Launching The Bank


(Tim Robinson) #9

Great to hear, really looking forward to seeing what team :mondo: does next!


(Christopher J. Sladdin) #10

A great post and nice to hear that Mondo are well on their way to becoming a full bank already. I hope that alpha and beta users will be given priority in the upcoming crowdfunded investment to give each loyal test user the chance to own a piece of the bank they’ve been testing?


#11

Nice update. I’m looking forward to getting the chance to invest again.


#12

I was thinking exactly the same thing. I missed out last time but would like to get involved this time around.


(Brexit Day Is Gonna Be Shamayzing.) #13

When we’re ready to launch the full current account, we’ll send out new debit cards and ask you to opt-in to updated Terms and Conditions.

I am guessing subject to credit checks etc or will you just switch us over, also what about those that are happy with the Pre Paid cards and might not want to switch?

Also will we be able to run 2 cards i.e. existing pre pay and current account?


(tom) #14

You shouldn’t need to pass a credit check to get a current account with no overdraft. But we may need do an identity check.

We’re not planning to support the prepaid card in the UK for the long term - it adds a lot of operational complexity without much benefit. We’ll try to offer a basic bank account which should be available to more-or-less everyone in the UK, so it seems like a pretty good replacement for the prepaid card.


Will Monzo keep a pre-paid card facility?
Full bank credit reporting (not scoring)
Current Account for the credit challenged
Accounts for children / under-16s
Please keep the prepaid cards
Can I opt out of overdraft?
Competitor update
What We Know About the Current Accounts & Debit Cards / FAQ :bank: :credit_card: (open Wiki)
Current account credit score
Hard to Distinguish Between Debit & Prepaid Cards (Colour)
Full bank credit reporting (not scoring)
Student Account Management?
Come to Monzo HQ to talk about Overdrafts 😄
Come to Monzo HQ to talk about Overdrafts 😄
Security of the pre paid card
(Brexit Day Is Gonna Be Shamayzing.) #15

Cool, well you have done my ID check a while back (unless more is needed) so all good for me as I don’t want/need an overdraft.

Can’t wait to shift from Metro to Mondo oh and have Apple Pay :joy: :joy: :wink:


((☞゚ヮ゚)☞ ☜(゚ヮ゚☜)) #16

I’m looking forward to switching too. I’ll get the current account ASAP but I’ll definitely wait until CAS is up and running before transferring over entirely. Knowing me I’ll get impatient and start transferring everything manually anyway.

Whilst I’ll miss whipping out my luminous Mondo card, I am looking forward to Apple Pay support.


(tom) #17

Hot coral is not going anywhere!


The actual card
Don't go, coral card! 😍
Competitor update
Don't go, coral card! 😍
((☞゚ヮ゚)☞ ☜(゚ヮ゚☜)) #18

I’m glad to hear that but if I’m using Apple Pay I won’t be able to flaunt that bad boy as much.


(Nicholas Carter) #19

Thank god! It does draw the odd bit of attention when paying in shops, or next to friends!


(Leon) #20

A basic bank account? That’s no different then one I could get at any of the high street banks. Please tell me there will be more current account services to be added in the near future.


(Jonathon) #21

Banks are very pressured into offering basic bank accounts for those with no credit history. It doesn’t stop features being used though, it just usually means no overdraft or interest being paid on the account.


(Leon) #22

Some people need a normal bank account as in some basic accounts you can’t even set up direct debits. I have and use a overdraft. (As most people do.) Hmmmm it’s not sounding too good at the moment, a brand new bank but with even less facilities. (For current account users.)


#23

There was no mention of offering just basic accounts. Just stated that for a basic account no credit cgecks needed to take place.


(Leon) #24

Fair point well made. Let’s see how it goes anyway. I do think that is how they will start off though. As it’s the most easiest way to do it. Move people from the prepaid card to a basic bank account. Sigh


(Harry Rushworth) #25

Congrats on the bank status. :smiley: So looking forward to being able to whip out the hot coral for every purchase rather than just the odd few!


#26

No need to sigh. Chances are they will launch with a basic account and at least one premium account. Just me assuming, mind.


(tom) #27

By “basic bank account”, I mean “a Mondo account without an overdraft”. It was in the context of “Even if you don’t have a good credit score, you should be able to get a normal Mondo account without an overdraft.”

If you pass a credit check, you’ll be able to get an overdraft as well.


(David Marshall) #28

I think the term is extensibility. Whilst you can have a basic functioning
account, what you can do with the data etc gives a more accessible value
that a traditional account.