No interchange fees to Dozens, instead be part of an ‘interchange payback’ scheme. Normally financial services earn from your spending via an interchange fees. Dozens Black subscribers will know that every time they use their card, a social cause will benefit instead.
No commission on international currency transfers
Fee-free ATM cash withdrawals at home and abroad
Dedicated customer service line
Exclusive Dozens Black card
Early access to new features, services and products
This is potentially the most attractive part of it, but eg if you’re investing in Vanguard funds, you need to put about 40k in I think before you reach breakeven on the Black fees v Vanguard’s own platform fees.
The main problems are down to implementation
@o99 has summarised them nicely on the other place with links to the dozens forum
For me personally, these issues have made having had Black for free this year worthless
Yeah my thoughts on Invest is that it’s not the most cost effective - but there is a novelty of having it in the same app if you use spend regularly. The lack of functionality does lend itself to a buy and leave style approach as well - in a converse sort of way.
It’s coming up to a month since the bonds matured & and rather longer than when they’re closure was announced. The line on the forum is “if we survive”
I must say the lack of news is incentivising me to move the account down a place in my financial infrastructure (move income, perhaps leave one or two DDs that are longwinded to move, use track for some of my spending & see how things go?)
Scanning the Dozens forum, ‘AC’s level of detail and transparency is unusual to say the least. So much of what’s being said, though, hints at a company winding-up.
Hard to see a reason to become a new customer. Existing customers are being kept well informed, though, so no need to panic there, I reckon.
From my perspective, I’ve never quite understood the model - found it unnecessarily complicated.
Yes, it may be that I didn’t pay attention, but the whole bidding thing flew past me. I wasn’t in desperate need at the time - it was more that they were new on the block.
As far as viability is concerned, it’s just the language the guy is using. On the one hand he’s lauding the fact that they raised money, whilst on the other, hinting at uncertainty. I don’t get the “cleaning the books” reference in maturing bonds early, but that’s probably me.
I’m not what exactly he is saying, but he’s certainly not being hesitant with the comms.
We’ve taken the decision to close Dozens, the very first brand to have come to life under Project Imagine.
Firstly, we want to reassure all our customers that your money is completely safe. As per usual, all funds are kept in segregated accounts, and all services will be fully up and running for the next two months up to 31 August 2022.
Our current shareholders continue to support the business today, throughout this transition time and the plans for the future. Project Imagine is continuing, but simply changing track to B2B for the time being, to give the long term mission the best chance of success – which means this is an orderly wind-down of the consumer side of the business, as opposed to the company going into administration.
What you need to do
Before 31 August, we need you to transfer your money to an alternative account. You don’t need to do this immediately, however we recommend you do this sooner rather than later to avoid a rush in two months’ time. We’ve published a step-by-step guide on how to transfer your money.
We appreciate this may cause some admin on your side – our team is on hand, to ensure the transition is as smooth as possible for you. You can give us a ring on 0808 164 1020 or message us on the in-app chat. The team is online Monday to Friday 09:00–18:00.
Why we’ve taken this decision
The decision to close Dozens was taken after deep consideration of many economic and business factors that inform the best strategy for achieving the social outcomes that Project Imagine was founded to pursue. In short, the world has changed significantly from the one we launched into in 2019 and the business needs to adapt accordingly to keep our long term dream alive. Please do have a read of our blog that details this thinking in depth.
Our CEO Aritra will also be taking questions on this topic over on our wearedozens community.
We’d like to thank you wholeheartedly for your support, without which we would have never got this far. You believed in the Dozens mission and backed it by entrusting this relatively small startup with your money. For that we are forever grateful.
While it’s goodbye to Dozens for now, we remain confident that one day, if the revenue is in place and the time is right, a bank that genuinely works in its customers best interests could still be a possibility in the future.
This felt inevitable a few months ago when they made that statement on their forum.
One less fintech.
Maybe another May pop up?
Happy with starling & Monzo for now.
