Butler service

I get really wound up when I get charged a missed direct debit even though I’ve got money stashed away in a savings account. With my permission, it would be ideal if the bank could just draw down from my savings automatically to avoid the harsh charges.

I wrote butler service, as the subject, because I see this as the first obvious automation a bank could do to help take the pain of managing my money better, like a butler would take the pain out of whatever fancy people do. Creating pots and transfers and all this stuff, it’s such a faff. I have to create, manage and execute on time. Way too many opportunities for mistakes, to be distracted etc.

If you have money stashed in pots, you can set direct debits up to be paid from pots.

Swipe onto a pot from your Home Screen and click ‘pay from this pot’ and you can set this up.

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Reminds me of Fancy Hands back in the US!

Because of that, when I read butler service it made me think of something more inline with the concierge feature offered by Revolut, which I wouldn’t be against as a plus or premium feature. But that’s not what your suggestion is about.

I’d like more neural driven automations too in order to overcome situations like this, so I’ll vote for your idea. I loved the way Simple handled this stuff with goals and expenses. Monzo has some powerful budgeting tools, but I’ve always found them too frigid, too static, when a little automated magic to keep things more dynamic would solve many of my qualms.

Thanks for the prompt reply, and for a constructive solution. While it’s not what i’m looking for, really its the opposite (adding more complexity, more administration), I appreciate the suggestion. My ask here is for this to be automated.

You do it once and that’s it. Then it is automated every month.

Surely your new idea would also require set up?

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I don’t think it is a 1 time thing, right? I have to setup pots and instructions per direct debit (and that’s just direct debits). Giving permission for a AI to handle all transactions could be a 1 time thing, grant permission and keep me updated, provide an opportunity to intervene but otherwise handle all this stuff for me. Fundamentally a bank is supposed to look after your money right? That’s why we don’t stash it under our pillows, so this just seems like a natural extension of that. Seeing as unforeseen bills, particularly when I was broke, really could have been avoided if the banks just helped me out.

I hope this isn’t a new idea, like I’ve been wishing for this for 15 years but knew the old banks would never look to hurt their revenue of charges and fees, the neo banks brought fresh optimism it might happen.

It’s a one time thing per DD, unless you’ve got 100 DDs, I can’t see this taking more than a few minutes.

It also exists so if that solves your problem even most of the way that’s better than waiting for something which sounds on the face of it very far away?

Can you clarify what it is you want a little?

Are you saying you want Monzo to have access to all your savings accounts and just be allowed to pull in if needs?

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But you obviously have pots set up or the direct debits wouldn’t be failing. If it’s in a completely separate account then that’s even more complex.

In the time it’s taken you make this topic/reply, you could have set your payments to come from pots (or to mirror it if they aren’t a direct debit) and you’d have your issue solved.

I think it’s unlikely this level of service is going to happen as there’s just so many variables to it.

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Automated Bill Pots + Salary Sorter – that’s how I do mine. Works a treat, once every pay day I split my money. Leave, and forget about it.

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:point_up: This. It just works. Also:

Getting charged for missed D/D’s - Monzo gives you a warning if a payment fails, so you have time to get money into your account to cover any missed payments (Monzo then retries the payment later that day)

Plus: if it is a Monzo ‘locked’ or limited access savings account or a similar external savings account, you won’t be able to instantly withdraw in time to cover the upcoming D/D

there are lots of variables for sure, it would require AI but people who aren’t great at managing their money would benefit the most. Manage separate accounts, mortgages, loans etc would be great. Someone better than me at managing my money, the bar is low. In 2002 I got told online estate agents were never going to happen, then purple bricks showed up. It can start small MVP - The simple transfer to stop an unexpected bill sending you into an unarranged overdraft, wouldn’t even require AI. I’m surprised just how much this has tickled folks already, my first foray into the community here, its very lively. good stuff.

the income coming into my account comes in dribs and drabs but along those lines there’s some inspiration for me between this and another comment to put in a makeshift solution for my known regular overheads. thanks

You are correct, it wouldn’t require AI. If Monzo were to count pot balances for overdraft purposes, this problem disappears.

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struggling to keep up folks. It was a broad concept so it goes off in all sorts of tangents. But the theme is ‘do it for me’. Having all these new pots and things is a step up from the banking I was brought up with, but its just the start.

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So open TSB account then, they offer this option:

https://www.tsb.co.uk/current-accounts/autobalancer/

seems a bit drastic to move back to an old bank for 1 automation in a backlog of helpful automations. While I wouldn’t necessarily say because TSB have it, the need is validated at scale it does show these are not original concepts.

It was your tangent, to be fair.

I can see the utility of it, but it’s not for me. I much prefer to be in control of this sort of behaviour. You say that it is simple, and in most cases, this is true.

But as just one counter example; some people pay Council Tax by DD. For most, it’s a similar amount every month from April to January, for others its April to March. Whatever auto magical algorithm was predicting this would need to be set up accordingly, which is exactly what you can do now with salary sorter and bills pots.

So, in conclusion, yes, it’s a nice idea. What I like to call ‘fun, but not important.’

You’ve been waiting for something for 15 years but you won’t change banks to get it?

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for you, its fun, for others its critical just depends on where on the scale of financially competent you are. The utility of it all really could benefit everyone though. There are countless edge cases indeed, and that’s where the complexity that needs to be solved is. Master the complexity so people can focus on things that really matter in their lives, not pots and overdrafts. Good example, I’m impressed by all the engagement here. Cool community.

Sorry I must not have explained, I’m waiting for a bank to actively manage my money that’s what I’ve been waiting for. things like ‘auto-balancer’ are the kind of things I would imagine to be part of that, but again having to set it up, rather than me just approve it isn’t that pro-active management I’m thinking of.

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