I’ve seen Monzo say that on average they’re seeing users open the banking app twice per day - this is way above most other banks.
Given this, is it really beyond the wit of Monzo to clearly articulate, in plain English, the position each customer is in with regards to fees at any point in time?
We’re beyond waiting for a monthly statement with no idea how much fees may or may not be which is where people often get in to trouble, so charging customers more in the name of simplicity does not hold water, and is the opposite of transparency which is a value that Monzo claim to hold dear.
In my view pots are not separate accounts, and therefore to charge fees to a customer when they actually hold a positive balance is wrong - this is compounded by the fact that Starling do not do this.
I always get very suspicious when a company choses a policy that results in charging the customer more in the name of simplicity - more often than not it is just a cynical grab for more revenue and sadly I haven’t seen anything to convince me that this isn’t the case here.
If this truly isn’t the case and there really is no way to articulate this better, perhaps Monzo would be willing to commit to donating any revenue gained from charging fees to customers with a positive balance to charity?