They had no choice really, otherwise they would be spending so much on ombudsmen claims.
It’s a good choice though to do a blanket refund, rather than selective.
Only to the Supporter Customers? And the ones on the others are free to cancel?
They have already said before the post yesterday that customers could cancel.
I was always skeptical about the “pay a monthly fee for a bucket of assorted crapola” model.
I’m surprised Monzo went down this route. Really cheapened and diluted their brand in my opinion.
They should focus on innovating via their app and technology. That was always their USP, and this is where their strategic advantage lies (ie they don’t have a legacy technology stack to hold them back)
I think that they are stuck between the obvious need for revenue (driven by institutional investors) and the desire to genuinely be the financial hub for their customers. It is becoming apparent that building this hub/marketplace is becoming evermore elusive. This is a shame as the concept is enticing.
You’re spot on of course, but is entirely their own making. They’ve got millions of pounds so far from people who will, in many cases, be happy to be drawing their pensions (if such things exist then) before they get a return on their investment “because they support Monzo and want to help”, and yet they’ve been sucking in money from every source, money which they really didn’t need to the degree they have it. If Eileen whatsherface is desperate to get her money back, use reserves, buy back Passion’s shares and tell 'em to eff off.* They’re launching many, many activities which will, to use Boris Johnson’s fave phrase ‘spaff huge amounts of capital up the wall’, then are surprised that the companies they’ve got the money from to do all these unnecessary things want it back, plus some, much faster than they should be getting it back.
*Of course Passion may be perfectly happy not to get their money back any time soon, I’m using them as an example purely because they’ve been the most visible, not because I have any evidence it is actually them who’s turning the screws.
To clarify, I think they are refunding customers who paid for the newer “Supporter” bundle. Early bird customers are free to cancel but won’t get a refund of premiums paid.
Happy to be corrected if that’s not the case.
Yep, think that’s correct although one of my friends got refunded their £9 they’d paid and £15 compensation and allowed to keep the £3 early bird deal.
I raised a complaint a week before them and I’m yet to have a response, message again yesterday and just got told ‘we have 8 weeks and we deal with complaints sequentially’ - well, that’s obviously not true.
First time I’ve raised a complaint with Monzo and it’s been terrible thus far.
Hope you get sorted soon @harryru. I did read on the Monzo forum that you’d been waiting quite a while for a response.
Thanks - I’m not all that bothered as I know I’ll get my refund in the end as I won’t let it go More annoyed at the god awful complaint process!
I’ve just switched away from them
Same here. Which was ironic seeing as I got the ‘we’ve redesigned the app’ notification today (which at least reminded me to delete the app…)
I was early bird and had my fees refunded.
Yes, I read that. I meant that refunds for early birds isn’t automatic unlike those who purchased the Supporter bundle. I know you asked and got a refund but I’ve read posts from others who have asked and been refused.
Ah, sorry I misread - thought you were saying they wouldn’t be refunded at all! But no, it’s not automatic and sadly Monzo do seem to be picking and choosing.
Interesting line in this article;
Anyone who opted for the £6 ‘supporter bundle’ will have their fees refunded, plus some interest, and this should be done automatically.
That’s exactly what they said in the Monzo thread?
This also means we won’t be sending out any swag or holding metal card draws like we had hoped to initially. If you’ve chosen our Supporter bundle, we’ll be automatically refunding the amount you’ve paid in fees plus some interest because you’re missing out on some of the features we offered. I know this is frustrating, but it was a tough decision we had to make so our small team can focus on delivering a paid offering you can really be proud of. We hope you understand.
It’s astonishing how inconsistent it appears to be, isn’t it?
I would’ve absolutely expected that - given we are talking at most a few quids per customer (Plus has only been around for 3-4 months, right?), and the fact that the whole thing has been completely overhauled twice and is now cancelled, and promised features never materialised - they would rather refund when asked than kick up a fuss about it and risk it going to the ombudsman, at least for those who didn’t add any “add ons”. I cannot imagine the Ombudsman would side with them, if it came to it…
My guess to this is because when ever I’ve been to any of the talks about this, they’ve always said you can cancel this ‘no questions asked’
They didn’t, to my knowledge, say you’d be getting refunds…
So I assume that those cancelling in-app and either mentioning or threatening complaints have been getting the refunds, those that don’t; don’t…