I regret going full Monzo

Yes, I would have thought so :slight_smile:

Yeah, nothing against you at all :slight_smile:

I am not sure TSB would be anyone’s idea of a trusted legacy bank after their recent woes :rofl:

In fairness to them they have made it a decent place to be for the customers who stayed with them in terms of savings interest and the like

3 Likes

2 trains of thought on this.

Monzo pretty much always highlight when something isn’t working, and generally the fix is quite quick.

The upside to this, is that it may build trust that they’ll be open and honest about any issues.

The downside to this is you see regular outages on things like Faster Payments (almost monthly these days), and despite it potentially never affecting you… It’s something to consider.

The argument from some is that legacy banks have similar issues, but they aren’t as open about them.

That may be so, but I’ve never had an issue any legacy account in many years of banking (in terms of payments etc).

I guess it boils down to your experience - I’ve only ever had 1 issue with the Monzo systems (out of many reported issues) - Even then it was sorted pretty quickly.

My main concern would be the CS if there was a major issue - Where once I’d feel far more comfortable contacting Monzo over a legacy CS team, it’s now completely flipped on it’s head as the legacy support has improved tremendously (for me), and the Monzo support has declined in a big way (due to scaling…).

It’s all very much “your mileage may vary” though, and you can only go on your experiences.

4 Likes

@nickh - Yes previously I used to make a fair few Faster Payments and have never had a issue with my Legacy bank in this. I don’t make as many FP’s as I used to but still do a few, as most of them are setup as SO’s now.

Yes I tend to steer clear of Telephone Banking and getting help from CS. I find it’s easier to get hold of someone in Monzo. Plus I think if I had an outage with my legacy bank, I would just probably keep up-to-date by reading the news and not bother contacting CS.

With Monzo I feel it would be a different issue though, as they still have the Community going (which I don’t ever think they should remove (like Starling did). As it keeps me up-to-date on Monzo issues, it seems so much easier to contact CS Monzo compared to my legacy bank. In my experience of contacting CS Monzo they have been pretty quick to respond and get my issues resolved. OK, so I’ve only had an account since 4/7! hahaha

1 Like

It’s been a good first week then :smiley:

Even when Monzo were being absolutely slaughtered for slow customer service last year, I actually found it fine and quick.

I have had much slower service recently for a few issues, to the point where it becomes a significant hassle - But again, that’s just my experience.

If you are interested in the Fintech/banking sphere and like the Monzo app, I think you’ll make allowances for the occasional blip, and generally enjoy the rest of the experience :+1:

4 Likes

Definitely. I think a lot of what people miss with FinTech, and generally tech, these days is :lady_beetle:’s happen unfortunately. They happen to big corporates or startups - Monzo takes the time to listen and give their customers a voice whilst HSBC wouldn’t give a damn about you (once you’d sat on hold for 30mins :sweat_smile:).

My mum is quite the sceptic of Monzo teasing me about them and chomps at the bit when they hit a speedbump but I’ve never been more happy with my finances. Also I massively sympathise with them as I deliver software in a professional services firm :rocket:

2 Likes

I am seeing a few people saying that the best move Starling ever made was to drop the forum

My view on that was that it was never really a fit for the “personality” of their particular business and never had the buy from staff that this forum does.

Fair enough, it was and is their choice alone. They always seem to be happiest and most productive working in the shadows, and again they should do what seems to works best for them

However I moved all my banking from Starling to Monzo immediately after the forum closure as it is so integral to my experience now, not just for updates during incidents. If I wanted a bank that is solid and mainly talks at me rather than with me I could have stayed with HSBC!

6 Likes

I’ve not had an issue (so far apart from in prepaid days). And generally accept the bugs for what they are as Monzo do just about everything better than my old legacy.

You’ll get hiccups like with just about anything, maybe Monzo being so open and transparent about this may hinder it in the eyes of some.

1 Like

Giving your customers a voice makes them feel they contribute to the road map of a product. I see bugs as a positive thing because you can actively fix something logged in the backlog - or you can go down the pub and rant at the barmaid about how your no.1 largest world Bank doesn’t value you :rocket:

Yes, I understand all companies will have issues somewhere along the line, (I too also work for the software company where I try and replicate defects :slight_smile) So Monzo will be no different, but I like the fact they are so transparent with what is going on.

It’s the only way to be :raised_hands:t2::rocket:

Why not leave the direct debits where they are and transfer money over to somewhere like Starling for your general expenditure, then if Monzo do do something like others have described everything is in the right place.

I have an applt that I made which withdraws certain transactions from certain posts. I.e BP (fuel) from my Transport pot etc

1 Like

When it fires I presume the transaction has already gone through on the current account and then you balance it afterwards by withdrawing from a pot? i.e. The money must be available in your current account in the first place to cover the cost.

Do you have this working for your Direct Debits, too?

(spoiler for everyone else: no)

Unless he has an overdraft as I assume the applet will run before the end of the day to avoid charges :slight_smile:

1 Like

Yeh that would actually be a good use of the overdraft in this case. I’m guessing unless they’ve created something bespoke I imagine it’s an IFTTT applet whereby you can trigger on Any purchase at a merchant for a given merchant and then Move money out of a pot using the amount from the transaction object. It’s a useful workaround until Monzo have a proper solution anyway and if you can be bothered to set it up :smiley:

2 Likes

Whilst a manageable work around the problem I think is that IFTTT doesn’t or can’t be used with DDs, making it almost useless for the use case it is needed for!

this might solve your problem

6 Likes

This topic was automatically closed 180 days after the last reply. New replies are no longer allowed.