What if we could have a feature to cancel subscriptions?
you would have to have some system where the merchants email is known. you can’t just cancel a subscription with a bank as you need to do it with the merchant as well. if Mondo knew the emails of merchants they could email them a cancellation message when you cancel the subscription in your Mondo account
Most company’s will automatically cancel a subscription if they can’t take the money from your account, maybe mondo could slowly build up a database of company’s that cancel subscriptions without any sort of penalty and allow you to quickly block the payments from within the app therfore canceling the subscription? For example iTunes music, when I diddnt have enough money in my mondo account and iTunes was unable to collect the money, they simply sent me an email…saying that they payment failed and to continue listening to update my card details. I know a lot of other company’s do this too.
I have had subscriptions that have been a nightmare to cancel before and would of loved to be able to quickly block a payment.
The Financial Conduct Authority has rules about cancellation of subscriptions (known as continuous payment authorities - or CPAs), a summary of which can be found here. It is quite clear the onus is on the card issuer to stop a CPA when the cardholder requests it, and does not draw any distinction between a debit, credit or prepaid cardholder. So technically it should be quite simple for Mondo to block a particular merchant for any individual cardholder.
One possible problem with stopping subscriptions is that blocking the card does not absolve you of any contracts you have with the merchant. If this feature was made, it would need to be clear that you may still need to pay for the service, which could render it as being not-super-useful.
Totally: if you have an obligation to pay, then pay you must.
However the rules issued by the FCA give cardholders the option to cancel a CPA. So whether a cardholder wants to renege on a payment arrangement, change the way they pay their obligation, dispute an arrangement, or prevent an organisation from siphoning more money from their card account, well… that’s up to them. All l’m just saying technically it should be easy to implement, and it’s something that Mondo would have to act upon if instructed by a cardholder anyway. If it can be elegantly built into the app it will save a to Mondo customer services.
Well it would have to apply to DD
We’re definitely planning to help manage recurring payments, which will include both direct debit and CPA on a card.
We will forecast what impact they’ll have on your monthly budget, alert you when they change, and allow you to cancel them from within the app.
It makes most sense to work on this when we have DD functionality available. Until then, if you’re having problems with a CPA, just contact support in-app and we’ll help out…
Direct Debit failure notice - 3 days early
Can monzo tell me who has my card data stored?
Tag debit card payments as regular/continuous
What does 'Freeze' freeze?
I seen your talk on a web scraper for banks that you did last year. What if you could we scrape the top 200 companies people use for subscriptions to get data to cancel inside the app. It could be scraped once a month.
+1 for this. I always use PayPal for subscriptions where I can as you can cancel these from within PayPal. If not, I use a prepaid card so in the event of any dispute or problems with the merchant not cancelling I just stop topping the card up. You should definitely implement the ability to cancel subs. as you wouldn’t want my brand new Mondo card joining the other disused ones in the back of my desk drawer now, would you?!
Most recurring payments use direct debts which give the user a lot more control. If you wish to cancel your subscription you can just simply cancel the direct debit. However some companies wont like this and charge you a late repayment fee so be careful. Once mondo becomes a full bank you’ll be able to use direct debits.
Direct Debits are of no use in international transactions. I have subscriptions to multiple websites around the globe, they all require PayPal, debit or credit cards.