Re:Monzo, a U.K. challenger bank, raises £85M Series E
by dbbk on Wednesday October 31, 2018 @03:19PM
(#18348528)
Monzo uses Intercom inside their app for customer support. I far prefer it, because unlike with calling a typical bank it doesn’t demand your full attention. You can just shoot them a message, go off and do something else, and reply in your own time.
Even then, their response rates have been pretty fast.
In terms of financial protection you get the exact same FSCS protection as anywhere else.
Off the top of my head I know they don't have branches so you can't speak to someone face-to-face like you might with a traditional bank. Is online/telephone support generally good with these challenger banks? Are there any other negatives I should be aware of if I sign up?
If I deposited a large sum of money into my account would I have all the regular protections of a traditional bank or are there additional risks associated with these small challenger banks?