Monzo premium should get insurance refund during covid

I don’t recall anyone forcing you to sign up to it, the offer was there to be seen. You made the conscious decision to press that button and go for it.

So it’s a no from me

Edit - reminded me of this post the other day

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Alex, I think you’ve had a rough ride from some others since posting your original message.

It should be noted that those are some of the most vociferous voices in support of Monzo and they’ve brought into sharp focus their responses to you.

I happen to agree with you. But I also agree with them.

It’s your choice to subscribe to the package of services and only you can know whether you’ll benefit from them.

I wonder if Monzo has been counting on the fact that a number of customers, yourself included perhaps, will just pay for the package after being hoodwinked by the cuddly, friendly marketing.

Monzo is a bank. A not very good one, perhaps, but they’re a bank nevertheless. They desperately need to make money and, despite being a fintech, they’ve resorted to a traditional bank approach to get your money.

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Thanks for some more balanced feedback, my original post was hastily written and on reflection refund was the wrong word. I signed up at the height of summer and just expected the premium proposition to change or be reactive to the current world events. I completely understand why they released it (I’m a release ASAP and learn) kind of product manager. My frustration is the lack of change to the original proposition and the increasing resentment of a monthly fee where I get less and less value to my expectation - and I expect others share the same so hense I wrote the post.

With the Cyberpunk example it’s like buying an early release game you care about - to find no patches / improvement to the product 6months later - it’s disappointing.

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Premium wasn’t released until October

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You didn’t. It didn’t exist then.

I can be very critical of Monzo, but you are in the wrong here. If I have Premium but I could no longer use a mobile phone, should I get that element refunded?

It was. For this purpose.

The Monzo Community forum is where Monzo users come to help build the bank of the future, and get the most out of the Monzo current account.

If Monzo were to negotiate and pass on a reduced rate from the insurer (and its a very long shot) then Monzo would become more like a ‘bank of the future,’ and so I think the OP has made a valid suggestion.

However unlikely it is to be taken up, it’s not entirely unheard of for insurance companies to reduce premiums where their risks are reduced.

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Surely Monzo will have taken Covid into account when agreeing commercial terms with the insurance providers.

If Premium doesn’t suit you cancel - its the only way to demonstrate to Monzo how popular their packages are.

Customers who sign up just to support Monzo give them a misleading impression of its popularity and weaken the case to change/update the product.

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No one has been hoodwinked for God’s sake.

Monzo has offered a product. Packaged accounts, to protect the bank from this very thing, have a major element of customer indication that the insurance is suitable for their needs. The OP has knowingly bought a product containing travel insurance during a global pandemic where travel is at best extremely difficult, but in reality, pretty much banned. There is a minimum term for the product, again, also clearly stated.

I’d say, very politely, the OP needs to manage their expectations by not assuming Monzo will change the product every couple of months.

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Most panful thread I’ve seen today.

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If this thread started with: Monzo should remove the travel insurance and lounge access for the foreseeable future and charge £10/12 a month for Premium, you might have had a point.

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You apparently HAVE to return the metal card for them to get rid of, seems a bit mad really - keep it as a keep sake

First time I’ve heard that. Do you have a source?

From the cancellation screen:

It isn’t in the terms and conditions though, so it isn’t clear what “need” means here.

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I think that is the most petty thing I have seen a bank do in recent years.

I’m not sure what would be worse, forcing you to return your metal card as this definitely suggests, or that it’s another badly written piece of copy and they’re trying to be helpful and environmental and offering to properly dispose of your now useless metal card but saying it in the most incredibly ham fisted way. Given the multiple examples recently of confusing, poorly written text I don’t think we can rule out the possibility it is that, but it certainly feels like it’s suggesting that if you cancel returning the card is not voluntary.

Cancelling it I understand, making you post it back is a new low. And what if you don’t?

I was literally typing this before reading the first comments.

I immediately thought they launched these features during the pandemic - it’s obviously not appropriate features for the current situation but no one made anyone sign up…

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I’m assuming - and again this is me interpreting ambiguous copy - but I’m assuming it’s “[if you want a secure disposal of this hard to shred card that has PII on it,] you’ll need to return it to us for disposal”

Because what happens if you don’t return it?

You get coal for Christmas?

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Because it’s difficult to cut it up like you would a normal card?

Could possibly be it