Better yet, don’t overburden COps just make it a fixed 24/48 hours?
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Yeah, would there be a way to remove COps from this entirely? Like making a ‘request withdrawal’ button that simply unlocks after x amount of time?
Seems like it would take the pressure off an already overstretched COps team
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+1 also that would be great. 48h would be a great amount of time.
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This is looking great, although slightly different implementation to what I expected.
It would be good to have a long-term locked pot, with a 1h wait time for funds to clear or something (I can be an impulse spender at times haha)
Amazing, can’t wait for it! And to make it that we need to contact you to withdraw is even better than just a simple lock that can be unlocked at any time
How about letting the user set the “friction” when the pot is created. Eg an option for friction as a simple timer (delay withdrawals by X minutes, and the user sets X when pot is created), maybe an option for the CS contact to make a withdrawal or to override the friction.
Monzo’s mantra is making money work for everyone.
A lot of people in this world have fallen into financial difficulty in the past (missed payments, defaults etc). These same people are penalized for six years and can find it difficult to obtain credit.
What if Monzo was able to combine their loans with locked pots.
Example
- Monzo has a customer that their system deems too high a risk to lend money to.
- Customer reaches out explains different factors that have led to this.
- Monzo offers to lend £200 to the customer if the customer puts £200 collateral in a locked pot.
- Interest payments are taking from this pot.
Now I know this doesn’t help people who might actually need to borrow £200 but it does help the customer start to build positive notifications to the CRA. Which in time helps them build their credit rating back up.
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Wouldn’t you just use loqbox? That way you’re saving and building your credit
I think seeing this as a Pot would be more beneficial. Also means that you don’t have to worry about monthly payments.
From a behavioral finance perspective I think that would make a difference.
Any ideas as to when this will be implemented? I eagerly look forward to frustrating myself at the bar when I drunkenly realise that I can’t transfer money from my holiday pot to buy 7 jaegerbombs from random people.
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Looks like this feature is coming really soon 
The code has made its way into the Android beta this week 
Hopefully it’s ready to be enabled / put in labs at the flick of a switch once both platforms (iOS & Android) are ready for it 
I’m really excited about this feature, it’ll let pots be locked up for good! I can think of one obscure use (off the top of my head). Some 16-17yr olds might have some money set aside for them in a legacy bank, back from when they were young, might be a young persons saver account, etc.
But instead of it sitting in a savings account somewhere, earning pennies a month, it could be moved to a Monzo savings pot with a lock on it that doesn’t allow the <18yr old access to it until they’re old enough 
(no idea how well that’ll work in practice / how strict the locking & unlocking procedure is 
But it’s a thought
<string name="pot_lock_choose_future_date">Choose a future date to lock your Pot.</string>
<string name="pot_lock_confirm_button">Lock Pot until %s</string>
<string name="pot_lock_days_away">Nice, that’s %d days away!</string>
<string name="pot_lock_description">We’ll unlock it on this date. If you need the money sooner, you’ll need to get in touch with us.</string>
<string name="pot_lock_generic_warning_dialog_message">You’ve locked this Pot. If you need the money sooner, please chat with us.</string>
<string name="pot_lock_generic_warning_dialog_title">You can’t withdraw yet</string>
<string name="pot_lock_prompt">Lock this Pot</string>
<string name="pot_lock_reason_confirm_submit">Submit</string>
<string name="pot_lock_reason_control_spending">Control my spending</string>
<string name="pot_lock_reason_hint">e.g. Saving for a bigger boat %s</string>
<string name="pot_lock_reason_long_term_saving">Save for the long term</string>
<string name="pot_lock_reason_options_title">Why are you locking this Pot?</string>
<string name="pot_lock_reason_other">Other</string>
<string name="pot_lock_reason_skip_question">Skip question</string>
<string name="pot_lock_reason_title">Why are you locking this Pot?</string>
<string name="pot_lock_reason_upcoming_purchase">Save for something</string>
<string name="pot_lock_scheduled_withdrawals_warning_message">Your scheduled Pot withdrawal won’t work if you lock this Pot.</string>
<string name="pot_lock_scheduled_withdrawals_warning_title">Your withdrawal won’t work</string>
<string name="pot_lock_title">How long would you like to lock your Pot for?</string>
<string name="pot_lock_until_date">Lock Pot until</string>
<string name="pot_lock_until_date_pattern">Until %s</string>
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I am far more excited for this then I should be!!!
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Where’s the screenshot from? I’m also far too excited for this myself!
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Here’s another look!
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Far more excited about custom images for pots than I should be! 
Seeing the actual item I’m saving for in-app will be a great motivator!
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Not sure if this has already been mentioned, but you could set an emergency allowance for a locked pot.
For example, if you put £200/month into a locked pot, you could have an emergency allowance of £50 which has less friction to retrieve. The rest of the pot is then still under some kind of high friction policy?
Personally think that undermines the "locked"ness and would be quite complex to code.
In this instance could you not just have a separate buffer pot and then sweep across or indeed lock it and ask COps to unlock if needed?
Im sure Monzo have developed a great way to release funds if needed, lets wait and see 
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Are you concerened at all about the potential extra amount of time support staff may need to devote to unlocking peoples pots?
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I cant see why it wouldn’t be an automated thing with dare i say it a time lapse of maybe 30 mins/hour to stop misuse. (Thats how id code/implement it)
Be silly to make you have to physically join a chat and ask COps in my opinion, like you said adding unnecessary load when the outcome of the question is known.