Cash Deposit: First Look!

[danbeddows (Dan)]

@nickh

I believe Beth deposited £26, and £26 came off her total.

@Hatticus

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.

@BethS

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.

Ignore me I didn’t see the clarification that £26 was deposited. I just saw the screenshot and saw “£25 deposited” with £26 against the limit.

I like it how it is right now haha.