While I personally think fractional trading is a really positive step, and I know it’s not exactly new but is becoming more main stream I truly think it is going to lead to millions of pounds left unclaimed in the long run.
Their will be loads of accounts opened in the hype and then forgotten about. £5 here and their and people’s interest will drop.
I see more and more of the challenger banks also offering Bit coin and the likes. I am glad Monzo has not went down that path. You need to walk before you crawl and we (Monzo) are still very new to the banking world.
I’d love to see this feature on Monzo. Hargreaves Lansdown (I think the UK’s the largest) charges up to 12 pounds a trade, and the app could be so much better. Monzo has the platform to potentially get younger people investing, and could be an area where they could really make some money whilst undercutting the traditionals. I would love to see an index linked fund option as an alternative to Monzo’s saving pots
Now this is interesting. UK-US transfers (and vice versa) are now available at no cost on Cash App.
If they can launch cards here, they might be able to get some traction. Their UK app hasn’t had any meaningful updates for a long time.
They have already launched a debit card for US customers. It is a nice black customisable card. It gives free ATM withdrawals if you have direct deposit with them. The cool feature is “boosters”. It offers % or fixed amount discount when the card is used to purchase at select merchants.
Yep, a few friends in the US have it. Be cool if they launched it here - the UK app doesn’t do a great deal at the moment - just P2P.
They are expanding their services into debit card, bank account with direct deposit, stock trading with fractional shares, crypto trading and boosters.
I refer to the features offered to US customers.
Do you see this type of thing as a bigger threat at Monzo and Starling than at more established banks? If so, why?
Hindenburg revealed their next victim:
Block shares plunge after Hindenburg says Jack Dorsey’s company facilitates fraud
“former Block employees estimated that 40%-75% of accounts they reviewed were fake, involved in fraud, or were additional accounts tied to a single individual.”
I’ve recently signed up to Cash App and allowed access to my contacts. On my phone, I’ve got Monzo set up as a contact with its phone number and help@monzo email address (under the name Monzo).
I noticed that someone has somehow been able to sign up with the help@monzo.com address on Cash App and is appearing as AMiR FARD & Co Global Holdings - never heard of this company/name before signing up … Not sure how they’ve done this as Cash App requires a validation code sent to an email.
Obviously a clued up person would see this name and not recognise it, but there’s potential for scams to occur. I’ve reported the account anyway…
They do [now] send verification emails… strange… Maybe in 2020 (when the above user joined), they didn’t validate emails?
Just some further proof that the Amir company isn’t saved in my contacts, and the email is indeed linked/named as Monzo in my contacts.
Obviously, an immediate fix for me is to remove the email from the contact and it won’t appear in Cash App anymore - but it would still display for others (maybe try it yourself and see if you see the same results?)
Hmm yeah I just checked it again, it seems like there’s no Cash Tag associated with it anymore! I did report it a couple of days ago, so it might just be remnants in my app’s cache - especially if you can’t replicate it.
I think it was exposing the email because I had it saved in my contacts, unsure!
What an odd one!
PayPal is now charging a fee for international F&F transfers.
Cash App Card in the UK When?