✅ Bill Pots (previously Committed Spending Pot)

Monzo have already said that this is coming so I don’t understand why we would need to vote for it? :confused:

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We are becoming the Monzo House of Commons - voting for votings sake :rofl::rofl:

Might have to work out how we get indicative votes going on the forum…

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Can I vote not to vote? :exploding_head:

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As Speaker of the Forum (self-anointed) - I’ll allow it.

DIVISION! - clear the thread

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I’m not sure this is true. From what I’ve seen Monzo had a staff build which needed refining, but no one confirmed that there was a team working on it.

@Jami kind of said that here. Without saying it explicitly he refers to ‘we’ a lot :slight_smile:

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I remember @simonb saying somewhere that he kept pushing for it to be built at All Hands meetings, which implies it’s currently not being worked on.

Hopefully I’m wrong though - it would be a really useful feature.

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It seems that the envisioned implementation of this is a single ‘committed spend’ pot that bills come out of. This seems a rather inflexible way of doing this.

I’d like a simple selector in the details screen for each direct debit / standing order where I can choose the pot that should be used for that specific bill.

Am I alone in thinking that would be a better way of achieving the same thing?

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Ahh my bad. I hadn’t been on the forum for a while so hadn’t seen it.

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Not posted in awhile… logged in to check the status of this. I second this… I’ve been waiting for this feature for a very, very long time. I already have pots set up for my gym membership, credit card, holiday, phone etc… having to move the money over is a hassle. I know you can use IFTTT to move the money over, but that’s based on the assumption that everything leaves your account on the same day each month (I fell foul of this in February… 28 days… and paying for it now)

I would like to see:

The ability to assign DD’s and standing orders to Pots - and have the money taken directly from the assigned pot.
If there is insufficient money within the pot, THEN the money should be taken from the main balance.

This will really help with budgeting… your committed spending becomes just that, committed.

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I wonder if the problem is that, especially with DDs, the company receiving the money uses sort code and account number - so naturally as the pots aren’t a bank account per se it wouldn’t be able to “draw” from a pot specifically.

However, that being said adding automation so that the DD is pulled from the main balance but the same amount is simultaneously pulled from a pot into the main balance sorts this.

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Yep. The DD / external bank need not know of pots… As Monzo receives the request, they’d just pull the money from the Pot… it would be some sort of look up table.

If the money has to be drawn from the main account - then the money would need to be pulled from the pot first, before it is taken from the main balance… else its no better than IFTTT…

I suppose then it is just the functionality of the process - does the money get drawn pre or post the DD? What if the pull through fails and the DD is declined because there isn’t enough in the main account to allow it to go through.

If it is pre-DD how long before the DD is it pulled through. I suppose it is just a lot of testing a learning. Would definitely be a great feature though - I’d use it!

Well, Monzo will know when the DD is to be pulled - as they will receive a request…

They then grab the money from the pot. If insufficient money exists in the pot - then the money is drawn from the main balance (including overdraft if you have one).

If insufficient funds in your main balance, then you default - as is the norm for when you have insufficient funds.

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This would make sense. DDs come out at 2am (or 3am now we’re in BST), so it would make sense they move money from the pot an hour or two before the DDs are sent.

The complicating factor is the amount of money that needs to be in the committed spending pot when you’ve variable DDs like phone bills.

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Yeah no I understand the simplicity of the overall flow/ process of what would need to happen.

But say for instance you are an “envelope” budgeter. All of your budget is held within pots and as and when you spend you pull out of the pots into the main account. So say your main account is only ever at £50 (give or take) but your overall pot values is say £700 - so you technically have £750 in your account but only £50 in your “account” so to speak.

DD day comes round and you’ve established the “Committed” Pot with Monzo - so what should happen is that 2-3 hours before, Monzo will pull the money from the Committed Pot into your main balance. DD goes through, your Mortgage for that month is paid.

But what if, due to a system error, or a lapse time [insert any number of relatively reasonable issues here] the pull through doesn’t work. You’ve got enough in your account technically but not in the actual “account” section. Because the draw through didn’t work you’ve defaulted on your DD and likely will have to pay charges.

I guess in those cases, Monzo would be at fault and have to cover charges,

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Oh yeah totally, I wasn’t trying to ask who should be at fault - but what I’m saying is it would be a pretty big risk to just let the pot out into the wild like that with that sort of risk - there are 101 things that could go wrong.

As you also say, it would have to be able to vary the amount pulled through if for instance was a variable DD.

It hurts my head just thinking about how you’d cover the eventualities :exploding_head::exploding_head:

I don’t see why? The scenarios are as follows:

My DD is £400… I have £400 in the pot I have allocated… £400 is taken from that pot.

My DD is £400… I have £200 in my allocated pot, and £300 in my balance. £200 is taken from my pot, £200 is taken from my balance. Leaving £100 in my balance.

My DD is £400… I have £10 in my pot, and a balance of ZERO… I default as I have insufficient funds.

I’m not privy to the inner workings of monzo pots - but I can’t see it being difficult to look in a pot when a DD request comes in, and see if there is enough money to cover it.

Regarding variable DD’s - I think most people have a rough idea of what their bill is going to be each month.

Also, those who wish to be ‘envelope’ budgeters can continue to be - they don’t have to use the committed spending pots feature.

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What if the draw through doesn’t work though? This is what I’m trying to say. I have a scheduled payment that goes into the pot and it doesn’t update straight away. That’s an issue if you’re having a DD taken out of that pot.

So yeah I may have it all in a pot - but if it isn’t draw through I shouldn’t be at a loss because I use the pots feature - that’s all I’m trying to get at. The whole feature needs to be really tight and not allow for any errors.

I’m not saying they have to use it or they don’t have to use it, it just seemed to be the perfect example of someone who probably won’t have enough in their main account to cover the DD if the draw through from their pot failed.