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At least in the UK, by law you are not responsible for any fraud on your account, and even if the bank folds the government will bail them out up to 85k per acc
by Rjevski 8y ago
At least in the UK, by law you are not responsible for any fraud on your account, and even if the bank folds the government will bail them out up to 85k per account (FSCS protection), so I wouldn't be worried.
Disclaimer: Monzo & Starling Bank customer.
- blibble 8y agoif there's a serious fraud and the "app only bank" disagrees that you had 50k in your bank account: how do you prove it to a court without paper statements? this is the reasoning that prevents me storing any more than trivial amounts in these app only banks a magistrate understands a paper statement on company stationary
- SideburnsOfDoom 8y ago> how do you prove it to a court without paper statements? The UK banking sector is not unregulated. You would expect, that when a company is certified by the relevant authority that they would have to comply with standards and reporting requirements. getting onto the FSCS protection is not trivial, if it was then Revolut would also be on it.
- SideburnsOfDoom 8y agoMonzo and Starling are FSCS protected, Revolut is not. You can check here https://protected.fscs.org.uk/tools/check-your-money-is-protected/ https://protected.fscs.org.uk/tools/check-your-money-is-prot...