Of course it is. Guess I didn’t hit the sarcastic tone quite right.
It’s been a long week
Incremental iterative development. They are a better bank for more people with this than without. So the group in ‘everyone’ is slightly larger. It can still be made larger again, with time.
The NatWest use the billions of public money invested in them
Larger amounts of cash expose more risk to being used for money laundering, so restricting it at first while understanding more about behaviour/ building out systems to detect cash based fraud mitigates the risk.
I would imagine the fraud detection in use for regular card payments and electronic transfers would need more development time to work as well for cash coming in.
Not to say it can’t be increased in the future, but means that customers have something now that suits some people, and allows the other systems involved to be tested with real users, rather than delaying.
Yeah. As a shareholder. If I have shares in any company can I just rock up and use any service they provide for free?
I’m not sure that’s the point. As you noted above, it’s the banking system. Open an account, use it the way you want to. Ultimately if the banks don’t like it, they’ll have an incentive to change it.
Charge for it you mean?
If I’m not paying for it then that’s about all that matters. I know that’s not in the spirit of Monzo but it’s the capitalist reality that we sometimes forget.
Personally, I’m fine with a £1 charge to deposit cash into my account, especially if it means I can pop to a Post Office or PayPoint location (both of which are closer to me than the nearest branch of my legacy bank).
Cash is something I handle less and less — I only ever get it as gifts from relatives nowadays, and only withdraw it because I can’t pay for my haircut with my Monzo card. I made a cash deposit into my legacy bank (then to my Monzo account) at the beginning of the month and it was the first time I’d done it all year.
At the same time, I get that we expect these services to be free. But, in most cases, free bank accounts are subsidised by extortionate fees charged if a payment gets bounced, hefty unplanned overdraft fees, and eyewateringly high foreign ATM/purchase fees. Your free cash deposit is, in most cases, being financed by a holidaymaker who wants to take out £20 and is charged a few quid for the privilege, or a person who’s financially struggling (or, in some cases, isn’t managing their money properly) and is being lumped with a £6 a day fee for that.
I’d rather pay £1 for something I do very rarely and have a sustainable bank with fewer fees overall than have a bunch of free facilities subsidised by people who are potentially struggling.
I don’t know. I suppose it’s one of the possible outcomes - if a customer is only using you for a feature that loses you money, how do you address it?
(You’ll have probably seen what I said earlier about the banking system being broken. To fix it, you’d probably need some form of government intervention. Which would probably never happen - and be wildly unpopular because who doesn’t like ‘free’ (even if it’s not actually free) ).
The last time I paid in any cash was when I sold my car and they gave me cash
I also only draw out cash for my haircuts and also my wife’s fitness classes that also only take cash.
Isn’t this whole thread about Monzo not paying for it?
My point is that if I can get a £1 service from another provider for free knowing that it is being subsidised by the less financially savvy then I’m okay with that. Just the way of the world unfortunately.
I see this argument being put forward a lot by some people on here. It’s hard to argue against it in a lot of ways, although it’s obviously far more complex than it appears.
What I don’t get, is that those same people talk about using other banks services in order to save Monzo money, or save themselves some money at the expense of someone else (based on their argument).
You can’t have it both ways.
If you are using the argument that “free banking” is praying on the poorest in society, you can’t then use other banks to make free cash deposits, other fintechs for your foreign ATM withdrawals and do everything you can to “take advantage” of other “free” services whilst using Monzo as your “ethical” day to day bank.
No, just the free services. And shareholders usually have some kind of benefits, not a decade of recession.
Oh cool, there’s 3 paypoints within 5 mins walking distance of me. Much better than the the two banks 30 mins walk away
Absolutely this. The cold stark reality is that there is no such thing as free banking. Someone is paying for it, and if it’s not you it’s more likely than not people that can’t afford to. I’d much rather my bank be honest about the true cost of its services and make it a fee paying service than make others pay for what I want to use.
Personally I’m unlikely to pay in cash to my account purely because I very rarely receive any, but if I did I’d have no hesitation doing so. And the reality is that for everything else there is monzo.me or PayPal or bank transfer. I know others might need cash services more than me and I don’t want them to be charged extortionate costs when they can’t afford it either.
Thanks for the information Nick. Whilst I’m obviously happy that this feature is coming, the £1,000 deposit over six months isn’t workable for me, which is a shame!
I do have a question; what happens when you reach the limit? What error will you encounter at the store/on app?