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
Investec launches 10-year BTL fixed rate product
Investec Private Bank has developed a 10-year buy-to-let fixed rate product...
Redwood Bank bolsters lending and credit teams
Redwood Bank has strengthened its lending and credit teams after appointing five new specialists...
Monese introduces student account
Monese has launched a student account for international and domestic students...
Tide secures £8m of funding
Tide has received £8m of new funding as it plans to move into its next stage of growth...
Starling Bank introduces personal loan products
Starling Bank has launched its first personal loan products offering up to £5,000...
Industry reacts to bank service league tables
Earlier this week, the Competition and Markets Authority (CMA) released the survey results ranking banks on their quality of service...
So you've signed up to the Women in Finance Charter – what now?
In July, it was revealed that 272 companies had signed up to HM Treasury’s Women in Finance Charter, covering over 760,000 financial services employees in the UK...
OakNorth completes its largest deal to date
OakNorth has completed its largest deal to date with a £40.2m property investment loan to Select Property Group...
Industry predicts the future of banking
Banking is forever evolving, with new entrants to the market and modern technology being introduced on a regular basis...
Triodos Bank provides £7m facility to First Choice Housing Association
Triodos Bank has provided £7m of funding to First Choice Housing Association (FCHA), which provides accommodation for vulnerable people across Wales and Shropshire...
The role of banks in the smart city
Smart city is a great buzzword. The term envisages a city where information and communication technologies like ‘the internet of things’ are connected to enhance the quality and performance of urban cities and thus urban living itself...