Usable balance & refunds

(Craig Catlow) #1

Apologies if this has been posted already; I couldn’t see anything and this is my first post. Absolutely love my Monzo card. I’ve only had it for two months and it is saving me money and changing the way I spend. I have a suggestion however. When I receive payment from a friend it is instant and when I deposit money from a betting account (don’t judge me!), the amount shows as refunded but sometimes takes a few days to clear and show in the balance. It would be useful if the app displayed balance and cleared or usable balance perhaps for when this happens as it’s hard to tell what the actual balance is in this instance. I wonder if this happens with refunds or recredits from other places?

(Alex Sherwood) #2

This sounds like an important point - one of the features that I find most useful is the live balance - but I’m not sure I understand the scenario you’re describing.

You’re saying that there is a delay between the time when you receive a refund & when it’s displayed in the balance. Monzo have confirmed that refunds take a few days to arrive in your account so while you’re waiting, you don’t have those funds to spend. Since that’s the case, if the refund isn’t showing in the balance, you are seeing the usable balance.

I assume that you want to receive the notification that the refund is on the way, along with the details, in an entry in your feed but only see the refunded amount in your balance once it’s available to spend.

Am I missing something there?

PS - you don’t need to worry about posting duplicates here :slight_smile:

(Craig Catlow) #3

Hi Alex, I spoke with Sam on chat about this the other day. It seems that with some bookmakers they send an authorization message which appears on my timeline pretty quickly, however, it takes a few days for the credit to appear and therefore show up on my card balance. It doesn’t effect the real-time balance until it’s credited yet it appears on the homepage straight away and this is my only issue. Once it’s cleared it becomes available and appears as the card balance; it makes it a little difficult to track how much I have or how much is being added. I thought it would be useful in this case to show cleared and uncleared funds as its a little confusing.

(Alex Sherwood) #4

Ok so you’re saying your balance is correct at all times but you’re looking for a way to see which credits have settled (are in your account, ready to spend) & which haven’t - that sounds good.

There is a note in the transaction entries for debits which shows whether a transaction hasn’t settled or not so I think it would be good to see the same thing for credits (I can’t check whether it’s there already, as I don’t have any pending refunds), would that work for you?

If you were thinking about the app displaying two balances, I’m not sure that’s the best solution, although others might disagree! I’d be concerned about users confusing the two balances & I’m not sure how useful it is to see that you’re due to receive a credit in a ‘balance’ figure, as long as you can see the pending credit in your feed, does that make sense?

(Craig Catlow) #5

Hi Alex, your interface looks different to mine. Where do I find the pending transactions on an iphone? Sorry for being daft but I can’t see it, as that indeed would be the answer.

At the moment I have credits in my timeline that are not credited to the balance yet.

(Alex Sherwood) #6

No worries, that’s a screenshot of the bottom of a transaction record. If you tap a transaction in your feed & scroll down, you should see something similar. The ‘Pending Transaction’ note is only displayed while the transaction is pending, it’s not replaced by alternative text once the transaction has settled.

(Craig Catlow) #7

Thanks Alex. I’ll look for it next time it happens. Cheers for the help.