More and more companies will stop you using services if you cancel the free trial early. I just used the LinkedIn free trial and I find myself setting different calendar reminders to cancel different subscriptions. I’d imagine being able to set a dated cancellation isn’t too crazy and I have not heard of any other bank doing this.
This would also be useful for people who want to cancel a subscription (eg: a gym membership) in a few months (and therefore payments) time.
Gets my vote.
Neat idea. I currently use my own reminders app for this but no harm having it baked into Monzo too!
The only thing I’d find this useful for is insurance products that auto renew. This is because they force you to call and cancel. Would there be repercussions though Also, if I did this with my Sky direct debit for example what would happen…
Would this feature therefore cause more issues than it would solve as it would only really work for free trials and that one gym I’ve heard of though here.
From what I understand most companies just cancel their service when you cancel the Direct Debit.
I imagine it would be the same as if you cancelled it in the app now.
Continuing with the Sky example, they have this on their website:
But wouldn’t the same thing happen if you cancelled your Direct Debit in the app now instead of scheduling the deletion?
I was under the impression that to safely cancel a direct debit you would be best advised to contact the company first. This is to avoid any issues like in the above example where I may have to return equipment, pay a cancellation fee, or still be in a contract to name a few.
So my question was: By Monzo facilitating a feature like this, is it going to cause more issues than it solves? As I believe most companies follow a ‘contact us first’ policy.
Sensible. Too many people (actual people I know, even, not just hypothetical people) think that cancelling a direct debit is the same as cancelling a contract. Bit awkward when they’re down the pub bitching about company X and I say “Hang on a minute, but you still actually owe them that money, thouugh”
Yes, it always seems a bit of a cop-out to avoid the awkward ‘I want to leave’ conversation. I get that the gym example etc works that way deliberately but it’s not true of most companies.
My one exception is energy companies and even then I switch away from them first On the day my contract switches over, however, I still tend to cancel the DD just to avoid another months payment being taken. I’m out of contract with them by then so they have no right to take a full months payment. Clearly, I then pay the final bill when it comes (if I owe them anything).
Npower caught me this way once and I’ve never run the risk since. Fortunately First Direct and the Direct Debit guarantee sorted things out same-day at that point.