On Friday, UK challenger bank Monzo announced the launch of its new feature, Bill Tracker. According to the fintech, Bill Tracker will keep track of customers’ regular direct debits, such as phone contracts and utility bills, and let them know if one of the bills changes.
“So if your energy provider raises their prices, or you rack up a big phone bill while you’re away, you’ll immediately know how much it’s cost you, as soon as the money goes out of your account. We’ll also tell you if a Direct Debit decreases, so you’re always aware of what’s going on.”
Monzo then noted that the Bill Tracker may also see when regular bills have changed and work out how that might affect the customer’s budget, or spot when they have been overcharged and take any action they need to. Monzo added:
“This is just one of the many features we’re launching over the coming months that make Monzo better when you use it as your main account.”