Spreading false information about the precarity of banks is particularly dangerous; it can lead to what’s called a “bank run” which actually can cause more problems as a glut of panicked customers try to withdraw cash.
If too many people withdraw their funds at once, ironically they can create a self-fulfilling prophecy that does place the bank – and your money – in trouble.
Both Monzo and Revolut have been debunking the false rumours online.
Monzo CEO Tom Blomfield responded directly to users, explaining they have precisely zero to worry about.
@StephanieYeboah @monzo Monzo is not going bust.
Source: I am the CEO 😉
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