Cash Deposits

[mjw1987 (Matt)]

@nickrw

The £1000 / 180 day limit is imposed by Monzo

What happens if you were to exceed this, will the paypoint reject the deposit?

[nickrw (Nicholas Robinson-Wall)]

@kolok

How would the deposit work, will the paypoint scan a QR code (or similar) from the app , or use the chip and pin like post office?

It’ll use the card’s magnetic stripe.

@kolok

Although monzo covering the 10 minute wait by depositing the money instantly would be a much better user experience, just makes it that bit more slick, is there any real reason for this? monese paypoint deposits are instant

We’ve discussed with PayPoint ways to remove this delay - they may be able to make a change which would allow us to eliminate it, but there’s no chance of it happening this year.

The technical reason for it is because normally the communication between PayPoint and Monzo looks like this:

• Machine in the shop → PayPoint: I’ve got a bright card here, put £100 on it
• PayPoint → Monzo: New deposit! £100!
• Monzo → PayPoint: OK!
• PayPoint → machine in the shop: OK!
• Machine in the shop: [prints successful receipt]

But sometimes, if something goes wrong, it could look more like this:

• Machine in the shop → PayPoint: What is this? Pink? Orange? IDK but £100 please
• PayPoint → Monzo: New deposit! £100!
• Monzo → PayPoint: OK!
• [Machine in the shop’s internet connection dies]
• [some time passes]
• Machine in the shop: [prints unsuccessful receipt]
• [some time passes, up to a maximum of 10 minutes]
• PayPoint → Monzo: Sorry but actually something went wrong, don’t do that £100 deposit
• Monzo → PayPoint: bummer

So we have to wait for 10 minutes after that initial “New deposit!” message to make sure we don’t get a subsequent “something went wrong” message. If PayPoint can add a message which says “Nothing went wrong and the machine in the shop says it printed a successful receipt” then we can remove the delay.

I’m not sure how monese get around this, perhaps they credit you immediately and then take the money back if something goes wrong?

[nickrw (Nicholas Robinson-Wall)]

@mjw1987

What happens if you were to exceed this, will the paypoint reject the deposit?

The terminal will reject it, yes. You’ll get a push notification explaining why from us, and the receipt printed will explain why as well.

Here’s how the limit will look in the app:

[DazF (Daz Fisher)]

Been reading this thread with interest, here are my thoughts;

• Like many, I don’t like the £1.00 charge for depositing cash - but I accept it, for now!

• IF I have cash and it’s a small amount, then I’ll pocket it and use it as petty cash. If its a large amount then I have the option of paying into my partners account and transferring for free (YES I closed my legacy bank as I was happy to go full Monzo and accept the current shortfalls for doing so) or I may pay the £1.00 fee for the convenience.

• You will never make everyone happy, but I believe in supporting something for the longer prospect.

[danmullen]

Thanks for the full and frank explanation. With regards the fee being just less than £1, I’m sure it was suggested by someone at Monzo the other day that the fee was above £1? I may be wrong.

[nickrw (Nicholas Robinson-Wall)]

@danmullen

I’m sure it was suggested by someone at Monzo the other day that the fee was above £1?

I think you might be referring to this from Simon? He’s hypothesising that if we were to charge £1.10 we would break even with a lower volume of deposits on the fixed cost monthly servicing fee we are charged for running the service (separate to the per-deposit fee).

@simonb

Depending on usage it’s still possible that we’d make a small loss, but rounding to £1 is better than having, for example, a £1.10 charge that makes it an exact break even across the board.

[anon75875116]

Huh.

I have zero problem with a £1 fee, I deposit very rarely. There are plenty of PayPoints around the place (small Scottish villages not at a disadvantage for once!).

I am if anything confused by the maximum limits. I only deposit cash when I have a lot of it, so having low upper limits like this is like the only way this service could’ve been made less useful.

[wbrowngala112 (William Brown)]

Time will tell on the cost of doing cash deposits but in a day where we rely on no branches for some banking you need cash deposits not all payments are bank transfers and we need a way to deposit I’m willing to pay a monthly fee and have one deposit a week in to the account by cash I have done cash deposits once a week most weeks so to find a way that’s easy for me I need to do it but finding some options it’s too much cost to do I see 3% charge of what you pay in from one provider so I say no way that’s too much like £0.30p for every £10 is a lot when you add up the costs. A monthly fee would help but paying a small fee regardless how much would benefit me

[mjw1987 (Matt)]

@wbrowngala112

pay a monthly fee and have one deposit a week

I guess the monthly fee will be £4/5!

[gallifreyangirl]

Very happy with this and ability to use Paypoint. Thanks Monzo

[nexusmaniac (Marcus, Backend Engineer 🛠️)]

Does anybody else think that it should state the amount you actually deposited instead of the amount you’ll receive?

I.e. If I deposit £10 the big green number should say £9.00 - that bit is fine

But the text underneath should say something like:

£10 deposited, we charged a £1.00 fee, leaving you with £9.00

Anybody else agree?

@nickrw

IMG_1363.PNG.jpg1125x2436 315 KB

[Liam_W]

Yes. I thought it looked a bit wrong.

[nexusmaniac (Marcus, Backend Engineer 🛠️)]

@nickrw

It’ll use the card’s magnetic stripe.

Do we need to enable magstripe in the app before proceeding to deposit cash via PayPoint?

[Hatticus (Tom)]

Agreed. The current text is unclear.

[gallifreyangirl]

Good point.

[maxthetenor]

Yep

[nickrw (Nicholas Robinson-Wall)]

No!

[nexusmaniac (Marcus, Backend Engineer 🛠️)]

Excellent! I just wanted to check

Realised afterwards (thanks @16bitkieran) that magstripe enable / disable is specifically for ATM’s Hehe

[Jackcrwhitney (Jack)]

@nickrw For clarification if you made a £300 deposit could you make a further £300 deposit straight after as long as you haven’t hit the £1000 limit?

Also is the 6 month limit a rolling limit like the free £200 foreign ATM withdrawals?

[Jackcrwhitney (Jack)]

@j06

Now the awkward question:

nickrw:

we don’t think it’s right to ask everyone to subsidise a feature which we only expect some people to use

It’s interesting to compare the policy to charge for ‘Pay–as–you–use’ debit card top–ups (“Absolutely no”) to ‘Pay–as–you–use’ cash deposits (“Fairer so as not have everyone subsidise a subset of users”)

I wasn’t a fan of top–ups, but some on here did say they would be willing to pay to use them. So why the difference?

While I see your point here, even with a fee top ups discourage people going full monzo (which they’d love you to do).