Our Plans to Close the Monzo Prepaid Cards

you don’t have to spend 1k on an iPhone, you can get an Android for a tenth of that or even less

2 Likes

Not necessarily, as a web app would require minimum browser version, and that will also exclude older OS versions.

2 Likes

Equifax is quite a rubbish credit reference agency. Try noddle (CallCredit) or the Experian service. You might see more things in there.

How CRAs work is that lender will buy data from either 1/2 or all credit bureaus, and they are obliged to report back to the ones they buy from.

So for instance if Monzo doesn’t get data from Equifax, they are not obliged and are unlikely to report back to Equifax. Probably that’s why you’re not seeing anything in ClearScore.

1 Like

But I have to agree that not everyone can afford to “buy a phone” to get access to banking services though. :disappointed:

2 Likes

Just stating the facts, so spare me the what-ev’s…

Agree with ipo - and as per my original post:
Nice App and cool UI but If you’re not going to offer “(fee generating) traditional banking services” you’re just another wannabe aggregator trying to eek out an existence broking other people’s wares - imho hardly ground breaking or disruptive - the only disruption here is at the consumer’s end…

PS - If anyone fancies a little cynicism; How about building a subscriber base, adding a bunch of ‘strategic partners’/affiliate links etc whilst pumping the social media side and then flogging the lot to a mainstream FI (hopefully before the cash runs out) so you can dine out on it, whilst twiddling your oily beard in a Shoreditch hipster cereal cafe, contemplating v2.1 of the emperor’s new clothes aka “the must have (non)disruptive collection”…:thinking:

I started a thread What is the upside in banking with Monzo? to ask just that. I pushed the point yesterday on the overdraft cost thread. The answer I get is very vague and I cannot understand why. There is huge passion here amongst some of the contributors but a list of upsides to Monzo appears very illusive.

I did but they said it isn’t not possible and no exceptions :frowning:

1 Like

“Your pre-paid card was most definitely firmly attached to your identity as much as your current account card would be. That it might not say your name on the front doesn’t affect that I’m afraid”

Not so. I’m holding half-a-dozen pre-paid cards, including Monzo, Cashplus, etc. some for many years and none of them show up on any of my credit reference agency reports.

I think he meant more in terms of fraud and/or identity theft, totally unrelated to credit bureaus.

Whether the CRAs know about it or not doesn’t change the fact that if something really bad were to happen with a prepaid card in your name you’d still hear from someone, most likely the police.

6 Likes

Yup, that’s exactly what I meant

4 Likes

Naji, I think you need to rethink this, especially as the FCA requires banks and financial institutions to be flexible on the need for Photo ID, as demanding it often discriminates against the less abled, who may for example not be able to drive or travel and therefore might never have held a driving licence nor passport.

1 Like

I agree with MikeCleary - I like the control I have over prepaid - I don’t like the idea of risking it being able to run over what I have on the card

You will be in the same position as prepaid when you get the current account card. If you don’t get an overdraft they will bounce transactions as they would on prepay. Also the fact you can slightly overdraw due to changes in exchange rate between time of purchase and finalization of a transaction, or delayed presentment of public transportation transactions is also the case with prepaid.

8 Likes

Wow this thread makes my eyes bleed and my brain hurt…

So much moaning and so many people just not getting it, I really really can’t wait for the prepaid cards to go I really can’t.

And yes I am back so feel free flag away, you know who you are :eyes:

23 Likes

Happy New Year

you’ve been missed!!!

2 Likes

Thanks dude and I highly doubt that :joy:

im speaking from a personal POV!!!

2 Likes

Cheers dude xx

O
My account has been fine, but my wife is having issues with photo ID. She has had a prepaid card for a while, but due to disability does not have passport or driving license. Therefore the whole ID thing is blocking the change, and apparently she is on the list to be looked at.
Given her circumstances, it is unreasonable to expect her to produce this ID, and under the Equality Act 2010, you are obliged to make reasonable adjustments to ensure she is not discriminated against and can have access to the services. Something you need to look at rather sharpish.

1 Like

Send a message to the customer service team and they can assist I’m sure! :slight_smile:

1 Like