How often do you use your debit card?
- Everyday for all expenses
How many cards do you have in your wallet, and what are they?
- Three: Chime, Venmo card, USAlliance
How do you budget your day-to-day spending and how often do you stick to that budget?
- I don’t budget really (wish I did), but track spending on an app called Albert. I don’t
What excites you about Monzo?
Love challenger banks because all focus is on tech, convenience, and user experience. Unfortunately, all the US challenger banks have been bought by large US banks, which means a forced union of the old, awful ways and the new.
Monzo was started, grew on its own, and became a leader in banking - always as a challenger bank. That’s what excites me. Monzo didn’t need to gobble up competitors & their talent to adapt to the changing ways, Monzo is the change that must be adapted to! I believe Monzo’s success and the other UK challenger banks will force US banking laws to adapt to enable further innovation too!
Features: Monzo has pretty much everything all in one app, debit, credit, expense tracking, budgeting, and more!
What would Monzo need to do to be the first card you pull out of your wallet when you go to pay at the store?
1st and foremost, easy to add to Apple Pay; I don’t want to open my wallet!
2nd, I have desperately been craving for the ability to black list specific vendors instantly OR have checking accounts that are vendor whitelisted depending on which checking account is being charged and from what vendor I’m being charged. Why is having money in my account allow the charge? Tell the vendor I have no money for their bs!
Oh, you forgot to set a calendar reminder to cancel a trial subscription? Well I can just blacklist them now, so the future charge won’t happen, yet I can still use my card elsewhere. Oh, someone managed to swipe my credit card information while traveling abroad? Declined, I just have US vendors whitelisted when I got back! Or maybe my drunk mind thinks that because my beer budget ran out I should spend my set aside rent money. Well good thing sober me only whitelisted my rental company, so declined!
3rd, easily allowing me to open up tons of internal checking accounts that also allows me to automatically split my paycheck into each account for specific recurring bills & budgets OR a joint account that I can open up with friends for things like rent & utilities. ALERT: You don’t have enough money in your joint account to pay your rent in 3 days! I get to text my friends whats up rather than it all coming out of my account.
Managing multiple bank accounts, asking Accounting to set up multiple direct deposits, or needing to remember to transfer this money on x day is a huge pain in my rear. Billing dates aren’t always consistent and I want money set aside for those automatically from my direct deposit and separated into it’s own checking account. I don’t trust myself with all my money being in one place - the temptation is too great when the number is big!
Technical Workaround: Maybe Monzo could manage the singular checking account, but for the customer facing side it looks and operates like I have many. If I could switch which internal account is being charged on the fly - budgeting would become a breeze.
If Monzo could just do #1, you’ll get some of my spending money.
If Monzo could do #1 & #2, you’ll become my primary bank.
If Monzo could do #1 & #2 & #3, I’ll close every other bank account I have and Monzo will become my singular bank for life.