Maybe a big bank but much harder for a new bank to make any money on those things and far too risky. Starling plans to offer mortgages in future anyway.
Buy Now Pray Later
I’m often asked if we’re planning to move into the Buy Now Pay Later lending space. The answer is easy. No. We look at lending differently at Starling. BNPL lenders, just like many crypto currency players, have been engaging in regulatory arbitrage and exploiting the fact that this type of activity is still largely unregulated.
This kind of lending is likely to be among the first to be hit in a downturn, as we are now seeing. I don’t doubt that there is a clear need for new types of lending, but there’s nothing clever about lending without regulation. Meanwhile, as the regulators continue to search for the right words to say on BNPL, the market has already spoken. Valuations in the sector have plummeted and some of the biggest players are cutting jobs.
Irrelevant for loans. Banks have to have or borrow the money up front to lend customers. In very simplistic they borrow at one rate, and charge a higher one - the spread is mostly profit.
There’s a rather big leap between ‘start up bank not offering product’ and ‘product not offered because it is a certain money loser’.
Finite resources mean prioritisation is important, and it’s not as simple as which product yields the biggest return fastest. (Demonstrably, since current accounts have been money losers until interest rates rose.)
All it did was offer a lower rate of interest compared to your overdraft, which probably still made money but also cannibalised some more profitable lending they’d have already got, presumably
Not sure what you’re after here, but you’ll find many accounts within this thread which mirror your experience so I won’t repeat it. Feel free to read what’s been gathered here.
I think you’re being generous, it’s probably just a shitpost from someone who either a) never had a Monzo account or b) didn’t ever use it and had 5 pence in there
We’re changing our Current Account Terms & Conditions and Fee Information Document.
We’ve put the most important bits in this email. And we’ve linked to the new terms and fee information below, as well as a side-by-side summary of the key changes.
Pay in a cheque in-app
We’re working on a feature that will let you pay in a cheque by taking a photo in the Monzo app. It’ll be available in the new year.
We may still ask you to post a cheque to us if its value is above a certain amount or if you’ve reached the daily limit.
Cash withdrawals
From today, you can withdraw £400 in cash in the UK and EEA for free, every 30 days. That’s an increase from the previous limit of £250.
If you use Monzo as your main bank account, you still get unlimited free withdrawals.
Receiving international payments
From 30th January 2024, we’ll apply a 1% currency conversion fee (capped at £1,000) for any payments you receive in your account in currencies that aren’t pounds (GBP).
We won’t charge you any fees for payments you receive in pounds (GBP) from overseas.
"Today my partner noticed someone had tried to place a £4K purchase which was blocked by Monzo. She then had a text on the official Monzo text chain saying the fraudulent purchase had been noted, prevented and that she would soon receive a call to confirm it was fraud and the steps that would be taken. Please note that this text was on the same chain as previous, official Monzo texts. There was nothing out of the ordinary here, it made sense that it had been picked up and dealt with. Turns out this was just bait.
The phone call she received had no caller ID, claimed they were from Monzo and were able to state our last 3 addresses, my name and even see when my partner was messaging the help team within the app. They did their absolute damndest to prove they were Monzo and almost succeeded. It wasn’t until they asked to create a new account and transfer the frozen accounts’ funds that my partner ended the call"
