This is what I did but seems this is hard for some people as the process for changing bank details in the workplace seems very disorganised especially as switching is more common now.
If anyone has any ideas for how to make this process less painful, we would love to implement them.
In my previous jobs it was as simple as emailing HR. How complicated can this be?
That is how it was for me too. I know a few people at other companies who had to ask their manager to contact HR, HR then sent them the form to fill in(took a few days to get the form). Then when they didnāt recognise Monzo they got asked if it was a real account and if they really wanted to change it. Then they had to wait till the next pay cycle to change it etc
remove the option would be my advice, or take the charge on the chin if you choose to offer the service or charge the user the true cost to Monzo for the service if they choose to use it
or charge them 3 times as muchā¦just like we charge them 3% for an EU cash withdrawal that is costing 1%
if you choose to withdraw more than Ā£200 why not
lol perhaps Monzo will have another user vote ? - having been criticised for it ever since I doubt it somehow
perhaps a vote on having votes
but who would want another vote if they didnāt get the answer they wanted on whether they wanted a vote
I emailed a member of the payroll team and they did it instantly.
Iād be interested to see how Monzo manage the top up feature in the future especially since Monzo.me is basically a built in workaround, although not many people will think to use that in my opinion.
Personally I donāt see any benifit to the top up feature anymore. I know people say itās good for emergencies but I canāt really think of a situation where this would be the case. It will be interesting when Monzo finish their experiments to see the results in how behaviour etc changed and how that helps them to decide whether to keep the feature with some sort of limit / fee or remove it completely.
Thinking about it Monzo could keep the feature only for new customers for about a month or two which would allow them to get a feel for the service without switching things over.
I personally think the card top-up functionality should be removed completely, now that Monzo is a bank. It made sense when Monzo was a prepaid card service, but not so much now. Changing my salary over was easy, just had to fill out an online form before the payroll cut off date ā appreciate it might be a lot more hassle in smaller firms though.
Banks that arenāt direct participants in the Faster Payments Scheme are often far from instant. I used to have a current account with Norwich & Peterborough BS, and could only choose a banking day for a payment. So if setting on up (online) this evening, Iād have to choose tomorrow as the transfet date. Transfers then only happened at the beginning or end of the day (depending when you set it up). As @anon44204028 says, this could lead to multiple days if a long weekend is involved.
I think these banks essentially have to transfer the money to another bank (eg HSBC) and then that bank dies the FPS transfers. I guess smaller banks also have less IT spend, so probably work with older batch-based systems?
The card top up feature is also useful for new immigrants etc. If you have time to plan a SCT transfer by SEPA to the UK (to an account with an IBAN) it does take a few days, however if you need money urgently (say you are stranded with a broken down car) you can do a card top up with your EU bank card and have the funds available almost immediately. With no IBAN or incomming SCT at Monzo it makes card top up currently the only option for some.
@anon44204028 Fair point! As mentioned above though, why canāt Monzo.me be used? Surely the functionality is similar, if not the same?
I do like this idea, but I think we would rather keep it free and let people use it in dire emergencies with approval from customer support. Obviously this wouldnāt be sustainable if itās abused.
We didnāt make any profit on foreign ATM withdrawals last time I checkedā¦ any proceeds are used to cover the allowance for other people.
Soā¦
Other ways to make people use bank transfers to add funds rather then card (including monzo.me). Any more ideas?
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Add a delay as to how quick funds are made available via top ups? Say 4 hours? This would make people use FPS as itās quicker.
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limit them to only new customers as a help to get started for a few weeks.
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create a similar limit to non UK ATM withdrawals
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get rid of it all together
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charge the exact fee required to top up
Thereās a lot of different options.
and before @j06 says we should not be discussing non UK ATM withdrawals, I think this suggestion is a reasonable one