Hello, I had an idea for Monzo, and I think it’s pretty good, feedback would be awesome.
Recently I noticed how many subscriptions I have and didn’t realise how much they were adding up too. I also forgot to cancel them once used up, (was paying for Amazon twice for 6 months)
Here, once a month, when your subscription payment is due. You can decide what happens to your money before it’s just taken away from you, and having to fight to get it back.
So you’re in control of what leaves your account, not just these companies taking it each month (yes, I know you sign a right for them to take it) but it would be nice seeing you had a choice if you wanted it that month or not.
I don’t want Netflix or Amazon just taking my money, I want too see if I want to continue paying for a service that I may not need anymore .
You get 3 days to either, confirm or deny payment, if you ignore it, it will be canceled and you won’t be charged.
By the time you see a direct debit, it’s too late. For CPA like Netflix, this won’t show in advance.
All of these will be will be in the Payments > Scheduled section.
There is a rumour/hint of there being more visibility in the Trends section of anything you’re paying for regularly, that might solve what you’re looking for.
BTW - If you’re on apple the subscription section is really great for this. Granted it won’t show everything so @Revels shout of using the payments >Scheduled section is great here
yes I understand this is a little contradictory, however it’s meant to give the account holder more control of what happens with there money in one place
(their bank account)
Instead of having to look at past transactions to work out what monthly out goings they have.
A simple “Do you still want to pay for Netflix this month” would be useful to me.
But this isn’t possible. Monzo don’t know that Netflix will charge you again or when. They can predict they might, but they don’t know with any certainty.
Keep notifications on and then when you get one to say Netflix/Amazon/RSPCA has charged you again, use that are your reminder to cancel it with the merchant.
Using these monthly predictions is exactly how Monzo could implement this.
If monzo believes there will be a monthly debit from Amazon or Netflix ect, they could ask 5-10 days prior to them taking the money to see if you still want to use those services.
I am an idiot and continuously forget to cancel Amazon video, or Disney/paramount/Nowtv when I don’t see myself using them for a few months.
Having to the chase each website and account so then cancel is a right faff.
My idea was just to simplify it all into one place, Monzo.
Stopping some continuous payments at source is fine, because it is the next payment which extends the contract between you and the provider.
But in other cases you already have a contract, say for a year, and the payment is taken monthly (eg. Amazon Prime) and stopping payment at source will simply result in you dishonouring your contract, and possibly being sued. In other words, not wanting to continue paying for something doesn’t equal not having to pay for it.
yes I understand this is a little contradictory, however it’s meant to give the account holder more control of what happens with there money in one place