I recently switched all my spending to Monzo, and I’m loving the experience. When using it for all my spending, I have a rough idea on how much I have in my account at any given time. When I receive a notification I mentally know my balance will drop to that lower when I next open the app . This mental ledger roughly corresponds with what the app shows.
Occasionally when I open the app I notice the balance is lower than I expected. There haven’t been any transactions, and I didn’t just forget the balance of the account. Instead a pending transaction has charged a different amount to it originally posted. This is an issue with lots of services. TFL does this when you initially link a card, when travelling abroad a lot of retailers will put on a pending charge (particularly in the US) and then either update it with the tip or refund it and apply another charge.
This discrepancy between the balance I expect and the balance I find is bad for two reasons. Firstly its always a shock when you open the app and find you have more or less money than you expected with no indication why, it often leads me to assume theres been a mistake unless you scroll back through transactions and try and find one thats changed (unfortunately it means I lose confidence in Monzo). Secondly it means its hard to keep track of which transactions are pending and may change in the future.
I would love to see the following features:
- A push notification when a transaction posts which has a different value to the pending transaction. This would allow me to be aware why my balance has changed when I next open the app.
- An alert in my transaction feed to show which transaction has posted if its value was different to the pending transaction. Again this would allow me to be aware why my balance has changed when I next open the app.
- The option to flag a transaction as should be refunded, so that I can view any transactions that should have been refunded and deal with them if they haven’t after a reasonable period of time
I feel like all of the above would help to build trust and confidence in Monzo. Let me know what you think