Hacker News Reader

Comment by dazbradbury | Hacker News Reader

Big congrats to Monzo, and I can't wait to see what their marketplace looks like when it's finally fleshed out.

What's the state of account switching in the US? I'd have thought a big part of Monzo's strength in the UK is the mandated account switching service:

https://www.currentaccountswitch.co.uk/

Is there an equivalent system in the US to reduce the friction of switching banks?

View on HN

I don't think an equivalent of the Current Account Switch Service exists in the US, which is a shame.

But I don't think this is crucial. We had around 5,500 switches via the Current Account Switch Service in May, but added around 200,000 new customers.

Oh wow - I thought the current account numbers were driven far more by switching. Presumably it impacts the % where salary is being paid in? But at those numbers maybe it's irrelevant!

Great job again, and as I say, can't wait for the fully fleshed out marketplace.

It's unfortunate that the fully automated service requires you to close your the source account completely when switching. I was about to push the button on getting my salary paid into my monzo account but a diversity of current accounts has its uses.

I think the justification for only providing switch and close was that it was the only way to reliably avoid double payments IIRC. Personally I would have taken that risk and resolved them manually if necessary.

Reply on news.ycombinator.com