Monzo has given two months’ notice to customers who are still using its prepaid cards.
The mobile-only bank recently announced plans to bring the Monzo prepaid beta to an end as more customers upgraded their accounts.
Monzo explained that those who are yet to upgrade their account will receive an email and a screen in their app explaining what’s happening and why.
Customers can upgrade their Monzo account for free via the app and it only takes a few minutes to complete.
On 4th April 2018, those who haven’t upgraded their Monzo account will no longer be able to use their prepaid Mastercard or the Monzo app to make or receive payments.
The app will continue to work for a short period after this date so that customers can access their account history and upgrade if they want to.
Those who choose not to upgrade will have any remaining money refunded by Monzo, with the bank returning it to customer’s original bank cards or transferring it to a bank account.
Customers will be able to withdraw their remaining Monzo balance from an ATM anytime before the 4th April.
The upgraded Monzo account will feature spending breakdowns, built-in budgets, Monzo-to-Monzo payments, debit card top-ups and free card payments abroad.
“We know some of you find it useful to add money to your prepaid card periodically, to help you budget or to use when travelling,” said Monzo.
“And while you won’t be able to keep using your prepaid card after 4th April, you’ll still be able to do this with an upgraded account: add money every week or month by topping up from another debit card, then use Monzo for any spending, at home or abroad.
“We’re expecting a lot of questions, so it may take us a little longer than usual to reply, but we’re working hard to help as soon as we can.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Aldermore introduces new lending tiers
Aldermore has announced the launch of two new lending tiers across its standard range of residential mortgages.
Al Rayan increases profit rate on instant access cash Isa
To celebrate Ramadan, Al Rayan Bank has increased the expected profit rate (EPR) on its instant access cash Isa from 1.22% GPA (gross per annum) to 1.35% GPA.
Close Brothers hires new motor finance CEO
Close Brothers Motor Finance has announced the appointment of Rebecca McNeil (pictured above) as its chief executive officer.
Hampshire Trust Bank appoints Matthew Wyles as CEO
Matthew Wyles (pictured above) is set to become the new CEO at Hampshire Trust Bank, subject to regulatory approval.
U Account introduces cash pay-in option
U Account has launched a cash pay-in option for its 50,000 current account customers.
Aldermore provides £6.27m loan for south London development
Acre Invest has agreed a £6.27m funding package with Aldermore to build a large commercial unit and 18 apartments in Sydenham, south London.
Metro Bank to launch AI-powered money management service
Metro Bank has announced the upcoming release of Insights, a new artificial intelligence-powered money management service.
Over 500,000 complaints made about current accounts
The FCA has revealed that 509,047 complaints were made to financial services firms about current accounts during the second half of 2017.
A guide to ethical banking
Some 56% of workers with a pension are interested in investing in community projects, according to recent research.
Countingup partners with PrePay Solutions
PrePay Solutions (PPS) has joined forces with challenger bank Countingup to provide business accounting and banking together in one place.