MONZA Bank on Watchdog Tonight (now, BBC1)

[Pathos]

Heard some horror stories on this forum about this outfit..seems Stealthers are not alone..

Normal people having their accounts frozen and closed without warning.

Then getting told to use Foodbanks because they arent getting their money back.

..and blocking customers numbers so they can't call.

[Pathos]

https://www.bbc.co.uk/iplayer/episod...s-42-episode-6

[Fingersburnt]

Originally Posted by Pathos

Heard some horror stories on this forum about this outfit..seems Stealthers are not alone..

Normal people having their accounts frozen and closed without warning.

Then getting told to use Foodbanks because they arent getting their money back.

..and blocking customers numbers so they can't call.

Thanks for the heads up. I have an account. Time to withdraw.

[juke123321]

monza or monzo?

[Simon12]

Its Monzo that was on watchdog.. I also have an account that I will be closing

[tedsmith1990]

Monzo, I have heard many scam stories about this company.

If you are living in UK, go to open an account in Halifax. You can have one main account and upto 5 sub-account at the same time. And once one sub-account closed, you can have new account again . So that mean you can have millions new accounts.

[hill]

Here is an article about Monzo freezing bank accounts:

https://www.msn.com/en-gb/money/news...id=mailsignout

Customers unable to access money for bills/food/essentials, are advised by Monzo to use food banks.

It's a new bank in the UK that was recently awarded a banking licence in 2017 by the FCA.

Because this bank is new, it seems they are unable to cope with the verification and administration of bank accounts, as well as the expansion of their customer base/new customers.

They have no physical bank branches either. They are solely online based. Their fraud prevention measures will be poor.

This bank being new, having no physical branches and being solely online based, will make Monzo bank a prime target for fraudsters.

Any slight arouse of suspicion on a customer’s account, I'd imagine Monzo bank would have a knee-jerk reaction and would be instant to freeze that account.

I'd avoid this bank like the plague for UK stealth accounts, for the time being.