3 posts were merged into an existing topic: Removed Posts 07/11/18
For this reason, a system similar to your foreign ATM withdrawals may have been better.
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It’s not out of the realms of possibility. However, my understanding is that it’d require significantly more engineering time if we went down that route and push back the launch (not sure how long by).
Out of interest - what would you propose as a fair solution for how this could work?
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If its a per transaction fee and not per amount ( i.e 2% of the amount or something similar) id got on a set amount of allowed cash deposits per 30 days.
Possibly even as little as 1/2? Then perhaps a fee after the allowed number of deposits. Best of both worlds.
Also id personally rather the launch was postponed until an appropriate solution is found and agreed on and not rushed to be a tickbox.
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I guess the thing is if it costs Monzo a quid, 1/2 a month can now be £1,000,000 to £2,000,000 a month!
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Who gets to decide if it’s “appropriate” then becomes the key question. I get the strong idea that Monzo are happy that this gate condition has already been met.
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I prefer fixed costs to percentages. It’s easier to work out although it does favour withdrawing or depositing more for that fixed fee.
What’s appropriate depends on the person and situation.
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You focused on the word appropriate rather than personally from my last post.
This is only my opinion, and as stated previously in the thread monzo are looking for feedback before and after implementation. This is my contribution to that.
What im taking from today is there are many people who fall on both sides of this debate and i hope monzo finds a solution to keep the majority from both sides happy
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Yes and no, or at least not in the way (I think) you think.
I understand that it’s your view on the issue and I appreciate someone who makes that clear where so many don’t bother. What I’m questioning, I suppose, is the idea that Monzo has a responsibility to “keep the majority of both sides happy” (to quote your later post) or to modify their thinking due to an outside view of what’s appropriate. That just doesn’t fit my image of the way businesses work, or at least not proactive ones.
For me, first and foremost a business need to meet the goals they’ve set for themselves. Customer ‘happiness’ may be one of them but it won’t be the highest priority when things like profitability still hang in the balance. I agree customer happiness is an ideal that will drive growth, I just don’t see it as the most important thing here.
Where we then come in on the forum with our own view of what the business priorities should be is where I think some of the grief comes from. Since the bank is likely reacting to different stimuli to those that we customers are assuming, the solutions they are looking at differ from those we’d like to see.
Personally, I won’t be paying £1 to deposit cash. That’s my choice. I don’t take that as a sign that the decision is wrong or needs changing, however, I’ll just modify my behaviour accordingly and Monzo can factor that in to any future decisions they take.
That’s surely how customer facing business works?
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I am happy to pay a £1 to pay cash into my account. I no longer have a legacy account. I prefer that Monzo have told us up front as it costs then money. People have the choice if they want to use it.
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Monzos too big aims are growth and profitability for then next quarter if i remember correctly.
Monzos growth to date has been because their customers have been so happy with the service they get and the features. This then leads them to insist their friends and family get in on this train while its going. If this stops being the case growth will slow.
Thats why i think they need to continue to make decisions that keep the majority of their customers happy. I agree though monzo have a tough task to try and balance the two.
without any figures to go on I suspect the number of people wanting to pay cash in are actually minuscule, in comparison to 1.1million customers - but thats an unknown cost to Monzo - the majority of the customers probably won’t be paying cash into their accounts - 20 , 30 , 100 people on the forum “need” this feature, but don’t want to pay for the service ??
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The other thing I constantly need reminding of in this context is that “customers” is not the same thing as “forum users”.
We’re the vocal minority of the customer base but we may not be properly representative of their views so anything we appear to say here needs to be taken with a healthy dose of doubt when starting to try and identify things like “majority” views.
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Has everyone forgotten that Monzo already have 1.1 million users who cannot pay in cash? This is an added benefit - one I doubt I’ll ever use as I pay my taxes 
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`Oh yes i agree with this 100%
What i wont agree with is that theres any way monzo can tell at this moment what the reaction will be on a larger scale is that fair to say?
Ive been asked for feedback by email on the bill splitting and tab splitting but nothing in regards to cash deposits. If someone can say this has been the case with cash deposits then great?
Miniscule is an assumption i dont agree with, the demand may not be apparent because other people have just been using their other bank in the hope Monzo would add it eventually similarly to how they do at present.
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How many of the million or so customers will make a deposit each month?
2%? (20,000)? Does it actually cost a quid for a deposit or much lower? I mean if it was costing Monzo 10p a pop that would be like £2k for providing that service. Nothing really.
Is it also costing Starling a quid each time someone pays into NatWest for free? Has Anne done a special deal to get a nice rate? 
Whats the cost of paying into the Post Office (coming in Starling ~2020)?
For the moment as I have Starling it makes sense to pay in and then transfer to Monzo.
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That grid looks suspiciously Baron Fig like 
Why not offer ‘x’ amount of free cash deposits per annum. After that £1 per deposit??
Doesn’t really affect me as any cash I have seems too evaporate!!
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Monzo have said that it costs per deposit so an ‘x’ amount wouldn’t work. Say it’s £200 and you pay in a quid at a time (however inprobable), it’s going to cost Monzo 200 times more than if you pay in the £200 in one go.
I read this as the ‘x’ being a cash amount rather than being times.