My little story from today.
Me: hello, I’d like to put this cash on my card. You should be able to use the paypoint machine
Cashier: /looks at me skeptically/ are you sure?
Me: yes, I work for them! It only went live for staff yesterday
Cashier: oh I’ve got one of them! /Impressed look/
processes payment
Me: launch is imminent for customers
Cashier: tell me when it goes live!
This is an abridged version of my conversation bought to you by its cold outside
She also said ‘its really good’ (the app)
Now I’ve finally got rid of my birthday cash left from 5 months ago 🙈
Edit: now I’m home here’s the paypoint receipt
this is android app so this is why I have posted here, please do not discuss the fee in this thread, please see here as to why
Indeed, that was as soon as I deposited. Got a push notification saying it would be ready soon but didn’t screen shot it in the excitement. Monzo letting me know it was all done.
One question on the wording - did you give Paypoint £26 initially? If so, I’d expect the notification to say “£26 deposited, and we charged a £1 fee”, like it does in the in-app screenshots
Yeah, I think it should, unfortunately. In Beth’s example, she’s depositing £26. That’s whats important (should HMRC need to check) to record in the account ledger. The charge is then taken from that deposited amount.
I agree that it makes sense with the way it’s being done but i think you should be able to have £1000 of cash actually going into the account with the £1 charge being excluded as that’s not money you can spend
I don’t think it makes much sense that the fee is classed as a deposit. If you deposit £10, £11 shouldn’t come off your total.
It actually means the £1000 deposit limit is unattainable - a £1000 deposit would be declined, because that means you’ve deposited £1001.
The fee isn’t you depositing money, so it shouldn’t effect the deposit limit. The fee is a charge by Monzo.
By the same notion, if the fee was variable, would you charge a fee for the fee too?
If the fee was 1%, and you deposited £500 (so a £5 fee), now that fee is a deposit, do you charge for that too? It makes no sense to class the charge as a deposit. It isn’t.
The fee is taken from the amount you deposit. Beth put £26 in, which is reflected in all the text/screenshots. Monzo THEN charged her £1 for doing that. Doesn’t change the fact that she deposited £26 to her account initially.
As far as banking and ledger entries go, using the deposit amount is the clearest for any filing, tax purposes etc.
You’re choosing to deposit £26 knowing there is a £1 fee. It doesn’t change that you’ve deposited £26 of cash.
There is an indication of your charges, so you can see how much of your deposit you’re using up with your fees. (make larger deposits more frequently if possible)
I understand it’s not cash you’ve received into your bank to spend, but it is the amount handed over at the till and processed. This would be why the whole deposit is taken from your allowance.
If you wouldn’t mind, could you show us how this transaction shows in the main feed? Does it just have a green £25, or is there any indication of the £1 fee in that view?
I didn’t see the clarification that £26 was deposited. I just saw the screenshot and saw “£25 deposited” with £26 against the limit.