I feel like this topic has descended into a very dark place…
We’ve recently become profitable per customer. That’s what the £1.70 refers to.
It doesn’t account for our fixed costs. We are still quite a way off from being profitable as a company. Hence the recent investment, which allows us to continue towards that goal for a while longer.
You see, this is where I get confused. I’ve never consulted with Tesco and Sainsbury’s, NatWest and Lloyd’s, M&S and Debenhams so their prices are thus ‘forced on us’ in exactly the same way. Yet there isn’t the same response. Why is this different?
I would make the point though a good recommendation from an existing customer is worth alot more than the £3/4 you make off a person from the cash deposits.
Personally im definitely more hesitant to suggest monzo to my friends than i was a month ago.
Absolutely, and that will be where any brand damage in this area comes from. Until profitability dawns, then I think Monzo’s ability to respond will still be constrained.
Monzo has gone out there to be different. To be transparent. To involve its community. To disrupt the banking norm. They give an image of this being the norm, so people switch to use them. And then, when we have, the transparency evaporates and we are given the news that a free function of all the other banks - a basic, fundamental function - is charged at £1 a pop.
I call foul. This is all just wrong.
Simon - as always - appreciate the fact you guys are hanging around in this thread.
Can I ask: is anybody in management watching the reaction in this thread? Seems that hundreds of messages - quite a lot negative - ought not to be ignored.
I’ve discussed the thread with Tom - he’s aware of it, yep. He felt Nick’s post was very comprehensive
Neither of those mean “everything has to be free” though. Different means different, it doesn’t mean “better in every way that I want”
You want free deposits, I’m glad that I don’t have to pay for failed Direct Debits and understand that something has to offset that. Do I want my cake and eat it (no failed DD charge & free deposits) sure I do, but I realise that’s not necessarily feasible right now.
Can Starling do it for free, I’m sure they can, I’m very pleased they can, I even ate a bit of paper in celebration of it! But I also understand that Starling have other revenue streams that aren’t available to Monzo right now and that’s fantastic.
At the end of the day I want the banks I use to stick around, and if Monzo need to charge for deposits to do that then that’s fine. If Santander feel they need to charge me £30 for missing a Direct Debit to provide the other features they offer, then that’s also fine.
Woah. I didn’t say that. What I’m calling for is a rethink that might see charges over certain limits.
Or some consultation, at least.
It’d be good if he could respond re the lack of consultation on options here. Seems bizarre to me to ask us about foreign transaction fees but not this.
But again, transparency != consult users about every single decision either.
They’ve been transparent, they’ve said this is what’s going to happen and why it’s happening in that way. They’re even asking PayPoint if they can divulge more information than they already have.
Yeah, OK. I guess I just don’t agree with any of that.
Transparency is simply the easiest stick to beat Monzo with for any reason and trust seems to go out of the window when people don’t get what they expect/want.
‘Consultation’ is the worst thing for Monzo to do (as I hope ATM fees taught them). This is a business, not a democratic repulblic and I hope it continues to be run as such!
I think there are different views about transparency and consultation in play here. Personally, I don’t equate transparency (which Monzo is on record as supporting) with a commitment to consultation on fees or charges.
I might be on the wrong bus here, but I’d like these decisions to be made for me. Ask my opinion, sure - that’s what I’m on here for. And if I hate it that much I’ll take my business elsewhere. But ultimately I’d rather not have to vote on every new feature. Monzo has the data and the insight. I trust them to get it right. And if they do mess up, they’ll have enough feedback from all sorts of places (not just here) to fix it.
Hmmm. Well I think we ought to agree to disagree, as we are both nice!
But I’m not using consultation as a stick to beat them with. I’m saying it’s an option. But when a vast majority of banks offer this for free, and Monzo then charges, I call it how I see it. As a bad thing. I do love Monzo but I’m not going to keep quiet when they do something that is just plain daft … IMHO, of course.
Great to debate with you, though, @Feathers … Top man.
I thank you (genuinely).
…but this is a forum, if we disagree shouldn’t we go down in a flame war of some sort?
I’ll see you outside for that, kind sir
Elvis has left the building…
I was so excited when I saw that in the post about what’s coming in November, cash deposits were going to be rolled out to everyone.
I got a LOT less excited when I saw the terms though.
At first I thought I’ll just keep my legacy account open as I need it for international transfers anyway.
Then I tried to convince myself that paying £1 for every £300 deposited would be worth it if it meant I could do it at 11pm at my corner shop on my way home rather than always rushing to get to the bank before closure. I’d essentially be paying for comfort. I can get behind that!!
My big problem is that £1000 for me is less than 2 months worth of deposits and if that’s all that is available it make more sense to keep my money at home and deposit it into my legacy account in 2 months time. It seems pointless to me to even test the service (and spend £4) if I am going to have to keep using my legacy account anyway!
This possibly falls under the “unpopular opinions” category as well as this - But here goes anyway.
I think it might be worth Monzo really clarifying how they see customers using their Monzo account at the moment - I’m not talking about in 10 years time (as I appreciate the “vision” is very different to the here and now reality).
But a lot of the complaints over cash deposits tend to fall back to the whole “I’ll just use my legacy account, Monzo aren’t helping” etc etc.
I remember not too long ago, I (amongst others) were really frustrated with the whole “Labs” thing - In essence, there was just a load of confusion about what “Labs” was meant to be - Monzo treating it as an “early access” type thing, and the users seeing it as a beta testing ground (but getting disillusioned when nothing changed).
I can’t comment on others opinion, but since the clarification over Labs, I’m much more content with what’s happening there, and there is much less expectation.
So many complaints feel like there is as assumption that Monzo want to cover all of your banking needs (because that’s what we are all used to with our older banks), but if Monzo have a better idea about how it can all link together - Perhaps it’s worth explaining that?
It would then stop the reactionary off hand comments of “you have options”, and perhaps people will get more of an understanding of exactly where Monzo feels the feature fits in to the current state of Monzo.
It currently feels like the user base (or at least, the forum base and social media base), are not really understanding what Monzo is getting at, and just see it as a negative that there is a charge for something other banks offer for free.
TL;DR - Monzo could possibly set expectations over certain features to stop threads like this repeating over and over!