We’re tweaking how locked pots work


(Gareth) #84

Location based: I can imagine Monzo encouraging you to go for a walk to unlock the pot
Friend: always good until that friend is unavailable
24hr delay: I’m sceptical that people would always want to wait, or have the option to

How about a trivial question? I know googling the answer is easy, but it’s a thin extra layer and a chance to learn something:

How Long is the Great Wall of China?

13170 miles
That’s right! Still want to unlock your pot?


(Ben ) #85

Come to think of it, could Monzo not automate unlock requests at the back end? Still require the friction of the user going to Help, typing “unlock pot” and what not…

But some form of automation to recognise the query. Similar to how those “user help” automated services work.

If keeping friction for the user is valued, as is reducing COps time… Could this work?


#86

I don’t think this would add the previous level of friction. The reason the previous implementation of locked pots worked so well for me was that there was a delay after you sent the unlock request (until a COp answered) in which you could change your mind and avoid impulse spending.

In my opinion, having the user set the time for a delayed early unlock (from 1 minute to 24 hours) with a firm stance of “I’m sorry but there’s nothing we can do to unlock your pot earlier” from Monzo is the best implementation.


(Michael) #87

While I sympathise with the idea, not sure Monzo can really go denying you money you asked for from a current account unless there is some suspicion of the origins or you’ve signed a contract (e.g. locked in savings)

I think they tried to be sensitive to that consideration before, but has resulted in too much Cops effort


#88

And i’m not sure it’s helpful if someone’s car has broken down, their washing machine has died, they’ve lost their wallet and can’t feed the kids, or whatever.


(Michael) #89

Just think of the Trustpilot reviews! :roll_eyes:


#90

Same could be said for the interest savings pot as could take 2 days to access over the weekend


(Bradley) #91

Posted this a fair while ago and still think it’s a good approach:

A variable timer would make most people happy I think!


(Stu Greenham) #93

I agree here - Whilst I usually hate betting websites a familiar pattern they have around restricting deposits is to enforce a 24 hour delay on changing a deposit limit. On top of this you are required to return 24 hours later and confirm you still want to go ahead and in some cases they time it out if you don’t respond. Could be a pattern worth exploring. Alternatively if I could set my wife to be the one to authenticate it sooner maybe could be interesting?


#94

The pots were never permanently locked, that’s why you could contact COps. If your children really are starving then ring Monzo and they will unlock it - kids are resilient, they can survive 48 hours with no food whilst you wait and water is free (ish)


(Rob) #95

There are tons of notice saving accounts out there, even the Monzo Investec interest saving account had a delay so It’s not uncommon. If people need easy instant access dont lock it


#96

Needs more friction in my opinion, at least a 24 - 48 hour period after closing for funds to go back to account, or defeats the object of locking at all, hopefully this gets reconsidered as just moved funds to this and will have to move back out again to my notice account


(Andy Slater) #97

I find the locked pot feature almost pointless now, closing the pot is no friction at all since its very simple to just recreate a nee pot and put the remainder of the money back in if you just wanted to access some of it.

User defined delay would work i think, when creating the pot, the user decides how much of a delay (say from 1 hour, up to a week) there is when unlocking early. As long as you give fair warning at creation that the user is controlling this, its our responsibility not to lock away money that we might need.

Maybe so many locked pots are being unlocked because people know thats a feature so they dont think too hard about locking it away in the first place.

And based on some chat about new features, maybe some do it just to see the feature in action


#98

Controversial but: how about a fee to remove money from a locked pot?

Now there’s friction for you!

:bomb: :boom:


(Splodf) #99

What would be a reasonable fee to you?


#100

95% of the money in your pot! :scream:


(Adam) #101

I’d never use a locked pot again if this was the case!

A little too out there I think :scream_cat:


((╯°□°)╯︵ ┻━┻) #102

Instead of a fee that goes to Monzo it could be a “self fine”.

So if you unlocked early x% would go into a pot that is locked for 30 days :smiley:


#103

Personally I thought the previous process worked fine - don’t create a locked pot unless it truly is locked.

Other types of pots are available


((╯°□°)╯︵ ┻━┻) #104

I would agree with this but if you read the topic it doesn’t work for everyone.

Some people lock money away with the intention of building their savings, then something unexpected happens, like their boiler breaks. You could argue that they should have another ‘emergency pot’ for things like this but some people don’t have that much spare money to rack up large amounts of savings in multiple pots.

This would then mean a radical change in how people manage their money, ultimately forcing everyone to manage their finances in the same way for this to work flawlessly. This isn’t possible and no 2 people are alike in financial terms either. Not to mentioned it will go against the “making money work for everyone” motto of Monzo.