

It's not a cop-out, they're not going to divulge their risk algorithms are they? Do you kick off when you don't get the advertised APR when applying for a bank loan for the same reason? They are, after all, extending you credit. It's their prerogative at what rate they choose to extend this at.

Blinkz · 6 Feb 2020 at 13:25

ChrisD. said:
This is exactly the issue my mrs has been having for a few weeks.

I’ve been having similar issues. They’ve said it’s something to do with how Revolut has been classified. It used to be a financial institution and so banks would allow top up/cash transfer however this has now been changed to something else and banks now won’t allow it. Not sure what the fix is other then transferring via the IBAN but that takes a few days.