I am now going full Monzo…
but the biggest disappointment to me is Monzo going to
Paypoint for Cash deposits because
A I think the limits are too small (i understand the legal side)
most high street banks now use the PO and do not seem to
have a problem with limits on how much you can deposit.
B I like to use the post office to take out my cash as I do NOT trust
cash machines.
so for me, the post office would be a win-win as I could do both
I believe it is something Monzo are considering. Although nothing official has been confirmed yet.
Would be really good if it happens, as I said I prefer to get cash out using the PO
What’s the issue with cash machines?
a lot in my area have had scimmers attached.
and at the PO if i want to withdraw £25.50 or £105.86 Or just a Fiver
i can . not limited to £10 / £20 / £30 ect
What are is that?
I think @Anarchist meant area. Which area is that?
Is skimming a big issue in the UK?
south yorks
I don’t think so.
As posted above by @redshift, Monzo are looking at access through the Post Office. Unfortunately, it looks like Monzo are still looking at charging fees when using the Post Office unlike all other banks, but it may work out as a much smoother experience than PayPoint as been.
Q192 Charlie Elphicke: Mr Blomfield, would you bother doing a deal with the Post Office, or do you just think, frankly, “We’re on the internet. We’re on the telephone. We do not need any kind of branch or physical presence”?
Tom Blomfield: We do not currently have a deal with the Post Office. We are in discussions and there is a possibility that we will, in particular for cash provision. The withdrawal or paying in of cash is declining, but it is not going anywhere in the near term. For the vast majority of other services, our customers prefer to use a mobile app, which is open 24 hours a day.
and
Q246 Chair: Does Monzo charge people who want to put cash in their account? Is there a charge for that?
Tom Blomfield: I apologise; yes, there is. We have two fees that I should mention, both related to cash. Cash is expensive. Depositing cash is a £1 fee using PayPoint. We are in talks with the Post Office and there will also be a small fee for using the Post Office. For withdrawing cash in another country above £200 a month, again because it is expensive, we charge a percentage fee.
Treasury Committee Oral evidence: Consumers’ access to financial services, HC 1642
http://data.parliament.uk/writtenevidence/committeeevidence.svc/evidencedocument/treasury-committee/consumers-access-to-financial-services/oral/96277.html
So to summarise
Post office deposits & withdrawals coming soon but with a fee attached.
2 steps forward & 1 step backwards in my mind.
will withdrawals be free?
Nobody knows for certain.
I would imagine not though. Whatever fee is charged to Monzo is likely to be passed on ala Paypoint.
the post office is looking at charging all banks more and will probably trickle down the the consumer because they(PO) said the current agreement they have with banks is not a good deal for them and loosing money and looking to change it
As a follow up to concerns about skimming, it has absolutely been a big issue in the UK. There have been skimmers attached to ATMs across the country (I remember the police reporting on one in Knutsford when I was still working there). That being said, there are attempts by banks to deal with that (by putting ridiculous plastic things over the card slots, etc). I’m always wary when using a cash machine, but I have things I use cash for monthly so I will have to use them on occasion, although I sometimes use cashback in the supermarket instead,
Worth reiterating a point that seems to cause people joy and pain at the same time…
#FullMonzo is not having Monzo and nothing else.
It is simply using your Monzo account for things like salary and bill etc - In a nutshell, it’s your “main” account.
People seem to sacrifice their own finances in the name of #fullmonzo - Whether that be a lower interest rare (or none at all), OD fees or paying cash in fees…
Monzo works great for me as my main current account - But if I was someone who used any of the above in any way shape of or form… I’d absolutely make sure I had more than one account that I could take advantage of.
In your case, I’d have an account to withdraw cash from (if you do that a lot?), and Monzo for other things.
Agreed. I got a Starling account for international cash withdrawals and Post Office cash deposits and a Co-op account for cheque deposits.
I live in Rotherham (South Yorkshire) and there’s skimmers on local ATMs in my part of town nearly every other week. Police and the banks are seemingly doing zero about it so yes, it’s a big issue.
I only use Cash Machines as a last resort and only inside ones if I can.