Enhanced Direct Debit...but super enhanced


(James Murray-Ferris) #1

I know there is a lot about DDs been enhanced with the normal merchant data but what about the next level of enhanced.

I’ve clicked on one this morning and actually I could do with changing the date of the Direct Debit and without thinking about it I hit “Contact Customer Service”. Now wouldn’t it be cool if you could have that enhanced and it asks “Monzo Bank Support or Direct Debit owner support” and a call could be fired off to the retailer just by me hitting contact customer support?


Direct Debits & Standing Orders (recurring payments) Feedback
#2

I think they’d hate you for this.

Just saying…


(James Murray-Ferris) #3

They might :joy: but I like the idea :stuck_out_tongue_closed_eyes:


#4

I suppose while we’re discussing ideas that we like - I always wanted a wormhole at the end of my bed that would take me anywhere I wanted to go. Oh and another one at work!

Hasn’t been designed yet, but naturally I keep my fingers crossed. You never know, I might ask Monzo if it can be done and in the app by my birthday :smiley::pray:


(Dan Woodhouse) #5

Yesterday a direct debit request hit my account.

I get paid on the 15th month and I always forget this DD. Every month it gets rejected and every time I try to rearrange the date. I call them up, sit on hold for ages and eventually give up.

Process repeats. As I was driving to work this morning I thought wouldn’t it be great if I could just select the direct debit in Monzo, click change date, and then sort it from the banks end.

Of course I don’t know if this is possible under the way DDs work and it’s slightly different to your idea, but I’m with you. It’s a fab idea.


(James Murray-Ferris) #6

Now you see I did think about saying that but I suspect that would only be possible on certain companies and would require some sort of API intergraction.

However if Monzo is patnering with companies there is no reason at minimum partner direct debits shouldn’t be able to do this in my mind :man_shrugging: (wow people are gonna hate us)

But expanding on this idea if we can get Direct Debits to update details like what account using CASS does that suggest that the logic behind the CASS system of direct debits could also change the date!

Think we need a Monzonaut to answer that :joy:


#7

The issue is that you can’t just change a DD date as it’s driven by when your bill is due. Again I can only imagine the confusion that would be caused if you could just change it with your bank.


(James Murray-Ferris) #8

There is that! Which is why I’m imagining some level of API so you had to get an approved list of dates from the supplier first however…

Mortgage for example as long as you make a payment any day within the same calendar month doesn’t matter what day you pay it, or store loans for example works on the same principal and even some utility providers so my bill is generated quarterly but I pay monthly so doesn’t matter when in the month I pay as it just sits in an account.


#9

I’ve never come across a bill that doesn’t have a due date. Sure, you can pay bills early but you can’t pay bills later in the month because that works better for your finances.

Ive never owned a home so I can’t comment on that but it suprised me they’re so flexible and I wonder if this is unique to your mortgage provider.


(James Murray-Ferris) #10

I’ve been with 2 mortgage providers and they have both been the same :man_shrugging:


#11

I had one provider totally inflexible and said date set in concrete based on date mortgage taken out, the other was totally flexible and happy for me to change payment date every other month free of fees, and one somewhere between the two who would only allow a change twice a year and had a fee to do so.

As for other direct debits I had one company insist to change the direct debit date they needed to adjust the billing cycle so they had to shorten or lengthen the period of the bill one month to do so which meant a pro rata adustment on the usual monthly charge


(Bob) #12

Another 8 months to go before I finish paying off my second mortgage with Birmingham Midshires. They are incredibly flexible, offering fee-free mortgage holidays and 4-weekly payments when requested.

So long as I don’t go into unauthorised under/non-payment they’ve pretty much let me pay however I like.


(Dan Woodhouse) #13

I think one of the strengths of Monzo and the new way of banking is that eventually there should be enough momentum to help reshape the entire banking industry.

In order to help people achieve financial stability and to help them manage their finances it should be a requirement that consumers can set their bill date and direct debit date. There could of course be a restriction as to how frequently this could be adjusted to prevent abuse, but why should the date a payment is taken out of your account be dictated to by another company.

When I was Head of Department in a large secondary school earning £55k a year it didn’t matter, now I’ve got a much lower paid job (but I’m much happier) managing my money is a much bigger issue.

If something like the above existed, then it would be easy for the consumer to change the date and the company respond accordingly.

I am aware that this is a bigger issue than Monzo!


#14

in many cases it not down to the banking industry but the in house systems in big business such as utility firms. Getting a few dozen banks to change is hard enough but hundreds of thousands of firms using direct debits a monumental challenge


(Dan Woodhouse) #15

If we never changed because of big business we’d never get anywhere.