I’m not totally sure. For example, there are likely legal differences in regards to how the images have to be stored and transmitted. Also, in the US, you need both sides of the cheque, I don’t think you do here.
I guess I’m just being hopeful that going to the US will give you a running start on bringing this US-market necessity here as well 
I guess these are things I’m thinking will be part of ‘fully featured’ pots (all have been mentioned as features that will/could eventually appear). I definitely see the need for multiple accounts with existing banks, and I personally have some of these needs. But whether they’re provided by ‘accounts’ or ‘pots’, I couldn’t care less, as long as they do what they need to do. The main thing is that I don’t think we should be limited by what exists. I’m willing to see where Monzo’s going with this, because maybe they can do a lot more with their approach. If they were to just copy what is in existing banks, what’s the point, I’ll just stick with my existing bank!
Supporting multiple accounts per person would have taken development work as well, there’s no way that would be instant. I’d rather Monzo spend the time now to build the foundations they think they need, with the flexibility they need, than bolt something on quickly which won’t scale.
I could, I think monzo shouldn’t be dictating how we should manage money they should be the option.
There’s a bunch of reasons around joint account too as to why you wouldn’t want a single account or a weird pot instead of a separate joint.
And thats fine. But i don’t believe this should take up to three years to have some solution.
Monzo think they can do a better job - great, but bring that from day one or early, not three years in. No point saying how they dont think its done right currently, talk about their solution for two years which doesn’t exist then say it might be up to another year before they roll out what they think.
I go back to wanting people to make monzo their main bank. If thats the aim then at least match (or better the current offering). How can pots get developed before statements?!
That blog post puts ‘making monzo make sense as a main bank’ potentially 6 months ahead of even resolving this.
Not three years.
And there’s nothing wrong with having a second account. It certainly isn’t anything i would criticise any legacy bank for offering.
CPA - continuous payment authority
The current API already seems to be somewhat configured for multiple accounts due to the separate account ID’s for current and prepaid, both linked to a single user/login. I imagine the development issue here is how to handle multiple accounts in the app.
I kind of get the feeling Monzo feel like in the modern age the concept of separate accounts with a single bank is a ‘wrong abstraction’. I’m excited to see what they come up with instead!
that is odd as how will they see endorsements on the cheque if they don’t see both sides !?
Maybe I’m wrong… when I’ve deposited a cheque here I didn’t need to endorse it, but that was depositing it in person… I just took it to the bank and asked them what I needed to do.
In the US, I did need to ‘endorse’ (sign the back) them, but maybe that’s because there you deposit by app, and if we deposited by app here, we’d have to do the same?
In UK you can endorse the back of a cheque payable to person A to make it payable to person B, if the cheque is made payable to a person with multiple accounts they can endorse the back with the sort code and account number they wish to deposit it in to, if the payee is recently married or subject to a deed poll you can sign the back with both names and your old and new signature, also less common you can endorse it to accept less money than it written for e.g. if cheque says £100 you can write on the back agreed accept £50 only…
Wow, I had no idea. I only knew of ‘endorsement’ as my US bank making me sign the back and take a picture (how they knew it was the back of the same cheque, I have no idea…). Thanks!
Cheques are interesting as they can be “Account Payee Only” i.e. payable to the person the cheque is made out to, “Non negotiable” requiring them to be deposited in to an account not cashed, and you can cross a cheque with the name of a bank e.g. “National Westminster Bank plc” which will mean it should only be paid in to an account at NatWest if say the payee had accounts at NatWest and Barclays.
good point!
As for endorsements, normally I write them manually on cheques, but for business we had some stamps to put on the back of cheques.
Also in the days of cheque guarantee cards we had stamps in my firm with a field to write card number, expiration date, limit (some cards were £50/100/250), and initials of staff member checking the customer’s card.
Reading through this thread and others on the community there seems to be quite a big feeling despair because of the lack (/speed) of features but your post pretty much sums up my sentiment.
Yes there are a ton of things i’d like to see but i’m constantly reminding myself that a) it’s a new bank and they’re not going to have all the “basic” features that many of the high street banks (who have been around for many years) have and b) transparency is a double-edge sword. Fantastic that we get a peek into all the things we know are coming but this makes us slightly impatient and as this impatience grows, it turns into frustration.
Monzo doesn’t have to be the sole account people use, there’s nothing wrong with having multiple accounts at different banks. I haven’t closed down my HSBC or Barclays accounts purely because there’s no need to even though I use Monzo as my main one. Just use Monzo however it fits your current needs and cut them a bit of slack where it doesn’t fit your need. Things take time and priorities need to be managed.
This, exactly. To those who are impatient for new and more features to be added to the current account and app, don’t forget that as a bank, Monzo is only a few months old.
I’m sure that Monzo will come under considerable pressure in the coming year from other new banks (both start up and subdivisions of legacy banks). I guess that the account upgrade process is nearly complete (for those who want to upgrade) Monzo can start to increase their focus on work on improvements to their offer.
Will you be introducing IBAN facilities?
IBANs are definitely something we plan to introduce. Right now, they’re marked as Near Term on our Roadmap. So stay tuned.