Really want to see direct debit feed sorted asap after the upgrading process is done. Direct debits and standing orders lack that special Monzo touch
I would love to have:
- Notifications telling me when a DD/SO has gone out, configurable per agreement.
- An option to have Monzo ask me for confirmation before paying a DD/SO. This would be useful for things like rent, where you might have set up a repeating rent payment and forgotten to cancel it after moving out. It would also help bring unexpected Direct Debit price changes to your attention, for example if your phone bill has gone up because you called someone overseas or something like that.
I currently have two direct debits leaving my account each month. Both of these direct debits have horrible âTraditional Bankâ names. Giant uppercase letters, with numbers thrown in, no spaces in between words⌠itâs bad. And unsightly, and it doesnât belong in a Monzo feed.
Now because these are regular outgoings, Iâd like to be able to change them to what they mean to me. For example âBGAS6578â to âBritish Gasâ or âUtility Billsâ or âGas and Electricâ.
What does everyone else think?
Iâm sure not a fan, as Iâve seen others note around here, of the fact that when you click on a Direct Debit you seem to be (obviously I wouldnât dare try it) only one accidental mis-tap away from cancelling it.
You donât have to try but I can confirm itâs not just one tap cancellation. Youâll be asked to enter PIN to confirm cancellation.
Youâll see like this screenshot
Are you sure you want to cancel this direct debit?
Fantastic! Thanks!
P.S. that said, is it just me or is the screen confusingly worded? It sure sounds like one tap to cancel:
The part that gets me is the last line of the description is âPlease contact them directly if you want to close your account with themâ and the two options following are âCloseâ and âCancel Direct Debitâ. The first time I stumbled across the screen I had a moment of mild panic when I thought âWhat?! How am I supposed to get out of here without stopping the direct debit?!â
Obviously I did belatedly realise that âCloseâ meant âclose this dialogueâ, but itâs still a badly chosen word that leads to ambiguity. Something like âBackâ or âExit without changesâ would be much clearer than something that at first glance appears to be giving you the option of closing your direct debit or cancelling your direct debit!
Could we get a 4 weekly SO option. As for my employer pays me this way
If you leave things to the community, theyâll vote for 3% transaction fees on foreign ATM withdrawals.
Just sayinâ
I also get paid 4-weekly and have two standing orders Iâd like to go out 4-weekly too. I currently get round this by having them broken into 4x weekly payments, which is a work-around but hardly a desirable solution.
Iâm so looking forward to a complete revamp of spending targets and regular payment schedules which do little for those of us who donât get paid monthly.
Iâd like to see the ability to modify a standing order, currently one can only cancel it.
Modify eg - changing the amt on a recurring payment etc.
Also it would be nice under the name to see the sort code and account number related to the payment that is scheduled. Once I set up a payment there is no way I can then review/see the sort code or account number related to the payment that is scheduled.
If my available balance is too low to make a direct debit, with Barclays Iâll get text alerts along the lines of âDirect debit due to be paid today, to make this payment and avoid charges transfer ÂŁ18 by 3pm todayâ
That was really useful as I could transfer money from another account to make sure bills are paid, rather than having the payment fail overnight & get charged because I forgot about it or overspent in the days before.
What happens when a direct debit is due from Monzo, but the balance is too low? Is there any warning to top-up or transfer from Pots, or does it get returned unpaid straight away?
I think this is a great idea. At the moment the payment just declines.
I think this is probably covered in this thread. All sorts of ideas have been pulled together in the first post.
Not sure if covered already⌠but what Iâd like is for Monzo to understand my payment cycle. I get paid on the same day every month and my DDs are predictable too. An understanding of my payment and billing cycle where my âdisposableâ income can be displayed, not just my balance, would be great.
Being honest, I donât care too much if I have ÂŁ2000 in my account if I can only spend ÂŁ1000, because the other ÂŁ1000 is going on direct debits (although the ability to flick between the two for reference would still be useful).
Sorry if already covered / discussed somewhere else.
Using Pots as an envelope accounting method would resolve this. âŚif such functionality arrives.
I think this is partly where the pulse graph comes into its own once it gets smart enough to recognises and take account of those recurring payments. Also, one of the sneak peeks a few months ago introduced something called a âcommitted spendâ (I think) which wrapped up all of those regular payments and separated them out (notionally) from everything else.
Now current accounts are launched, itâs all of this sort of functionality that Iâm looking forward to.