Just a quick post to see if anyone agrees with me that their shouldn’t be a limit on Cash Deposits. Currently the limit is £1,000 every 180 days which I find very restrictive if we use this facility often to deposit cash. I’ve currently hit the limit so I can no longer deposit cash into my Monzo account which means I can no longer use this fantastic feature. The reason I love depositing cash with Monzo is the convenience of being able to use any PayPoint location. I can access a local coop for instance every day and late in the evenings where as obviously everyday banks like Natwest etc close earlier than that. I Love the feature just hate the restriction and feel it should be removed. What are everyone’s thoughts on this?
Is this a limit because of their decision to use paypoint rather than the post office?
I created a live chat in the app and the response for the limit was ‘to reduce the chance of financial crime.’ Like now I don’t even know how long I’ve got to wait before I can deposit cash again.
Probably 180 days from the moment you hit the limit
See you say that but the way I read the attached, there’s no actual clarification as to how the deposit limits work…
True, but it also doesn’t mention paying cash in to the account
See the last paragraph, follow the instructions and I would imagine it will tell you again when you can deposit cash again
Yeah so mine says the attached. This doesn’t tell me when I can start depositing cash again and also the limit should either be increased or removed in my opinion as it’s very restrictive.
See if it increase the amount you can deposit tomorrow, the limit is in place to stop money laundering etc, they may review the restrictions in the future
Can I guess that your business is cash based?
These limits do not seem restrictive at all for the vast majority of people for a current account to me.
For me the £300 per deposit limit is more annoying, I tend to save up my cash and deposit it in bulk once or twice a year. Having to pay £2 to process say £400 even though it could potentially be done in one transaction isn’t ideal IMO, not just because of the extra cost, but it just feels like an unnecessary step from the customer point of view.
It would be nice to see an increase in both though.
Wow, that’s a lot of cash!