Change of mind policy/cancellation

If it was £6 for all of those things everyone would sign up.

And be looking for a new bank in 6 months time as Monzo go bust.

I would estimate you’d be looking at between £12 & £15 a month for all the features you suggest, especially when you factor in cover for the top end smartphones.

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From the terms and conditions:

Then

Seems pretty simple to me. Cancel within 14 days or after your 12 months.

If you want an example of Monzo chasing debt, then here you go too:

Either way, if you’re not 100% sure it would be wrong of you to advise people to just switch accounts to avoid paying - it can be dangerous. Getting into debt and having markers on your account can last for 6 years and affect all sorts of things further down the line.

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Agreed, a bank can keep a record to come back for it over time. Not to mention ruining your credit score and not being morally correct.

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I believe there are certain rules around charging people for the remainder of a contract when they haven’t received the service. For example, when I cancelled a mobile contract early, they calculated a discount on the remaining monthly payments.

Perhaps Monzo could confirm if people would be liable for the entire amount or a discounted proportion of it?

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I wanted an Audi but ended up buying a (insert brand here) while my eyes were deliberately closed - can I get a refund?

Yes - if you purchased it online…

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Also yes if they said you were buying an Audi, but misrepresented another vehicle as an Audi.

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Most charge you your price plan x the remaining months.

Actually @danmullen is correct - most mobile providers look at your your price plan x the remaining months but then reduce it by a % in order to comply with the law about early termination fees.

Ofcom still isn’t satisified that mobile firms are going far enough to comply with the law - so have been investigating this for the past two years

The Consumer Rights Act 2015 also applies to contracts with Monzo (in addition to any additional financial regulations)

The Act covers a consumers rights when they enter a contract.

It includes protection against unfair terms which under the Consumer Rights Act can include:

  • fees and charges hidden in the small print
  • something that tries to limit your legal rights
  • disproportionate default charges
  • excessive early termination charges.

According to Which?:

EXCESSIVE CANCELLATION FEES

Terms that allow the trader to take too much of your money if you back out of a contract can be unfair.

If you want to end a contract, a trader can claim for administration and marketing costs and for any work they had started and loss of profit but no more.

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Not really. I closed my three contract early. Monthly fee x remaining months - VAT

Emphasis mine

That sounds like something you could drive a very wide hot coral truck through

Your experience is one of the reasons Ofcom is still investigating industry compliance with the law…

Surely in this instance the reduction (if any), would be minuscule?

Assuming the OP signed up for the £3 per month deal (as otherwise they’d be in their cooling off period), they have already received their custom URL (assuming they did that), and Monzo Plus card (assuming they ordered it).

If they did neither… You’d wonder what the point in signing up was, as up until the other day, that was all you got.

So they would have actually received the full package already.

Maybe, but what Monzo need to do is develop some proper/comprehensive T&C covering these sort of circumstances.

Yh but on their help pages it is quite clear that you have 14 days cooling off period where you can choose to cancel, after which point you are in a contract.

Two weeks is more than enough time to make a decision on whether it’s right for you or not.

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Metal cards and mobile insurance are coming. More discounts are on the horizon. Wait a month or two and see what happens :slight_smile: