I’ve never been a Monzo customer and nor will I ever be, I believe I just don’t fit their demographic and the colour of their card just sucks . I don’t understand however why people seem to be getting so upset at a business decision Monzo appear to have made by not allowing former customers to reopen accounts. If a bank firmly let me know they didn’t want me as a customer again after leaving, I’d be like, “Yeah, ok, whatever” and I’d go elsewhere.
I think you are so right! And therein lies the problem, some people really do think that their bank is their friend. A banks sole core business, is to make money. If you’re not making the bank any money, then clearly they’re better off without you. I quite like the banks I currently have accounts with (though the Jury’s still out on FD as it’s a brand new account), but I don’t love any of them enough that I wouldn’t dump them in a heartbeat. I will say though, I would obviously now be very careful about just dumping an account, especially an App only account.
Yes, I see the issue. But obviously when former customers (from how it reads) attempt to reopen an account via App, Monzo’s system just isn’t allowing it? Or is that incorrect? Why is there this issue of a customer not apparently being able to open an account because a telephone number is still registered to a previously opened account? It just doesn’t seem to make any sense?
Monzo have stopped allowing people to re-open previously closed accounts. I believe at one point if you logged in and it recognised your details it would allow you to re-open the old account rather than offer a new one. So, you can’t do that anymore.
As far as I know this doesn’t stop you from applying for a brand new account, but via their customer service cos the email address would need to be unlinked first.
Ok, so ultimately then, it’s down to Monzo CS to decide whether or not to allow a former customer to reopen an account albeit a brand new account because their own systems (it would appear) will not allow re-registration of a former customer’s already held details?
The banking world is a funny old thing. I’ll refer specifically to Monzo here because I do read the forum and so I have read multiple accounts of people moaning because Monzo have dumped them as a customer and closed their account for allegedly no reason and without offering an explanation. It should however be remembered, that CASS works exactly the same way, i.e. a customer of a bank can just dump their bank by switching with zero explanation to the bank and the bank can’t ask the customer why they’ve been dumped. So it works both ways.
To me and my unqualified view, it’s a dead easy way of not allowing unprofitable customers a way back in, customers that have been less than honest about where their funding is coming from or customers that have seemingly been ‘disloyal’ and buggered off elsewhere only to decide later that they really didn’t want to cut up their pink card.
Thankfully from my own perspective, I held off diving straight in and I’m glad I did. For me, Starling got it right and still has in my personal view. They got down to business, sacked off their forum once it became apparent it was nothing more than a vessel for whinging and then just got on with improving the product. Former Monzonites who can’t get back in, should probably just see it as a good thing and just move on.
As for Chase, well if some of their customers have dumped their accounts within just a couple of months of opening them, then I fully support Chase in not letting them return within whatever time frame they see fit. A former customer might complain this isn’t fair, but as I mentioned earlier about CASS, that’s ultimately a customer’s individual decision and they can do it without explanation, so a bank should equally have the same discretion. Well of course they do anyway because if they don’t want you anymore, they’ll close your account and legally aren’t obliged to give a reason.
So former Monzonites, as Graham has said, don’t take it personally if Monzo won’t let you back in.
For me this is a very weird quirk if these neobanks. Phone numbers change, and tying a number to a customer is just silly. Other banks allow you to come and go as you please, not sure why these “challengers” think they’re different
And in Monzo’s case, I’m sure it’s only temporary, as no bank would ever want to just not allow previous customers back, ever. Features and needs change so what didn’t work a year ago might be just what someone is looking for now