Reoccurring & Scheduled Payments

(Alexie Staffer) #1

Make it easy to know what your disposable income is, by understanding your commitments.

Mark a payment as reoccurring.

You can look at the history a reoccurring payment, seeing dates and charges and how they differ over time compared to the average. Good for mobile phone or utility bills.

Get a notification on payday, showing pay - scheduled payments = Spending money.

As an option your mondo balance can take into account any scheduled payments that are still due. “Spending money balance”

Notifications options:

  • always
  • if +/- %/£ the usual/average amount
  • when a scheduled payment has not been taken on time
  • No notification if payment taken on usual amount & date

Advanced: for people with lots of reoccurring payments options to hide payments from main view unless they were notified. (See Hiding Transactions)

Advanced: Schedule a payment for later in the month, and assign an actual charge (or group of charges) to it as it happens. (see Groups).

MightAx, blown away within a weekend
(Zander) #2

Recurring payments is something that @hugo and I were working on a couple of months back, in preparation and anticipation of how this would function once we become a bank, and direct debits, standing orders etc, come into play. I’d say with confidence that almost all of your wishes will be granted :sunny:. Things like notifications we’ll keep simpler than the options outlined in the post, at least at first, and once we have more info on how we’re all using the feature we could introduce more complex features and information.

Non DD's & non SO's regular payments
:newspaper: Monzo 2 years on - the startup threat big banks still "don't get" - The Memo
Hiding Transactions and Statements
(Alexie Staffer) #3

Thank you @zancler & @hugo!

I think the most important facet of this for me is the “Spending Money Balance” aspect. Knowing how much of my money is spoken for and how much I can spend on (or save for) fun stuff.
This is something me and my wife spend a couple of hours a month figuring out, with a special spreadsheet that I’m afraid to change too much. It would be an amazing Quality of Life gift from a bank that can just tell me what is safe to spend.

Everything else is pudding.

#4

Apart from UK Direct Debits and national standing orders or recurrent faster payments can we also have SEPA Direct Debits.