A whole series of situations might be made more complicated.
If I have the misfortune for my card to be stolen multiple times within a year, I may have to “prove” it was stolen to be able to avoid a fee to replace it. This adds stress to an already stressful situation.
Not everybody likes to always use POS terminals, so this is a limitation on your activity. If, for whatever reason, you prefer using cash this change will hurt you. I think this is wrong when, statistically, vulnerable people are most likely to prefer cash.
Yeah but realistically someone’s card will only be stolen maximum 3 times a year maximum unless you throw it around and leave it on tables when in clubs or shops
Also, I am concerned for myself in case my circumstances change.
More broadly, I am concerned about Monzo’s ongoing viability. I have been a customer since 2016 and support the revolutionary technology that Monzo has helped to bring us all. But I worry that the way this looks to prospective customers of traditional banks is very unappealing and if Monzo cannot attract those customers it cannot, in the long term, be a successful bank.
For the record, my card has never been stolen but I don’t want to need to worry about it if it ever does happen.
It is possible that you may be asked to prove it’s stolen by giving them an Action Fraud reference or Crimestoppers number. This is something I wouldn’t want to have to worry about when you don’t need to with other banks.
Theyve already said if someone feels they are being unfarely treated by these charges then they should reach out in chat and a resolution could be sought that way.
£500 and 1 direct debit is not alot. If you get tax credits or are a student with a loan your also excluded from these charges.
Fact is monzo have done alot here to consider the vulnerable and their circumstances and we should applaud them for it rather than searching for the most obscure of edge cases and being offended on their behalf.
They’ve been doing a pretty good job of attracting those customers so far. A couple of small charges that won’t affect >80% of the customers you mention won’t change that.
Would you have the same opinion of shops that refuse cash in the wake of Coronavirus?
Only if you’re an edge case… for example, if you earn < £100, but spend >£1000 a month in cash in your town that doesn’t accept cards, but that really is the extremities. If you meet the criteria (of which there are 5 main pieces of criteria and you only have to meet one of them), then there’s nothing to worry about. In all other cases, there’s the caveat that if you are in financial hardship you can talk to Monzo and they’ll discuss your situation with you and look at waiving the fees.
After 3 times, is my name crossed off the list of potential targets? Or… is there some research into this?
At first I thought it effected everyone even plus. But looks like the blog got edited and when I saw a few say plus I thought I’ll join it to save the hassle and worry
That doesn’t answer the question. How can you say someone’s card can only be stolen three times per year. Crime can happen to anyone any amount of times
