Transferring Transaction Data & Savings Rates - Current Accounts

(Patrick) #21

Also makes sense to me to start with new list of transactions on what essentially is a completely different type of account.

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#22

I’d prefer to keep my data personally, so if there’s a wipe then it should be optional I think.

#23

Will we have the choice of clearing our “pre-paid” account history when we migrate over to a full bank account?

I’m guessing some people won’t want to, but some people might?

Would be nice to have the option.

(Alex Sherwood) #24

@Avidfanofstuff although you’re approaching this from a slightly different angle to the original question in this topic, I’ve moved your post here to make it easier for anyone who has questions about what will happen to their prepaid data to find the answer. I hope that makes sense :slightly_smiling_face:

(Jolin) #25

I can see why people might want to start with a clean feed when the current account launches :rocket: (I’m still unsure, personally). If this is given as an option, though, I think there would still need to be the ability to view the prepaid :credit_card: transactions, certainly for a period of time (a year?). Maybe an option in the Card tab?

(Alex Sherwood) #26

Question for everyone, if Monzo did enable you to erase your prepaid transaction history, where would it go?

Presumably some users would end up needing it because of transaction disputes, expense claims, tax claims etc…

Also, what would be the point of transition, when Monzo can be sure that you’re not going to need access to any of your prepaid data?

Lastly, what impact would keeping the prepaid data have on those who want to erase it?

Just some food for thought…

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#27

By law I need to keep all work related invoices and sales receipts for 6 years, so maybe at least this amount of time? I think I’d rather keep the data, so long as there is a clear line or something showing when I moved over to the full current account model.

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#28

For me this is important. If we have no say in preventing the importing of data from our prepaid card account into our new current account I would probably close my account and then reapply to open a new account in order to have a current account free of historic prepaid card data.

I can understand people wishing to import historic data from a previous current account at another bank, which presumably would have a similar expenditure profile, but prepaid cards are a different account type and some of us have used them for totally different spending types that would distort any long term reports if data cobbled together with a regular account

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(Patrick) #29

I can only answer these questions for me, not speaking for anyone else, so:

I’m not being funny but if you erase things, they do tend to disappear? :stuck_out_tongue_closed_eyes: I had this pre-paid EUR cash card which gave me no transaction history whatsoever, in any form. The only way of knowing how many € was in it, was by texting BALANCE to some short SMS number (no joke) or by going to a cash machine.

At this precise moment in time I am happy to treat this card as an independent cash card and have no problem with all my transactions so far to completely disappear out of existence.

Although it doesn’t need to completely disappear, I would be OK with just treating as a completely different account (which it is).

That’s why we suggest for it to be optional, I wouldn’t like to force anyone to lose record of all their transactions.

I’m not entirely sure I understand this question as the point of transition is well defined, at some point I’m going to stop using coral coloured card number X (prepaid) and start using coral coloured card number Y (current account).

Not a lot I suppose, I’m personally not worrying about any impact of this happening a certain way. My reasoning is more aesthetic and logical. Since they are two distinct cards with distinct usage i.e. I’m planing to get paid into Monzo and move all of my DD, bills, etc to current account, but at the moment only use in bars, some shops and abroad. I cannot see how anyone would find it reasonable for the transition on transaction to be seamless and expect to have all bundled together.

If we can’t have old pre-paid card transactions deleted, at the very least I would like to see separated transaction lists from individual accounts. Maybe a frozen-style card underneath the active card in the menu which will take you into your inactive pre-paid account.

All I’m saying is that logically to me, the first transaction on the current account should be the first transaction I perform with my debit card. What Monzo do with the other data, whether they delete or otherwise show in-app, I’m not too fussed about.

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(Alex Sherwood) #30

Presumably you could filter out your prepaid data from the reports you’re running, based on date, payment method or some other identifier.

But on the flip side, if decided that you wanted to know how much you’d spent on x (where is x something that you have used your card to purchase consistently) ‘this year’ (or some other criteria) for example, you’d find yourself unable to do so.

So I’m struggling to see the upside there or the impact.

Transferring payment history from prepaid to current account
(Alex Sherwood) #31

My point is that every user potentially has delayed transactions from TFL, orders that they’ve placed on Amazon, yearly subscriptions to online services etc. I have a feeling that it’d be tricky to draw the line at a point where all payments are complete & there won’t be any more on the account.

Whereas presumably Monzo will have a way to manage those types of scenarios if they switch you & you’re effectively using the same account.

That’s fair enough, I was just wondering whether there was a more significant issue that I was missing.

I’d like to see this too.

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#32

When converting from a prepaid account to a current account will there be an option to reset all your transaction history?

I’m thinking just as a one off optional thing.

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(Alex Sherwood) #33

I’ve moved your post here, as there’s been some discussion from other users about how they’d like this process to work in this topic.

If we’ve missed anything, please do let us know your ideas :slightly_smiling_face:

#34

I would hope that any averaging done is weighted to treat recent spend as more significant than older spend else it would take ages to adapt to changes in habits…

So really, I don’t care if old data is carried over or not, I’d expect its influence to fade if it does.

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(James Brierley) #35

I’m sure like everyone else on this forum I’ve been regularly tracking the current account roll out. Pleased to see the pace that it is occurring.

One thing that stood out to me was Monzo’s eventual plan to merge the transactions from the prepaid card with the current account. Without wanting to create too much controversy, I was wondering if there was going to be an option to opt out of this.

Reasons being;

I’ve been an Alpha user for a long time although don’t use the card anywhere near as much as perhaps other people. Not because I didn’t like Monzo, but because I am lazy and didn’t want to have to keep topping it up and split my transactions across two cards. I knew the moment I had a monzo card that as soon as they launched current accounts I was going to move to them as quick as I could.
That being said, when I do get a current account with Monzo I was looking to really try and get into good financial habits, a slate wiped clean so to speak. I wouldn’t want my sporadic and non-insightful transactions to pollute the current account ones.

Final reason is I wouldn’t want the pre-paid transactions to appear when monzo or an integrated third party are analysing my spending patterns to make make credit decisions or savings decisions or any other cool innovative service yet to be conceptualised that undoubtedly the marketplace of monzo will help foster.

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(Alex Sherwood) #36

I can definitely see where you’re coming from here.

Assuming that opting out isn’t an option (you might regret it in the future too), I’m hoping that Monzo will give me a way to distinguish between the prepaid vs debit transactions. Or just come up with a way to address the reasons you’ve mentioned :slightly_smiling_face:


There’s already been a lot of discussion about this topic here & in the topics that’re listed underneath the OP so I’ve moved your post here, to save anyone repeating themselves.

#37

…and would this be optional, if we don’t want historic transaction data imported

(Jack Willis) #38

I’m currently testing the Debit Card. When the official ‘switch on/transfer’ occurs will the two separate transaction histories in the two different apps merge?

(Marta) #39

Yes, it will merge, here’s what we know (so far):

(Jack Willis) #40

Cool. I do like the idea of keeping the prepaid card as well as the full current account. Its handy only carrying around a card with say £100 on it for day to day purposes as apposed to the card for my full bank account in case of theft

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