Shared Pots


(lee) #43

It’s informed in regards to the experience i have of monzo. It’s taking a view about the features that have arrived as they have done. It’s not me that needs to make Monzo happy but vice versa.

And i think what i’ve said is reasonable and fair.

It doesn’t - we got statements is about all - and for a time we actually got less.

Overdrafts - still due
Apple pay - still due
Payments screen - still a mess
Joints & seconds - still missing

Forgive me for being less then enthralled for thank you emojis and the glacial pace of progress on some key features.


(Is Santa here yet?) #44

I think that idea will lead to a world of migraines.

Scenario1: you are collecting money for a leaving do. Everyone monzos you the money (eventually. Bob in accounts is so disorganised). You have all the money, it’s 10pm on Sunday and you find the perfect thing online but have to order it now to get it in time. So now you need 30 people to confirm right now. And I’ve already mentioned Bob…

Scenario 2: you have the money in a pot for the childminder. You get to the cash machine (or the childminder who takes bank transfers) and you need that money now. But your husband happens to be Bob. How long for that confirmation?

Maybe an agreement when you send the money? One that means you have to select yes or no at the time of transfer or you get an error? Select administrators for the pot so they have full control (up to 3 people)?

People empty joint account, people raid the joint bills jar, I think don’t give people access to your finances if you don’t trust them is the easy answer


#45

I was reading about French current accounts the other day (I have that much fun, yes) - apparently when opening a joint account you need to specify whether it’s et / ou - both or either. For et accounts, both signatories need to approve every transaction. For ou accounts, either signatory can carry out any transaction.

Probably an over complication for pots, but an interesting approach to the problem.

In pure legal terms, I’m assuming that the funds are held in the account of the person creating the pot?


(If there's the wrong end of a stick, you'll find me holding it.) #46

I’m sure I’ve been offered that option in the UK in the past.


#47

I was given that option when opening a Joint Account with RBS


(Noel Edmonds Beard Sculptor ) #48

I wouldn’t used shared pots as I have no one I’d want to share with, my finances are just that mine.


#49

Not even to save up for something with other people (eg: group holiday)?


(Gareth) #51

As an android user, hahahahahahaha (we’re still waiting for targets and travel reports).

Also overdrafts are rolling out (I have one, without joining any preview waiting lists), the payment screen is being cleaned up, we know the spending screen is being developed; and nobody said full joint accounts would be out soon.

It’s not informed into the processes of building a bank though, is the point. So saying 2 years is long enough to make joint accounts is like me saying a morning is long enough to refurbish a bathroom.


#52

Sadly, that’s very true. Monzo have made it very clear, that they never want to release “full joint accounts”.

However, even with regards to shared pots this is still very true:

I just realised that “payment reactions”, which were “easy” and “quick”, took almost a year from sneak peek to announcement.

So, I guess, I’ll go back to bed now. Nothing to see here for the foreseeable future. (keep in mind that joint accounts are, as @alexs keeps telling us, sooo complicated :wink: )


(If there's the wrong end of a stick, you'll find me holding it.) #53

So complicated that only other banks can implement them, perhaps?


#54

Not sure that was really necessary? Lee-am was just stating an opinion and even though it might not one determined by banking experience it doesn’t mean it’s uninformed. I do often find some things you say on this forum unnecessarily abrupt and sometimes really rude for no reason.


(Tony) #55

And yet I don’t. S’funny that.


(Alex Sherwood) #56

I’m sorry if you don’t like the message but I was just being honest.

In order to determine Monzo’s priorities you’d need to know their burn rate, how much money they had left in the bank, what they were paying suppliers etc. because that feeds into what changes the business makes & what features get prioritised.
Ultimately the past two years have been Monzo working towards cutting their costs & starting to earn revenue. As well as obtaining a banking license, building a product & hiring etc.

Needless to say, Monzo could have launched Shared Pots / Joint Accounts by now, if they had focused on that instead of migration from prepaid & overdrafts. They would have gone bust too though.

This is why I initially acknowledged that Lee might have different priorities in terms of their own needs but they do not have the information that they’d need in order to judge what Monzo should have done differently.

Which means that if they (or anyone else, including me) has an opinion what Monzo’s priorities should be / should have been, it’s uninformed.


( related to Monzo CEO, Investor in Monzo ) #57

we are all basically “uninformed” about Monzo other than things said on the forum and at office meet ups :slight_smile: - which I believe you were trying to say , I agree with what you said about all the information thats only available to Monzo staff - though “uninformed” could be taken as somewhat brusque :slight_smile: :slight_smile:


(Alex Sherwood) #58

And this is why users are asked not to respond to the tone of posts, which is easy to misinterpret :slight_smile:


(Kieran McHugh) #59

I don’t think it’s true that we have completely written off joint accounts (or an even better way to share money). Tom has just made clear that this is not a priority right now (and he’s right IMO).

Payment Reactions were easy and quick but again, lower priority than many of the other stuff we’ve been working on in the background.


#60

I found it very difficult indeed to interpret this post as anything other than “don’t expect monzo to support true joint accounts”


(Kevyn) #61

Monzos narrow approach to accounts is why if Bunq ever make it to our shores, I will jump on them like lightning. They seem to do joint and multiple accounts right instead of trying to create complicated workarounds to avoid customers using multiple accounts.


(Alex Sherwood) #62

:boom: problem solved.

Personally I’m happy to wait & see what Monzo come up with before looking for alternatives though.


(Marcel Ruhf) #63

See, that is where different needs kick in again. I don’t need joint or multiple accounts, and for the things I need, Monzo and Starling does them much better. Their €7.99/month fee structure just for debit cards isn’t worth it in my opinion.