MONZO is an online-only bank, so when it encounters problems, users cannot access key services.
The bank collapsed on December 23, leaving customers stuck in their accounts days before Christmas.
According to the Downdetector website, the problems began around 4 p.m. the same day, with more than 1,300 complaints quickly registered by users.
Around 65% of reports were about the mobile banking app and 25% were about online banking issues.
Users said their online purchases were declined this afternoon.
How can I check if Monzo is down?
Monzo confirmed he was facing a technical problem this afternoon.
He said he was trying to fix the problem as soon as possible.
Monzo tweeted: “We are so sorry! We are aware of an issue affecting the Monzo app – rest assured we are investigating it and trying to get things back up and running as we speak. Thank you for your patience. ”
Keep checking the company’s website for updates on resolving the issue.
Can I get compensation?
Banks do not have a fixed compensation system for service interruptions, but you may be entitled to a refund.
It usually depends on the extent of the outage that affected you, such as whether it left you behind or hurt your credit rating.
Monzo did not say whether customers would be eligible for compensation, as the technical issue only occurred about an hour ago.
More information will likely be revealed later, depending on how long the outage lasts.
In the meantime, you need to collect evidence of your issues so that you can file a formal complaint directly with Monzo.
If you can, write down when you were unable to access the app, and any charges you incurred as a result.
If your credit rating was affected by a service outage, because you received a late payment fee after being unable to complete a transaction, for example, you should also record that.
If you spoke to someone to try to resolve the issue, write down their name and the date you spoke to them, along with roughly what you discussed and what they advised you to do.
What if Monzo refuses to compensate me?
If you are unhappy with the way the bank has handled your problem, you can contact the Financial Ombudsman Service (FOS) free of charge.
This is an independent body that will review the evidence you present and make a fair decision on what action a bank should take.
The FOS can usually intervene 15 days after you raise your concerns with the bank.
In the event of a bank computer system failure, the FOS says any compensation depends on your situation and whether you lost as a result.
If they think you did, they have the power to tell the bank to refund any fees, charges or fines imposed on you, for example if you were unable to make a payment for a credit card bill or to your mortgage provider.
It could also tell a bank to pay you any money you haven’t received, such as interest, if you weren’t able to pay the money.
If your credit score has been affected, he can ask the bank to correct your credit report.
The FOS may also ask the bank to reimburse you for any additional costs you have incurred, such as phone calls or travel to your local branch, as well as payment for any inconvenience caused.
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