How long do transactions out of my account take?

#21

With not that many active users, there should be no need for prolonged delays. Yes every new card company, bank etc has additional checks after all you have to make rules that abide by regulations and your commitments, there still has to be some sort of balance. You are building a rule set based on users, it’s the only way to do it properly.

However, its obvious going wrong if faster payments from established accounts and banks are triggering rules so often with such a low user base.

Also the nature of a new bank account, you transfer money into that account, I’m not sure why that would be seen as high risk, its normal procedure, and it can’t really be justified as because of AML rules, especially if its coming from or to one of the big banks that are very tight on blocking transfers like Barclays for example.

4 Likes
#22

@daedal it may be worth noting that the issues by @kiff and @dipperdolphin were for outgoing transfers from dozens to external accounts (both Monzo in these cases) and these do appear to be in the minority based on feedback of the other users commenting…

#23

The money had to come into the account from somewhere, plus there are other examples on the forum and elsewhere. So my points are still valid especially with a small user base.

2 Likes
#24

Unfortunately nothing is as simple as it appears when you build a system from scratch and are accountable to the FCA for all your actions - newly launched fintechs are a hotbed for all kinds of fraudsters, so we have chosen to be extra careful in our early days. The systems as well as the rules engines have fuzzy logic, so they learn as we mature more and have more and more transactions, so this will get more efficient every day. But meanwhile, my and dozens’ appetite for making any potential fraudster or money launderer’s job easier is NIL - appreciate this is frustrating for some, but given the very negative effects of these actors on our society, do bear patience and take it as some form of a social tax. We get to most payments within hours anyway, even if it triggers manual checks, and even if its outside regular business hours.

2 Likes
#25

I transferred some money from my Dozens account to my Monzo this morning. Almost 2 hours and still nothing showing. Contacted in app but no response so far.

#26

Most payments are very quick or immediate but occasionally there are short delays - I believe there is nothing pending at the moment and your should have cleared a few hours ago now.