Information about our Personal Current Account Services

The Financial Conduct Authority requires us to publish the following information about our personal current accounts.

How and when you can contact us to ask about the following things

  24 Hour Help? Telephone Internet Banking Mobile Banking
Contact details +44 (0)2038720620 https://monzo.com/ In-app Monzo Bank
Checking the balance and accessing a transaction history Yes Yes Yes Yes
Sending money within the UK, including setting up a standing order Yes Yes Not possible Yes
Sending money outside the UK Yes Yes Not possible Yes
Paying in a cheque Yes Yes Not possible Yes
Cancelling a cheque Yes Yes Not possible Yes
Cash withdrawal in a foreign currency outside the UK Yes Yes Not possible Yes
A lack of funds: including unarranged overdraft, payments we allow despite lack of funds and payments we refuse due to lack of funds Yes Yes Not possible Yes
A direct debit, or allowing someone to collect one or more payments from your account using your debit card number Yes Yes Not possible Yes
Third party access to an account, for example, under power of attorney Yes Yes Yes Yes
Problems using internet banking or mobile banking Yes Yes Yes Yes
Reporting a suspected fraudulent incident or transaction Yes Yes Not possible Yes
Progress following an account suspension or card cancellation e.g. following a fraud incident Yes Yes Not possible Yes
Account opening: including eligibility for an arranged overdraft, what is required to open an account and an indication of what arranged overdraft may be available Yes Yes Not possible Yes

Note: this is a list of common queries. It does not represent the full list of queries you can raise in relation to your account.

How and when you can use your bank account to do the following things

  Telephone banking Internet banking Mobile banking
Checking the balance Not Possible 24 hours 24 hours
Accessing a transaction history Not Possible 24 hours 24 hours
Sending money within the UK Not Possible Not Possible 24 hours
Setting up a standing order Not Possible Not Possible 24 hours
Sending money outside the UK Not Possible Not Possible 24 hours
Paying in a cheque Not Possible Not Possible Not Possible
Cancelling a cheque Not Possible Not Possible Not Possible

Note: this is a list of common actions. It does not represent the full list of actions you can take in relation to your account.

Information about operational and security incidents

We are obliged to notify the Financial Conduct Authority if we become aware of a major operational or security incident which prevents our customers from using our payment services.

  In the 3 months between 1 January 2019 and 31 March 2019 In the 12 months between 1 April 2018 and 31 March 2019
Total number of incidents reported 0 1
Incidents affecting telephone banking Not Applicable Not Applicable
Incidents affecting mobile banking 0 1
Incidents affecting internet banking 0 0

Complaints Data

Financial Conduct Authority rules require us to provide them with a report of our complaints data every six months. In certain circumstances, we are also required to publish a summary of our complaints data.

The most recent summary is available at https://monzo.com/legal/complaints-data/

The Financial Ombudsman Service publishes its complaints data every six months. Its most recent publication does not contain any data relating to us.

Opening a current account with us

How quickly do we open personal current accounts?

We give customers an account number and enable them to start paying into the account:

  • The same day, for 99.33% of customers
  • On average, in 0 days; and
  • Within 1 day for 99% of customers

These figures are based on the time from when we first receive an application to open the account.

How quickly do we give customers a debit card?

Once an account is open, we give customers a debit card:

  • The same day, for 0% of customers
  • On average, in 7 days; and
  • Within 57 days for 99% of customers

How quickly do customers get internet banking?

Once an account is open, we give customers internet banking:

  • The same day, for 99.33% of customers
  • On average, in 0 days; and
  • Within 1 day for 99% of customers

How quickly is an overdraft available?

Not applicable - Customer can apply for an overdraft once an account is opened.

Replacing a debit card

How quickly do we replace debit cards that have been lost, stolen or stopped?

We replace debit cards:

  • The same day, for 0% of customers
  • On average, in 7 days; and
  • Within 54 days for 99% of customers

Opening an account with us

To open a Monzo current account, a new customer will need to provide us with a picture of a valid identity document (e.g. Passport, Driving Licence) and a selfie video recorded through the Monzo App. We may request additional information or documents in individual cases.

You can open an account:
Without visiting a branch Yes
Where a visit to a branch is required, without appointment Not Applicable
By sending us documents and information electronically Yes
By Post No