Brand new to monzo. Some things I’d like to prepare myself for before I get going.
I understand, I think, about off-line transactions and that you will only put the transaction in the app when you get notified of the actual payment (certificate?).
Is there notification prominent notification in the app and if that (relatively unexpected) transaction takes you overdrawn but you have no overdraft arrangement how intrusive and repetitive are the reminders that you need to put money in that day? If you don’t, is the consequential overdraft charged at the arranged overdraft rate or much higher? How much?
If a merchant takes an authorization incorrectly or oddly but ultimately it’s not going to take the money, then with a normal bank the payment is not visible (with a few banks it is in some interfaces) and it impacts the available balance, but you are not allowed to dispute it and you just have to wait for the code to fall off, this is normally 7 days (so for the learning disabled and vulnerable who often run an account close to zero these odd merchant activities can prevent them from using funds in a way that most people never notice) but the auth code is still valid so the merchant could still use it in a “surprise” transaction up to 6 months later (and not necessarily taking you overdrawn directly, but later).
How does monzo behave in the above cases. What and what quality of alerts might alert one to all of the above. How can a support worker of a disabled person get visibility to support the card holder in these cases?
With these kinds of clients I find that banks will often allow for example 5 non-critical payments of £10 to clear getting a £50 unauthorized overdraft but then when the support worker applies a credit of £50 for a critical transaction, the bank will decline the disabled person’s £50 transaction, however the bank cannot tell you what the rules are for what they let through and what they do not, so you are often faced with putting in twice as much money for every critical purchase. Staff often say this account cannot go overdrawn, but then in practice do not decline many online transactions. For an account that really cannot go overdrawn they provide a £50 buffer (overdraft, duh!) and charge £10 pcm but you have to put £500 in the account every month. This makes no sense, preventing overdrafts is generally for people who will spend down until the card doesn’t work any more, so the £500 is a bad idea. I really find it hard to understand the whole banking system to be honest. In an age where you can buy and sell shares around the world is a second it seems hugely antiquated, why is this?
Could monzo do better in the above cases? What is good about monzo for the learning disabled?
Sorry this has been a bit of a ramble. Hope it makes sense.