I’m not asking my question for the sake of it.
- The explanation for the category name change simply doesn’t stand up to scrutiny: We’ll be renaming ‘Cash’ to ‘Finances’, so you can see when you’ve transferred money between bank accounts and not see when you’ve withdrawn cash from your Monzo account.
The part in bold is what I added because @bea @hugo conveniently decided to miss this part out. Monzo have clearly made a conscious decision on this that hasn’t been explained in accordance with their transparency guidelines. To me, I’m left to think this is a subversive move by Monzo to nudge me away from cash use given it is a cost to them.
- This finances category in place of cash is a loss of granularity for me. Cash and transfers are distinctly different. For one, cash is physical and transfers are electronic. I don’t want to now have cash fall under the umbrella term of “finances”.
I manually add tags, notes & receipts to my cash line items that I budget for so cash ATM withdrawals are never recatergosied by me manually, no matter what I spend it on.
- Back to the main point being that Monzo could have added the “purposeful” Finances category without removing the Cash category. They didn’t even consult users by the looks of it (if anything the “general” category is the one that should have been renamed as I personally find that useless. We are not yet in a cashless society. It’s premature to remove the cash category without good reason.
Having said all this I do like Personal Care a lot and Family moderately so. So it’s not all criticism from me but I would like to hear the rational behind the “label” change if I’m to continue placing trust in Monzo.