I have gone #FullMonzo as of May 2018 but did it as a partial switch. The reason was that I wanted to get all DDs and salary to Monzo but keep the old account for things like cash deposits and international transfers into the UK.
If back then I did not have an option for a partial switch, I would not have gone to Monzo in full and simply transferred the salary as a SO (feel pity for those doing it, it is so much more convenient to just be with Monzo). Interestingly, as it has been said, I also had some of my DDs shown twice but that did not affect the spending (the right amounts were taken with no excesses) and they disappeared within a month or two.
Until Monzo allows for cash deposits and international transfers into Monzo directly, I believe many people will stick to using Monzo as a spending account first and foremost, simply because it is unable to facilitate all the services necessary. And now there are even less incentives for people to switch since the flexibility is removed.
To give an appropriate analogy, I have always agreed with card top ups removal from April 2018 simply because back in the days it was a necessity which Monzo could not be used without. The termination of that function was logical because Monzo has become a bank that could be topped up by a simple 1-second transfer.
However, forcing users (who may genuinely want to be with Monzo) to close their old accounts whilst not offering a full adequate alternative is not the best move though.
Just to add my pennies worth, I will only go “Full Monzo” when I am able to deposit cash directly into my Monzo account, and when joint pots are available.
Partial switching has been an excellent way to consolidate certain types of spending from multiple old accounts for me.
Also, my main legacy account would be a real pain to close, because it’s the nominated account for savings, investments etc. Basically, the hassle to close it entirely would be huge. It would also be hugely inconvenient to get rid of my current account with mortgage provider etc., because legacy banks still offer some of their best deals by cross selling…
Starling just told me about the few DDs that didn’t switch properly for partial. In fact, the companies had just created entirely new DDs instead.
What problems were there specifically?
Vision Express never downloaded/updated the new DD. When it came time for payment they tried to take it using the old DD but the old DD had been cancelled so it failed. They sent me a letter (it took a week to get to me) informing me that I had cancelled the DD and that I would need to immediately update my DD details to continue receiving the things I use to see. I phone their Customer Services and was told to fill in a paper DD instruction and post it to them. They more or less completely closed my account and deliveries (I missed a delivery) for a few weeks, and it took two visits to the store to eventually sort. They also tried to make me pay some seemingly made up fee.
It was entirely the fault of Vision Express, as the partial switch is reliant on the merchant. The full switch uses redirects to ensure that if the merchant fails to update their records quick enough it’ll still go through.
It can be a massive pain for places that charge you for failed DDs.
There were two DDs that were flagged. I got notifications saying they hadn’t been able to confirm the new DD with the merchant, so I should check them. The DDs were actually for unimportant stuff, so I just let it slide, and then the DDs showed up in the account anyway and worked… If it had been more important, I would have checked with the merchant, of course
Edit: no idea how Starling implement this though, really
It’s been two weeks since my last comment on this, and I’ve done some more thinking on this. If I can’t do a partial switch in to Monzo I am now considering doing a partial switch from Monzo back to my other current account.
In part this is to do with wanting all direct debits in one place and needing/wanting to keep the other account open. However, a big part is also because as others have said that until international transfers in are available, along with cash deposits then Monzo can’t be my main current account.
I desperately want Monzo to succeed, and I’m 100% behind what they are trying to achieve, but for now I’ll have to use it for the useful features that I can and keep my main account elsewhere.
Hopefully when the features arrive you’ll consider using it as your main account again.
To clarify outbound international transfers are already here. Internal Euro is too but it’s success rate where it hits your account and doesn’t bounce back is about 80%.
As an individual who was negatively affected, by “Direct Debits and other scheduled payments getting duplicated, cancelled, and in general creating more work for people than if they were to manually move their payments themselves”, I fully support Monzo’s decision.
Unfortunately, I now find myself between a rock and a hard place. Both Monzo and Halifax are refusing to accept responsibility for the administrative error which led to my direct debits being cancelled around six weeks ago. A subsequent, but unacknowledged, effort to “put things right” only caused further mayhem by undermining my personal efforts to rectify the situation. When combined with administrative backlogs - within businesses - processing mandate requests/updates it became necessary to re-cancel all mandates, leave it a week and then seek new mandates to establish any sense of clarity over where I was at with each business.
I’ve raised a complaint into the Financial Ombudsman and am currently awaiting their findings. If Monzo does prevail to be the bank at fault will I remain #fullmonzo? I’d say so, a mistake has happened - albeit one which has caused an enormous amount of inconvenience and stress, which is still ongoing - but their approach to customer service has been on point and they’ve demonstrated their commitment to customer experience.
The only thing I can fault Monzo for, right now, is not having replied to a message I sent three weeks ago asking if their payments specialist had identified anything further following Halifax’s letter of deadlock. However, I’m viewing the lack of response as a possible procedural issue because the Financial Ombudsman is involved.
Least to say, I wish I took charge in the first place rather than rely on a partial switch (which carries no guarantees and runs the risk of you inadvertently affecting your credit file).
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tobyadams
(#fullmonzo joint account since Aug18)
38
I am waiting for CASS to come to joint accounts and would like a full switch, but for the account to stay open. I need it for cash / cheque deposits and to support PAYM.
Does this mean that when CASS does come to joint accounts there will only be an option to switch and close the account? If this is the case I will have to do all the switching manually.
as of May 2018 but did it as a partial switch. The reason was that I wanted to get all DDs and salary to Monzo but keep the old account for things like cash deposits and international transfers into the UK.
