Making our company goals public: Q4 2018

Off topic but you’ll get this with any bank, it’s just how pay at pump works at the moment. It depends on when the retailer processes the new amount

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Monzo confirms the amount in under 24 hours everytime. Any other bank can take from 1-5 days. That’s what I meant. I understand the general issue with pay at pump but Monzo still deal with it better than any other bank I’ve seen

On Monday I will have moved from tier 2 changes (£1.50 a day) to tier 1 (75p a day) with my main account purely thanks to using Monzo and being able to save enough to reduce my overdraft, which had been maxed out for years

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“Certain groups of customers are actually positive, as we’ve started growing significant revenue through lending too.”

That’ll be the tiny minority living in their overdraft to provide us with free banking…yay the system is still intact!

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Oh I haven’t seen those stats. Do you have a link showing the number of customers permanently in their overdrafts? Or are you trolling as usual?

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Not exactly how I’d phrase that, but you’ve stumbled on a serious point. In the UK we have the expectation that banking should be free. Sounds great, but this means that the indebted end up subsidising the debt free - as that’s (crudely) how banks make their money.

Personally, I’d prefer to pay a small amount for a bank account. That would also benefit Monzo as, due to their lower cost base, they’d be able to undercut the competition in a way they can’t (visibly) at the moment - mostly because (as others have outlined) traditional banks’ charges are obfuscated behind fees, charges and APRs.

Ultimately, I’d like to see a different form of banking that isn’t regressive like it is at the moment. But Monzo can’t change the whole UK banking system / market overnight on its own. Maybe I’ve drunk the kool-aid, but I believe that Monzo is a force for good in the industry. But, as they establish themselves and grow, they also need to find a way of being (in the short term) solvent, and ultimately profitable. It’s not the cheapest overdraft, but nor does it seem hidden, seeking to take advantage or profiteering. And as customers, we’ll all make our own minds up about it - and it’s okay for us to reach different conclusions.

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Excellent news. What particular features of the Monzo account have helped with you’re being able to spend less and therefore repay some of your overdraft?

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I would like to see feature parity on the joint account. There is no CASS, no pots.

If it’s hard to do then I would love to see a technical report on why it’s hard to bring these features to the joint account. Otherwise I’m left to speculate the priorities aren’t right for me.

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Pots is currently being completely rebuilt to support future developments at the moment they don’t support joint accounts at all

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There is one somewhere on the forums but I don’t have the time to search for it.

To the best of my knowledge there was all sorts of issues to overcome such as design and user experience. Then there was discussions around pots and ownership. Currently pots are assigned to an individual and therefore if they were joint they would have issues of ownership, who controls them and how etc. Something along those lines and some other bits and pieces but don’t quote me on anything.

Basically, they said if it was as simple as copying over the current account pots to joint accounts then they would have done this by now.

Have a search and if you can’t find it what I’ve said and @glasgow has said pretty much sums it up :slight_smile:

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Where have you seen this mentioned?

Havent come across this :thinking:

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Thanks… don’t have a joint account so wouldn’t tend to look at the joint account forum posts.

Here’s to hoping it is implemented sooner rather than later, seems to be a real blocker for future progress surrounding pots.

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Right. Thanks for the link. I can see that a historic decision makes it hard to change. I just hope the focus on new features, like interest, doesn’t detract from getting the basics right in the joint account. It’s even inconsistent in the UI where the summay has a reference to pots but none are supported.

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It is a shame Pots were designed to be person–owned, rather than account– (including joint persons–)owned.

They were introduced last November, by which time there had been at least three months interesting discussion (first 130 or so posts on this thread) around the legalities of joint accounts and the ownership of funds therein.

I and others argued that ownership of funds is key to any joint banking relationship, and others, including the bank, argued that Monzo was going to do joint accounts “the Monzo way” (ie. completely new! Called Pots!) before subsequently introducing a traditional joint product.

It seemed to me at the time, and even now, that Monzo’s care over the traditional legalities with joint accounts was lacking a little, in the rush to invent something new and get Pots out, and this rowing back to a traditional model has left joint Pots somewhat difficult to reengineer.

(This wouldn’t be the only time Monzo’s legal team has been caught on the back foot, as the overdraft charges/total account balance debacle demonstrated.)

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Thanks @Feathers for coming to the rescue! I’m in Spain this now so limited access!

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Surely, as they grow in customers they’ll also grow in staff to accommodate that.

You’d hope so…

You mentioned loans, is there any plans for loans for people with poor credit score ?

Hi there,

I know there have been a lot of questions raised over the benefits of premium accounts but its the one thing holding me back from using you as my main service provider. The simplicity and reduced cost of my premium benefits like travel insurance, aa cover etc are really helpful.

Do you guys have any plans to provide premium accounts aa it could be another source or revenue for Monzo as well.

Keep up the good work.

M

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