Users of the app-based banking solution, Monzo, are left hanging and unable to process transactions using their Monzo cards as the company, which is one of those that democratize banking with its promise of “the banking of the future,” was hit by several technical glitches making it unable to process several transactions.
“We are investigating a problem causing some card transactions to fail,” Monzo’s status page reads. A similar message appeared in the app to users.
Users are reporting the problem in social media
Users are starting to report that they are unable to process transactions using the platform and could not withdraw from ATMs using Monzo cards despite the fact that they have remaining funds in their accounts and everything on their end are set up correctly.
Reports from users revealed that they had been left unable to pay at a counter after machines declined their cards, others say that they are already causing long lines in ATMs as they are trying to figure out why their account is not dispensing money.
Others also reported problems with the app where they could not log in to their accounts, and when they manage to open up their banking details, some information appears to be missing.
One user tweeted that all of his money that was deposited in Monzo Bank has disappeared. “So all my money has disappeared from my @monzo account this is very helpful….. #monzo,” he wrote.
“HELP!!!!” wrote another one. “My joint account has disappeared from the app with all of our money!”
Users have been tagging Monzo’s twitter account and asking for updates as their transactions are being held in different establishments. Another twitter user asked when will the services resumed as she is still in Duty-Free to pay for something. “@monzo We’re at the airport and can’t cane the Duty-Free. How long until you’re back up and running? #monzo,” she wrote.
Some users also expressed their embarrassment after their cards are denied in stores. “Just been called back into the local supermarket after card payment failed to authorize. Embarrassing as know money is in the account! #monzo?” one Twitter user laments.
Monzo is a digital, mobile-only bank based in the United Kingdom and originally operating through a mobile app and a prepaid debit card, in April 2017. When certain banking restrictions were lifted, they also started offering current accounts in their platform.
The company prides that more than 2.5 million users are currently enrolled in the bank. “Now more than 2.5 million people use our hot coral cards to manage their money and spend around the world,” reads the company’s website.
“We believe in an alternative to the banking of the past,” added Monzo. “We’re focused on solving problems, rather than selling financial products. We want to make the world a better place and change people’s lives through Monzo.”
Back in June, the company announced that on top of their prepaid cards and current accounts, they would also start to roll out and offer business accounts. They said they have already tested it with more than 100 business.
“Over the past four months, we’ve been working hard behind the scenes building a business account. And we’ve tested them with 100 business owners so far, who’ve been giving us lots of useful feedback,” they said.
“We’re excited to say that we’re slowly starting to offer more business accounts to the people on our waitlist. And to keep you updated with what we’re building, we’re launching a transparent product roadmap for business accounts!”
Meanwhile, as the problem becomes apparent to more users, they started contacted Monzo’s customer service, which also disappointed them. Users report that the representatives from the company have them wait for long minutes, even hours, to get a response. For them, this customer service process makes them feel “unimportant.”
“Experiencing some of the worst customer services of my life through chat on the #monzo app. Agent Kav has left me waiting over an hour without response twice. Then finally it seems ghosted me at the end of their shift. @monzo this really made me feel unimportant,” one Twitter user said.
In an update web page that the company created for users to check regarding the problem, the company said that they have already found the cause of the problem and is already fixing it.
“There is currently a problem that is causing some card transactions to fail, or the Monzo app to display incomplete or old information. If affected, you may also be unable to login or receive bank transfers,” the update reads.
“Transactions made during the outage may take some time to show in your feed. If things still don’t look right, please hold tight as we are working hard to fix this as soon as possible,” they added. “We’re really sorry about the inconvenience and we’re working really hard to put things back to normal.”
This article is updated 03/07/2019 at 1:39 AM GMT +8 to include the statement from the company and the update web page they have released.