So I have been in the following scenario a couple of times:
Cancelled some services (insurance, broadband etc) and been due a partial refund. Or just been due a refund e.g. returned something to an online retailer.
The service provider’s refund process has failed somehow - while this is less common with retailers, it seems to be more common with insurance companies and larger corporations.
I have forgotten about the refund and so never verify that I actually receive it OR not refunded the correct amount and don’t notice.
While I now write reminders to double check I have actually been refunded and refunded the correct amount, it would be nice if I could enter a “debt” in Monzo at the time that the company say I am due a refund and then use Monzo to ensure that they actually send me the money.
So I could be on the phone to Morethan who say I am due £120 refund on my insurance premium which they will refund to my account within 14 business days. So I open upon Monzo immediately and create a new “debt” for £120 and possibly even enter a due date (e.g. 14 days from now). If a payment comes in for £120 you would be asked to verify that this payment came from Morethan, and if it did you could remove it from your backlog of “debt”. If you do enter a due date and the debt hasn’t been cleared, Monzo could remind you to follow it up.
Biiiiiig bump, but I would like this. I know it won’t be high on the feature list but it would be a very nice extra feature.
Something didn’t arrive and I was given a refund on 15/1, I forgot all about it. It was only £8 something so I wasn’t waiting for it so I could eat. It was only because I thought about ordering from them again that I thought about the refund and didn’t remember it coming back. Quick check of my account, nothing!
I am so sorry for the additional delays you have experienced. I can confirm that the original refund processed was not applied. This has been processed manually today. Please expect to see this on your payment card in 3-5 working days.
If I could have marked that original transaction with “Refund pending” and then maybe a week later it says “This hasn’t been refunded yet” or something.
I know there’s going to be added complexity with merchant names, how refunds are processed etc etc.
When returning items I’ve bought or subsequent to a complaint where I’ve been offered a refund or a partial refund, I find the refund sometimes never arrives, or can be incorrect. It is scary how many times this happens. So I’ve taken to setting myself reminders to keep on top of this and make sure refunds have arrived after say 21 days.
It would be great to have this built into Monzo!
From the transaction view itself, let the app know that I’m expecting a refund for that particular transaction in whole or in part. When it arrives and the expected amount is correct, the app marks that reminder off as done automatically for me and lets me know. If it doesn’t arrive after a period, it reminds me that to chase it up.