Why wouldnāt you just do a bank transfer (faster payment) into Monzo or if you are short use the other card?
This is unlikely to affect me because I would transfer from my bank account on a faster payment of which there is no cost-fee to anyone (my Mrs did the original system and process testing for faster payment while at The One Account prior to its introduction). Therefore if there is a fee introduced for doing it I simply wouldnāt use that facility.
However, things seem to be changing, what drew me to Monzo in the first place was a basic bank account with a card no bells, no whistles, no fees or costs. My idea was to take my monthly disposable budget and put it into Monzo and do all my spending out of Monzo like food shopping etc. This ensures I donāt overspend. The simplicity, basicness of Monzo plus some nice modern features like tracking spend via mobile seemed to fit this idea perfectly.
However, now we are looking at fees for one facility/service, fees for something else, it almost feels as though the hook has been used to attract people and now as they build momentum the company begins to change the pleasent basic simplicity and direction to a more traditional banking method of making money through charges to their user base.
Monzo would have known where there are fees and costs in the banking process and so why introduce it as free in the first place knowing full well that as the customer base grew, the number of people doing things that cost money would also increase and therefore increase a cost to business. You would know that any cost to business would impact margins and profit lines and therefore be unsustainable so again this raises the question if you know this why introduce it as free in the first place? And if you donāt know this then I am worried!
It seems Monzo has had great success off the back of the basic account and have now moved/changed the account into a current account (Iād like the basic one but it appears I canāt have that, I have to have the current account!) which takes them steps closer to offering more facilities and services at a fee and therefore opportunity to increase revenue, turnover and potential profit.
Interest is not paid on this account but all money in the bank is earning interest, we are at low interest rates at the moment although the recent slight increase would have helped a slither but going forward as rates increase the more money in Monzo = more money Monzo will be making.
Ultimately I have to say I am unsure now because it seems that these things are known but disregarded for a temporary time to get people hooked and then once done policy is changed and although they know thereās a few they offer it for free and then, oh look itās unsustainable, what a surprise, oh well looks like we are going to have to start charging, we are really sorry about that but Iām sure you understand! To me that was planned in all the time, it doesnāt matter how you spin it, nicely you put it, how friendly you come across or cleverly that you frame it, it is a fee that you planned to charge all along knowing full well the costs involved to you by trying to hide it or dress it up as anything other than that makes me feel uncomfortable.
