So I went to the ATM to withdraw money 7500R and it was rejected not because I didn’t have the money but because your card didn’t work. Now thins morning I have the notification saying the ATM was declined however I am also missing that money from my account!!! I want that balance changed I didn’t just throw away £98
You’ll need to contact them in app to get a speedy response.
The best way to get this reversed is to contact COPs in app or email firstname.lastname@example.org. Sorry again about the disruption last night
Lizzy as others suggested get in touch with Monzo via in-app chat/email. Let us know how it goes.
This could also have happened with any other card I believe, it would have reduced your available balance but probably not show up as a transaction, it’s just now you see it instantly so think it’s gone through, It would automatically get reversed in a day or two.
TThe money isn’t strictly “missing” it’s simply “reserved”. Monzo choose to deduct this from your balance as a means of making sure you don’t spend it again before the reserving transaction goes through.
This sort of thing will normally sort itself out within a week anyway but talking to Monzo can lead to a quicker solution if you need the money in the meantime.
Maybe the dreaded legacy bank approach of only posting transaction upon presentment actually had a logic to it?
Not really… they still reduced your balance so you’d end up unable to spend money but no idea why.
yeah you’d have to work it out
well, should’ve been clearer: By “making sense” I meant for the bank of course. Most banks would present this as follows:
Balance yesterday night: £200
Available balance: £102
As we are all used to this, we’d know we can’t query the missing £98 until it clears. Since they often (although that’s changing) don’t even display pending transactions at all, there isn’t anything to query anyway. This reduces queries to support. As such its a very sensible approach for the bank.
The thing is: In the “old” model all those seemingly reversed transactions (which are really just authorisations that are never presented) never really register with the customer, and thus never generate support queries. I guess we are all used to the available balance being constantly lower than last night’s balance, and tend to not question it too much.
Maybe, once the “new” model of showing transactions the moment they are authorised takes off we’ll become used to not question them until a week later. And/or merchants speed up presentments. And/or pending transactions are highlighted much stronger, including a note of “please don’t dispute this transaction until it’s no longer pending, unless you suspect fraud”.
It’s all very well until it says:
And you can’t afford the bus fare home suddenly.
With Monzo you can (probably) get the transaction reversed early by contacting them, and you know what the issue is and which retailer to blame.
Hopefully that’ll mean that the ‘bad’ retailers who hold onto authorisations for a week or more will start to be named and shamed. There’s really no need for it.
That’s actually what my first draft said
I’m not defending the practice. I’m just saying that it was probably not historical accident that this happend, but they actually thought about this.
I see what you mean, there was some thinking process, but in my eyes - extremely biased. Due to that, we have tons of people not knowing what their actual balance is right now, but yeah, they won’t be aware of any missing money. Question is… who benefited from this approach, user or banks? If a user would know about missing money (like OP), they’d pester bank about it. By not showing it, banks removed the problem for them but created another problem for users. And this problem for users existed for yeaaaars, until fintech decided to disrupt it all.
I’m not disagreeing with you, @nanos , just judging their thought process - it was not done in my favour! I’m not naive btw, I know that what greedy banks are for, they are far from being usercentric.
You should always get in touch with support through in-app chat in these cases but a very good point has been raised in this thread.
We always show your available balance in the app. This is done so that you always know how much you have available to spend right now.
For ATM withdrawals where no cash is dispensed, in the vast majority of cases, you will see the funds automatically returned to your balance within 7-8 days when the ATM’s authorisation of the money expires.
If you do not see the funds automatically returned to your balance after the 7-8 days, please get in touch with us by in-app chat so we can investigate and help you raise a chargeback against the ATM operator if required. I would highly recommend making use of our transaction notes feature to mark failed withdrawals so that you can identify the one that failed when we ask.
Would making it more obvious that a transaction was pending help here?