Having used the CA for a few weeks now, I do really think the running balance is needed.
Why? Obviously I can see my balance at the top of the screen, but if a few transactions come out of my account in one day, I’ve really no idea if it is completely accurate or if there have been any issues and I have nothing to refer back to. So today as an example £202.87 has left my account as a standing order, but I don’t know what the balance on the account was before that transaction was debited.
I started using the CA on 3 August and apparently I won’t have a graph/pulse feed available until 3 October, so I have absolutely no comparison data or audit trail to check that credits and debits are “adding up” to the right amounts.
I can provide some clarity about this. We won’t have a running balance “next to each transaction” on the home of the app. This is something we think adds very little new information (most of it is available on the pulse graph anyway) and would take too much room and cognitive load (the balance would compete with the actual transactions amounts).
However, this information will be available for those that want it. You’ll be able to opening the detail view of a transaction and see the full payment cycle for that transaction and, of course, it will also be there when exporting data or generating PDF statements
We hope that’s enough for people to audit that everything adds up and get some peace of mind. The rationale here is that, even for those power users that really want to see that all the figures are correct, after a few checks here and there they will eventually trust Monzo is keeping an accurate tally, the same way you trust any other app receipt, etc. Hope it makes sense
I appreciate the reasons why this isn’t on, but equally I will keep thinking it’s important to have. Even today, I just had a pre-authorised charge on my card for a click and collect, I went and purchased it myself and the order was cancelled. Company say no charge.
It shows on my Monzo account as two charges. I’ve spoken to customer support who say the original charge is now back in my balance, even if it shows as two charges. But… I don’t know that. I literally am right now thinking “DID I have that much prior to £30 being added back?” I literally have no way of finding out, directly in the app, if this charge has been reversed.
(Don’t get me wrong, the guy who helped (David) has been great but I just have to… trust that it’s there?)
This is absolutely one area that I’ll happily go against the grain and say is not acceptable for a bank that is handling (now) all of my money.
Edit: Turns out the money wasn’t back in my account and I had actually been charged twice. So a massive thumbs up from me now to getting a running balance. Had I not queried this I would be down £30.
Just on this note, maybe it would be nice to enable a “advanced” view that showed more information about the transaction, when you click on it - should a power user desire.
Such as when the transaction was authorised and when it was actually presented etc. etc. Just more info from the API
I considered requesting this feature a few days ago, after a Direct debit notification informed me I had insufficient funds - three days before the payment was due. When the payment was eventually taken, it didn’t create a new line item sequentially in my transaction history. Instead, it repopulated the original entry that had been posted three days previously.
This (and I imagine other comparable events) means that if actual transactions aren’t listed in the order they’re debited, some payments may fail some of the time due to insufficient funds, but it will be difficult to work out how much was in the account and why the payment failed.
I therefore feel it would be clearer for customers if the running balance could be displayed (perhaps not all the time - user could potentially swipe to reveal). It would also mean fewer queries into 's operational team
I’m actually struggling to make sense of those numbers with the way they’re displayed, which are the transaction a and which are the balance. I managed it, but only after 45s. I certainly hope we don’t end up with something like that in .
Hugo, Your explanation that it would be there is fine and very welcome… Knowing its definately coming is enough to wait for.
However the final part of this is where I feel the disconnect still exists…
Its not about trusting you, I already ‘trust’ Monzo to correct any mistakes… The visible audit trail must be there so that we can demonstrate, clearly and in detail, if any mistakes have happened, where they happened, and why they happened. Monzo doesnt think that in the history of its lifetime it will never make a mistake, so proof gives facts to base trust on.
The audit trail isnt there to replace trust, the audit trail needs to be there to be ensure that mistakes can be shown and made obvious. Without it the end user has no facts to back up the feeling.
Bingo… There will ALWAYS be queries… I ‘trust’ Monzo to address those queries, I trust Monzo to handle them properly… But I must know my own account balances prior to even discuss them effectively with support.
I am however satisfied that Monzo know the problem now, and will ultimately give us the tools.