Prepaid Cards Guide Discussion Area

jph7777777

they put your cash in there pockit and then go silent , I think thief card would be a better name for them...
almost impossible to contact by phone/email and there auto email replies spread lies about there being a live web chat function , how could u run a business like this and not have a live webchat function ... unless your aim is to avoid the customer at all costs and just dilly dally and do things in your own time.. I wish I had seen the photo of the ceo that I got online before I got the card ... looks like the kinda guy you wouldn't feel safe leave kids on there own in the presents of.... uh hum !

jasonwatkins

Same has happened to me with Pockit, although i've been "lucky" in that I only did an initial 'test' deposit of £1.84 to the card, mainly because it was just a spare amount laying around in my account.

That was over a fortnight ago when I signed up for the card and i've heard nothing from them about the missing deposit and haven't received a card from them either.

I have to wonder if they've ceased trading but haven't actually let anyone know ?

Anthorn

On 12th November, I received an email from Pockit which celebrates reaching 100,000 issued cards and I'm number 19331. So while I wasn't amongst the first to get it I did get it early on.

I've never had any problem with Pockit nor their customer service. In fact I have nothing but praise for them. I wish I could say the same for Lloyds Bank. They are likely to be hit by Soldo prepaid Debit Mastercard as are I think most prepaid cards. But that's the way it is in business.

Rachel_MBA_Student

I have a Monzo pre paid card. I don't fall into any of your categories. I've never had an overdraft, I am not a teenager, I don't have bad credit, and I haven't used it abroad. I use it because it sends me a notification to my phone as soon as buy something, and it categorises my payments so I can see how much I have spent in one area (e.g. eating out) per month. My current account bank (Santander) does not offer this functionality through mobile banking.

Anthorn

Rachel_MBA_Student wrote: »

I have a Monzo pre paid card. I don't fall into any of your categories. I've never had an overdraft, I am not a teenager, I don't have bad credit, and I haven't used it abroad. I use it because it sends me a notification to my phone as soon as buy something, and it categorises my payments so I can see how much I have spent in one area (e.g. eating out) per month. My current account bank (Santander) does not offer this functionality through mobile banking.

Not unique. Soldo sends a notification to your phone when you spend something too. I expect the new breed of Fintech banks will also do the same and more.

The major drawback with Monzo is the initial load of £100 which some people including myself might not want to load onto a new, unproven prepaid card which doesn't have FSCS protection.

As new Fintech app-based banks go, Monzo is no more than run-of-mill. But the initial £100 load gives it the "Eh?" factor.

eDicky

Anthorn wrote: »

The major drawback with Monzo is the initial load of £100 which some people including myself might not want to load onto a new, unproven prepaid card which doesn't have FSCS protection.

There's nothing to stop you withdrawing some or all of the £100 as soon as you receive your card, which in my case was very day after requesting and loading it.

Monzo's advantage over other prepaid cards is the total lack of fees, even for overseas use.

SnowTiger

Anthorn wrote: »

They are likely to be hit by Soldo prepaid Debit Mastercard as are I think most prepaid cards. But that's the way it is in business.

This bunch?: https://www.soldo.com/en-uk/c/pricing/

£2 a month fee, 50p for ATM cash withdrawal.

You've mentioned Soldo before. I can't see what the fuss is about.

SnowTiger

eDicky wrote: »

There's nothing to stop you withdrawing some or all of the £100 as soon as you receive your card, which in my case was very day after requesting and loading it.

Monzo's advantage over other prepaid cards is the total lack of fees, even for overseas use.

I spent my £100 top up as part payment towards my credit card bill.

The Monzo app is very nice and makes it extremely easy to track spending.

Anthorn

eDicky wrote: »

There's nothing to stop you withdrawing some or all of the £100 as soon as you receive your card, which in my case was very day after requesting and loading it.

Monzo's advantage over other prepaid cards is the total lack of fees, even for overseas use.

You miss my point: I would not top-up with £100 any prepaid card which doesn't have any kind of protection for my money whether it's FSCS or some other insurance scheme. Where the service goes bust it's a case of "Oops! Never mind eh" and my money has been spirited away into the wide blue yonder.

I've had Pockit for quite some time and Soldo is new but I trust it but I don't top-up with £100 on those either.

My other objection specifically regarding Monzo is that it touts itself as a bank and it is supported on MSE and elsewhere as a bank but it is in fact predominantly a prepaid card! Pretty much unique though in demanding a £100 initial top-up in order to get the card in the first place!

eDicky

Anthorn wrote: »

You miss my point: I would not top-up with £100 any prepaid card which doesn't have any kind of protection for my money whether it's FSCS or some other insurance scheme.

Your point was clear enough, I didn't miss it. My point is that if you're so nervous about having £100 on the card, you can simply take it out of an ATM. Funds can be loaded to Monzo again instantly from any debit card when you have use for it, which at least doesn't cost £1/£2 as for Soldo.

I don't have a problem with a prospective bank initially offering the limited prepaid service, pending issue of their full banking authorisation.