I am going to create this topic to pull together the content concerning the upcoming ‘migration’ of Dozens accounts and cards.
I will keep this Opening Post updated with links to relevant announcements as they come out in the next few days, but I am aware that many of you have asked questions and I would like to make sure they are answered and available to everyone else to read.
Do feel free to ask any urgent questions, but I hope that the details we will share (next week) will answer most of the practical questions.
During the migration, will you be looking to do a “switchover”, where everything is replaced at once, or will we be able to keep using our old cards while also getting a new virtual card number ASAP which can be added to Apple Pay, for example?
Our card details will clearly change with the switch to Visa. Will our sort codes and account numbers also need to change as you switch to different suppliers? Or does only dozens use the existing sort code, in which case it may be possible to move it’s allocation to new suppliers?
I have another question relating to shareholders, if that’s OK.
I invested in dozens in the previous round and got a shareholder card then. I believe in the mission of dozens and want to support you, so I have invested again this time; but at the moment with coronavirus and the uncertainty, etc, I can’t really afford to invest very much so I have just invested the minimum as a small show of support. This doesn’t qualify (as per the perks section detailed on Seedrs) for a shareholder card in the new style.
So, with the migration, what happens to those of us who were shareholders before and got the previous shareholder card?
Will it stop working, will we get a new one even if we didn’t meet the investment threshold for this round, or will it keep working and be able to be used as now despite the migration?
Thanks in advance and all the best to everyone at dozens and Project Imagine during this difficult time!
Maybe I should have called this thread: “Migration: you answer the questions for me”
I realise that there is a big crossover between crowdfunding questions and migration ones, but I wouldn’t want existing customers who do not want to get involved in thee crowdfunding to miss out on information, so am happy to share it here where relevant.
Customers will be switched to the new accounts at once, so you will not have the old cards. You will not be able to add an existing Mastercard card to Apple Pay or Google Pay as the tokens are only associated with the Visa cards.
However, when you switch, you will immediately have the Virtual Dozens Visa card. There could be a slight delay in the access to the wallets as this process is running parallel to everything else, so the keenest customers may just be too quick for the whole process, but this is something we are still working on and trying to minimise. We will explain more as the dates become clearer for both.
We are about to publish a post with the process for everyone to make this clear.
You will get new cards with new numbers, and you will ALSO get new account numbers are sort code as we are moving all our accounts to Clearbank - so you will need to let people know if you’ve already given someone your account details.
I know it is a pain, but this new account will have lots more features added very soon - including Direct Debits, so it will be worth it
I’m irrationally keen to know what the new sort code is.
Do you know if the new sort code and account numbers are tied into ClearBank? So if, years down the line, you change provider (or get a banking licence) will they need to change again?
Sticking with the tradition of trying to answer each other’s questions on the thread, whilst I’m watching the US election coverage I’ve had some thoughts on this.
My guess for sortcode is something 04-04-xx. Possibly 04-04-04?
Edit: Strike that, Wikipedia indicates 04-13-13 or 04-13-14 for Project Imagine. I think 04-13-13 is it in that case!
I think they would need to change again, down the line, if dozens did “go independent” and another migration happened. However, if ClearBank have given dozens exclusive control of a sortcode, then it may be possible for dozens to migrate that number to a different supplier (or take it in house) later. Of course, I don’t know that - but I suspect they haven’t.
Edit: Also, it does appear that ClearBank may have surrendered those two sort codes for PI exclusive use. So dozens may be able to migrate more easily in future!
Edit, edit: With a bit of digging, I think I have uncovered it as 04-13-14 for dozens! So that is (probably) it. Not a bad set of numbers in terms of being memorable!
Another question about virtual cards has occurred to me too. I wonder whether the virtual card number we initially receive will be the same or different to the number we will have on our (eventual) physical Visa cards. Basically, I wonder whether we will have actual virtual cards like Revolut do, or just one set of card details used in different places (accepting that the tokenisation of Apple Pay, et al is a kind of virtual card anyway)?
Another question too, which I’m less hopeful about. Based on my digging tonight, your new sort code (if indeed that is it, and I hope it’s OK to have “outed” it early through investigation - feel free to censor my post if not!) isn’t connected to the Cheque & Credit Clearing system. Would you ever consider adding cheque imaging support like Starling have? (I understand if you can’t answer this at the current stage.)
My super important question for you - can we customise the way our name appears on the new cards? I’m not a big fan of my middle name (obviously I wasn’t consulted when it was chosen!) and I’d rather not have it on the card.
I’ve seen this handled in different ways by banks / credit card orgs:
free text field for you to enter whatever you’d like (within reason!)
drop down list of pre-selected formats such as ‘John Smith’, ‘Mr J Q Smith’, etc
no choice at all
I’d be very happy with the drop down list option if it’s a possibility.
Yes, this is a good point. I suspect that this may be too minor a feature for dozens to add for the initial Visa launch but it may come later.
I always personally prefer the Mr A J Bloggs format, as I feel that if I ever lose my card it’s better to keep my name somewhat “secret”, as a minor protection against identity theft.
Really, the name on the card serves no purpose other than identifying it as “your card”, which this is still adequate for, so I think this the best approach.
Some people also prefer not to have the title, so making that optional might be good too.
Personally, I like the title as I think “orphaning” the initials looks a bit odd and uneven on the card.
Robert, any changes to FSCS protection on the new accounts? I’m assuming that they’ll have the same status as the current set-up, so won’t be FSCS protected?
It depends how comfortable you are using a debit card online. Contactless is not going to get so much of a lookin
Edit: I actually use Google Pay for a lot of payments on my mobile (think Just Eat etc), so it may get a lot more interesting once kibble wallets are up and running
Well of course online spending is of importance but maybe Dozens needs to see the effect of physical high street shopping? It depends on what their criteria is, that’s all I was asking