How banks deal with the clocks changing

I don’t think we’d notice the difference if between “changing the clocks” (I’m not sure what that even means technically) and implementing a fix so that users just saw the adjusted time, and were billed accordingly.

It would be suboptimal for them to stay with UTC, sure. But bigger than the systems issue seems to be poor communication around it and consistent support.

While we might rail against that choice, if it were clear in the terms and conditions, was signposted in the app and support knew clearly how it worked, I don’t think this would be quite the issue it’s become.

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I just think they should have an hour or two grace period. Allow incoming transactions to save you from staying overdrawn if you can get out with an overnight transaction. :man_shrugging:t3:

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We might not, or at least we shouldn’t!

It just seems to me to add to technical complexity in a way that isn’t desirable. It also has the potential to cause other knock-on problems if code alterations have unintended consequences.

As to what changing the clocks might mean technically, I imagine it means a move to a different time zone, but co-ordinated across systems and automated by tying everything to a new “master time” which I would set to change automatically when the U.K. time moves forward or back.

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Monzo have given @N26throwaway their “final response” twice in response to his complaint(s) I believe.

Many would have gone to the FOS after the first final response…@N26 was “generous” in trying to raise it unsuccessfully with them again imho

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I mean they certainly are if they claim they are living in UTC all year round. Did they say where they considered themselves based? Burkina Faso maybe, I think that’s UTC all year round…

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Expect official communications from them in French too then, if that’s the case!

Just to report back, The ombudsman has upheld my complaint against Monzo. Monzo acknowledged their errors in their investigation and agree the charge shouldn’t have happened. If they agree with the decision, I’ll get my overdraft fee refunded, my credit file amended so it’s as if it was never used, and an additional £50 compensation.

They can’t however enforce Monzo to change the way they handle their clocks or amend the overdrafts agreement to make note of this, or explain it to the user as part of the flow, and not just in an FAQ somewhere. That’s a matter for the FCA if I want to pursue that.

Monzo have said if it happens again to notify them and they’ll put it right.

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That’s good news, thanks for reporting back.

Hopefully now that folk are aware of this, and common sense has prevailed, Monzo will prioritise a fix.

I’m cautiously confident as the US roadmap has this entry:

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Thanks for doing this, it’s really annoying when someone raises an issue and never reports back on what happened next. You didn’t have to, but I appreciate that you did!

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Of course they did. I was utterly baffled by Monzo’s elaborate responses to such a simple and obvious error. A bit of common sense could have saved them a lot of time here. Good on you for fighting all the way though.

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By the sounds of…

…this bit, they aren’t going to fix it, just will pay you back if you notice/complain.

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I imagine they will to start with. But feels like a marginal extra to add on to the timezone work. Surely no one would be so bloody minded as to deliberately exclude it?!

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Is it worth the time and effort to change their architecture for the odd few times someone notices it? (It should be)

The fact this went as far as it did screams to me that they didn’t really understand/hadn’t come up before McN26 raised it.

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Maybe the additional £50 they’ve been asked to pay in the decision will motivate them? Or maybe not?

Looking through some of the complaints they fight the tiniest of complaints so aggressively, so it’s up in the air whether they’ll challenge it over the £50 imo, despite agreeing they made the error.

I’d cut their losses. Rejecting it would only motivate me to escalate it. I’m satisfied to leave the issue there for now, but if I feel compelled I’ll take it to the FCA as advised.

I’m quietly optimistic this might motivate them to fix the issue knowing it could still get taken to the FCA. Especially when they’re already working on a serviceable solution for the US that could be retrofitted for time zones.

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Yes.

In reductive cost terms, it looks like they’re doing the necessary work anyway for the US timezones, so making it work for BST should be marginal.

Aside from the financial cost, there’s a moral obligation. If Monzo’s stated values mean anything then they can’t just shrug it off. For me, it’s an important indicator of how the corporation actually behaves when push comes to shove.

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I think you would just like Monzo to do anything and everything customers demand vs their current structure to be satisfied overall.

If customers refuse to acknowledge terms that’s on them, obv the issue above is niche, but to say Monzo need to change their ways because of £50, I don’t think that’s fair reality.

Monzo needs to change their ways because this issue is clearly bad for the customer. It isn’t because of £50.

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But it doesn’t impact Monzo, and just because a few customers moan doesn’t mean Monzo need to play ball.

Can’t always jump on the corporates :joy:

To add, the impact is probably negligible vs the cost and implications it could cause the bank, so it’s more feasible to just respond to the unhappy ones than it is to overhaul expensive systems.

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Never-has-anything-nice-to-say-Peter’s biggest critic strikes again! :joy:

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Even if I take it the FCA, and they agree with my complaint? :thinking:

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