The Monzo Current Account Preview

Came very close to doing this myself.

It seems the list of companies not accepting the sort code or debit card is getting longer

Probably as the number of users grow and try to pay different businesses and services this will be the case before dropping back down to virtually nil like a legacy bank once :monzo: Monzoā€™s details are flushed through the Bacs system.

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But itā€™s good that thatā€™s happening now, in the preview :wink:, as opposed to having 500k customers all complaining that they canā€™t pay their phone bill - for example :slight_smile:

But you can see the great progress Monzo & the community are making on getting the Monzo CA :monzo: supported :slight_smile:

Just check out the crossed off names on that thread :smiley: I think itā€™s excellent that systems are being updated to support 04-00-04, itā€™s certainly a shame that it doesnā€™t just work out of the gateā€¦ but we were never promised that it would, in fact we were told the opposite :wink:

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Agree with both your points but the sort code has been out for a while now and I would have thought more systems would have been updated thus reducing the list more rather than extending it.

It appears to show that many businesses are not updating their information as regularly as they should. Hence the value of a controlled roll-out of the account in order to identify and correct any issues. Thatā€™s a sensible approach.

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That would be the desirable outcomeā€¦ But it shows that companies arenā€™t regularly refreshing their systems to support new sort codes :frowning:

So whilst Monzo can help by chasing BACs / vendors, itā€™s not really Monzo at fault :slight_smile: (I know youā€™re not saying they are :wink:)

iirc, Monzo have had their sort code since April~May (ish), so in theory by now everyone shouldā€™ve updated their Sort code databases and BIN rangesā€¦ Yet they havenā€™t :confused:

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This is the most frustrating thing. Even if organisations updated quarterly you would expect everything to be working by now, but it clearly isnā€™t. Possibly BACS needs to come down harder on their members, penalties for non-compliance and the like. Shows how entrenched the traditional banks are, the fact that companies donā€™t regularly update their lists as they donā€™t expect new banks to emerge :weary:

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This got me thinking there must be a way to complain and raise the issue with relevant regulator and under competition law :thinking:

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I feel a click here to submit email to merchant and complain form coming on!

Raise it with the merchant. If they donā€™t sort it within a week or so Iā€™d just complain to BACS. BACS should have relevant direct contacts with the organisation so can force the organisations to act. I raised my problematic gym group with them earlier today.

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fill your boots :slight_smile:

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Are there any plans for push notifications about new Direct Debits? For now Iā€™d only realize thereā€™s DD by going to Spending > Recurring Payments which is quite well hidden.

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I asked that in-app (where they for this sort of feedback) and they said yes, it is planned.

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Yeah I think there are a few parts to this.

Set up notification.
Payment due notification
Summary of activity (historic info).

I believe all three are being worked on.

26571E1C-B0CE-42E7-B412-2AAA42926585

Look what the postman came with!!! :grinning:

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imagehttp://s2.quickmeme.com/img/26/2642f7fa25f43d454f84265e0f878e630d385a678ed746b752c9128168be665f.jpg

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Iā€™ve probably missed it but do the current account previewā€™s have fscs protection? Just wanted to double check before I move my salary etc

Google is your friend :wink:

https://www.fscs.org.uk/what-we-cover/products/banks-building-societies/monzo/

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