The thread about Monzo

People reporting seeing this more and more on the pay early feature. I wonder if they’re having issues scaling it.

Perhaps they’ll even move it to plus/premium in the future

I wonder what the complexity behind it is that means they can’t process loads at a time…

perhaps someone is manually clearing them :thinking:

Maybe they don’t have enough in the bank to clear the funds… :eyes:

Actually I recall seeing a thread that the amount of people claiming it was causing a heavy load on their servers so they were gonna stager the timings.

Seems totally absurd that this wouldn’t scale. Even if every single one of their customers got paid on the same day it’s only 5 million transactions. Surely the bank should be able to process 5 million transactions in a matter of seconds - minutes at absolute worst.

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Monzo should allow customers to opt-in for it to be done automatically - rather than making customers log in and do it manually.

No doubt that makes their servers busier rather than doing it as batch job.

I don’t think this is anything new. I’ve seen it crop up a lot over the years.

It’s an issue of their own making, by making the process a more frictional, manual one.

There are certain days of the month that are very common to be paid on. For folks living to pay check, this type of trigger can be addicting, and a good chunk of those will line up at 4pm on the dot and pull that dollar down into their wallet.

The issue is, Monzo can’t possibly process all those requests instantaneously, so they’ll get queued on the server. A bit like trying to login to destiny or Fortnite right after a new patch. You go in a queue to log in.

They could perhaps scale server resources for these events so this doesn’t happen, but with clear messaging and still providing the funds early anyway, there’s little tangible benefit.

Another route would be to make the process invisible, automatic, and scheduled for slightly later. You know, like other banks do.

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Shocking… Not!

Monzo said it was still committed to expanding in the US

Would be hilarious if they ended up using Starling Banking as a Service platform

Not for non plustomers

Was hoping this would be some kind of integration. Not just a referral scheme. Irrelevant news for me.

Too many plus offers are limited to new customers only, and the ones that don’t aren’t exclusive to Monzo.

Patch give you 15% off your first order with them anyway, and in that order, send you a card for another 15% off and continue to do so for every subsequent order, that 15% off may as well just be their standard prices. Non-plus customers can just use Monzo’s code anyway.

Thing is as well… for Freetrade to be useful, you also need to become a ‘Plustomer’ of them as well.

Which makes this ‘perk’ irrelevant

I have to say: the monzo plus offers seem to be the least interesting aspect of the whole monzo experience.

They all seem to be just some random new-customer vouchers that you could just as easily get elsewhere

I don’t really agree with that. The plus lockout thing is very frustrating. Especially as it locked me out of buying more of my existing holdings, but Freetrade is still a great platform even if you don’t have it, especially for beginners who are investing for the long term.

Im quite conservative with my buys. I stick with what I know and don’t buy much outside of that. The stocks I like are all on the free version. So it’s useful for me as I’m saving quite a bit in fees I would be charged elsewhere.

Agreed. I’d rather they ditch the feature in favour of something that brings more value. Or at least reinvent their approach so the offers are actually unique and of some value.

Depends which way you look at it.

I do remember being able to buy shares in a company for them then to be moved behind the paywall, which is annoying.

These days I’m just holding some Lloyds shares, otherwise it would be closed.

Anyway… back to Monzo…

I had that with Metro Bank. Seems like any shares that get popular and then they paywall them. I made decent money on Metro Bank

I don’t use Monzo accounts but definitely something I would like to see starting offer ASAP.

My new business account uses starling business banking tools but one thing it doesn’t do that Xero would do is auto reconcile Stripe transactions. This feature from Monzo combined with their business banking would seem to resolve that issue

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sounds like you know what you got to do :wink:

Not even if they paid me