Monzo Plus - Small Scale Trial


(MikeF) #430

Possibly true. Let’s look forward to an improved round two if that’s the case that’s demonstrated (still not for me though).


(Richard) #431

I’d be more interested to learn, what research lead to these offerings?


(MikeF) #433

That just comes across as rude to me. Why is it necessary? If people want to pay because they like the offer, why belittle them?

:man_shrugging:


#434

I totally agree with you!


(Nathan Steer) #435

Except they aren’t paying for nothing… they’re paying for a product that you don’t see the value in.

Just because you don’t see the value in it, doesn’t mean that all other also won’t.


(MikeF) #436

That’s not wholly a surprise! :wink:

So, are you suggesting that the people this is being offered too aren’t clever enough to value it correctly?

We three are all clear that we wouldn’t pay for it so if that carries across those who actually have the opportunity then Monzo have their answer and move on to (hopefully) better things.


#437

Correct me if I’m wrong, but isn’t this the place to state your opinion without needing to justify it, or constantly answer other people “suggesting” you’ve said something else?

Don’t get me wrong, nothing new has been said for days now, and it’s grown very tiresome.

It feels like the only reason this thread has gone the way it has, is because people are trying to argue an opinion, or justify a decision that Monzo has taken when it doesn’t need justifying (Monzo can do whatever they like as they will always have more info than us mere mortals have).

Perhaps others aren’t participating in the thread because they’d be questioned about their own opinions and asking to justify them?

I’m happy with plus accounts, although the current Monzo ones seem to have missed the mark (certainly for me anyway).

Very happy to see them developed into something that challenges the status quo and can be market leading though.


#438

My concern is that even when revamped how market leading will they be?

Paypoint, Overdraft fees, ATM fees abroad are just examples of where Monzo is seriously missing the mark and getting trounced by other banks. Therefore, if they’re not leading in basic banking functions, how market leading are they going to be on plus accounts?

It’s only my personal view but Monzo doesn’t have the best track record.


#439

That’s fine, you are absolutely entitled to your view, and if it’s important for you, the only way to “vote” as such would be to take your business elsewhere.

But in my opinion (:wink:) we cant be worried about what might happen in the future. We can only evaluate what we see right now.

So much has changed in 2 years for all the FinTechs that it’s very hard to predict the future. :grinning:


(Shreyas Zanpure) #441

It’s the same on all forums. I was unhappy about “FreeTrade”, and it turned out that it’s more for investors and not for traders. But hey ho, got shot down pretty much everywhere. Each forum you go to is pretty much filled with people who start off as “Wee, I am an early adopter, I must be something special”, and bury their head in sand. Only positive comments are approved. Negative comments are met with snide remarks, derision and general “talk to customer service, we do not want to know” response. So I have mostly switched to “read-only” mode these days and let the frequent posters carry on. I was spending too much time posting anyway, when I have work to do!


#442

I totally agree. Monzo Plus just comes across like they’re ripping people off.

It’s also ok to say ‘People know what they’re signing up for’. Some fanatatics would buy a bottle of air if it had Monzo branding on!


(Dan Warriner) #443

I believe this is a temporary suspension of the offering until another partner is lined up - due to the popularity of these accounts.

I’ve not had one of these since Sep 2017 but when I did, it didn’t come across as ‘spam’. It was worded in such a way that I might be able to save money. This is subjective, though, and may not be to everybody’s taste.

Completely untrue and subjective. I think we’ve already come to the conclusion that packaged accounts and certain elements of these accounts don’t suit everyone but they may suit someone.

Do you have a source?

Waiting times have decreased massively since :monzo: hired more COps. The new starters will be getting up to speed and I know there are people on the sidelines ready to start and get those waiting times down even further (I’m one of them).

The overdraft charge doesn’t suit everyone but :monzo: have said, on numerous occasions, that this will be “constantly reevaluated”.

It’s disappointing that you won’t be staying with Monzo to see what comes out of this trial but I wish you the best of luck in finding an alternative that suits you. :slight_smile:


#444

Thanks for your reply!

Under the arrangement, the Post Office would offer Monzo customers a service to pay in cash for a small fee.


(l8n.me) #445

It might HAVE to be “reevaluated” if the government moves to ban those charges lol :roll_eyes::joy:


(Dan Warriner) #446

Thanks for the article, very interesting. Think it’s also great to see that Tom was invited to that inquiry along with executives from the high street banks.


#447

There’s no way to defend that at all. Every other bank allows post office deposits for free!

Just another example of ‘making money work for everyone’ :roll_eyes::roll_eyes:


(Dan Warriner) #448

In the same committee hearing, the banking director of the Post Office Martin Kearsley told MPs that it was in discussion with UK banks to renegotiate the service it offers them, revealing it lost money on it.

Perhaps we’ve reached a point where banks will have to start charging for these services before they’re no longer viable and available to nobody, regardless of bank.


(Adam) #450

I don’t know if and how Monzo can defend charging for Post Office cash deposits.

If I remember correctly, the argument about the £1 fee for PayPoint was that PayPoint charge Monzo a fee and Monzo opted for Paypoint because the current set of cards aren’t compatible with Post Office POS machines. But… that if they had gone for Post Office (hypothetically), like Starling etc, that there would not have been a fee.

Charging for cash deposits when it’s not necessary (which is my understanding with the Post Office) seems like a cash grab.


#451

Let’s try and keep this on topic! Some pointers for other places to talk about stuff:

For Post Office deposits, let’s chat here
For PayPoint deposits, press 2, it’s here
On overdraft fees, please say “my name is my password clearly after the beep” jump over here (with a little more regulation background here if you’re so inclined).

And - just a suggestion - where we have different opinions on things, let’s accept that and move on. Otherwise the thread will continue with a ‘my opinion is better than your opinion’ exchange for a bit before getting locked :frowning: - that would make me sad.


(Ben ) #452

To counter that point though, all these services cost money. Post Office will have a charge, PayPoint have a charge, all the “free” things associated with many banks come have a charge in there somewhere - and the banks need to make that money back to be viable businesses.

I think to the Monzo message of “Make money work for everyone” - that doesn’t mean making all these services free.

Traditional banks tend to make money out of their charging infrastructure; unarranged overdraft fees, etc. Basically the worse at managing your money you are, the more profitable to a bank you will be. To me, it sounds like Monzo isn’t doing this approach, and so has to think about how to maintain revenue in other ways.

(slightly off topic of monzo plus, but hey)