Is Monzo coming down? Online banking problems explained

MONZO is an online only bank, so when it crashes, users cannot access key services.

Bank crashed today caused customers to have their accounts locked just a few days before Christmas.

Monzo customers can't make transactions this afternoon


Monzo customers can’t make transactions this afternoon

According to the website Downdetector, the problem started happening around 4pm this afternoon, with more than 1,300 complaints quickly logged by users.

About 65% of the reports related to Mobile banking app and 25% is on online banking matters.

Users said their online purchases were declined this afternoon.

How to check if Monzo is down?

Monzo confirmed it was experiencing technical problems this afternoon.

It says they are trying to fix the problem asap.

Monzo tweeted: “We’re very sorry about this! We know the issue affects the Monzo app – rest assured we’re looking into the issue and working to get everything up and running like we were. said. Thank you for your patience.”

Continue to check the company’s website for updates as the issue is resolved.

Will I be compensated?

Banks have no fixed compensation sentence if service is interrupted but you may get some money back.

It often depends on how much of an impact the problem has on you – for example, if it cost you money or damaged your credit rating.

Monzo has not yet commented on whether customers are eligible for compensation because of the technical problem that occurred only about an hour ago.

More information is likely to be revealed at a later date, depending on the downtime.

In the meantime, you should gather evidence of your problems so that you can make a formal complaint directly to Monzo.

If you can, document when you couldn’t access the app, plus any costs incurred as a result.

If your credit rating was affected by a service outage, such as because you received a late payment fee after being unable to make a transaction, you should also document this.

If you have spoken to anyone to try to solve the problem, write down their name and when you spoke to them, as well as roughly what you discussed and what they recommend you do. .

What if Monzo refuses to compensate me?

If you are not satisfied with the way your bank has resolved your issue, you can contact Financial Inspection Service (FOS).

This is an independent body that will review the evidence you present and make a fair decision on what action the bank should take.

The FOS can usually join 15 days after you raise your concern with the bank.

In the event of an IT system outage at a bank, the FOS says any compensation depends on your circumstances and whether you lose results.

If it thinks you have done so, it has the right to ask the bank to refund any fees, charges or penalties you have incurred, for example if you are unable to pay your credit card bill. use or to your mortgage servicer.

It can also ask the bank to pay you any money you don’t receive, such as interest, if you are unable to pay.

If your credit score is affected, it may require your bank to correct your credit record.

FOS may also ask your bank to reimburse you for any additional costs you must make, such as phone calls or trips to your local branch, as well as a payment for any inconvenience it causes.

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Bobby Allyn

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