I never pay in cash and don’t see why I should subsidise those who want to pay it in. £1 does not seem a lot, and if it puts off people joining who would cause a net loss to Monzo if free then there isn’t a problem.
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I respect your views on this and can see why you think youd be subsidisig others.
Mine are quite different, i dont want monzo to be elitest and put those from lower incomes off from joining with silly fees.
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Interesting, but you’d think monzo would know about that then,
Although they mentioned a new profile rather than an updated one,
£300 limit?! What for?
Yeah it seems just updating it wouldn’t work from what’s been said above.
It’s a limit pay point put in place. You are welcome to make multiple transactions though.
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Hmm… but not more that £1000 per 180days?
I do think this has been approached from the wrong angle. Surely it costs all banks money to provide this service, either with the Post Office or through a branch network. That in itself doesn’t justify charging for deposits and I’m sure their costs are significantly higher, particularly if operating a branch network.
Perhaps other banks are cross-subsidising products, however I’m reminded of an interview with Anne Boden (here) who stated that fundamentally current accounts are profitable and not loss leaders as widely believed.
Looking at cash deposits in particular, they’re likely used by a minority of Monzo customers due to the nature of Monzo being a digital bank. Thus, it may seem logical to charge those customers so that others aren’t subsidising the service, however at some point you have to settle on a ‘core’ service. I’d personally say that cash deposits are a ‘core’ service of banks right now, but Monzo clearly disagrees.
If people are opposed to any cross-subsidy at all, then surely all ATM transactions should be charged. For example: I don’t use ATM’s at all and they cost Monzo money, so why is there any free allowance? You have to draw the line somewhere.
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Correct. The £1000 limit is put in place by Monzo. It may be reviewed in the future. They felt £1000 covered most people’s use cases.
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I would most defiantly be happy to pay £1 to deposit cash at a pay point centre. There’s more paypoint outlets at convienant places than what there is a high street bank that you bank with, some probably more local to you than your legacy bank. So taking in costs for fuel and parking etc, £1 is nothing. My local paypoint outlet is within walking distance from my house whereas my legacy bank is a 13 mile drive
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Does your legacy bank also offer post office cash deposits? Most do for free so best to compare this to the paypoint service rather than just in branch
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My legacy bank is on the list, yet still to get to the post office I would have to drive, yet a paypoint outlet is within walking distance. So weighing up costs, it would probably be cheaper and quicker to pay to use the paypoint outlet
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That would be fine if there was a free option and the £1 really was a ‘convenience fee’. Instead it’s your only way to deposit money without using another bank. Personally, I wouldn’t use the service as I rarely handle cash and to be honest the Post Office is just as convenient if I ever needed this.
I’m sure that list is even current, the current site doesn’t list Cashplus at all.
Edit: I see it’s here actually. The Post Office website being inaccurate is surprising given their usual efficient and helpful service (/s - if needed).
Yeah im sure it will be updated on Monday when they add Starling to the list.
cashplus and cashplus business is what they mean as it used to show
I personally don’t mind paying to deposit cash. I very rarely do it though. As others have said, it would cost me more to get to a bank or post office. Meanwhile there is 15 paypoints within a mile of my house.
If Monzo had legacy like bank fees for bounced direct debits etc, it wouldn’t make sense to charge for what seems like a basic feature but I’m sure I save at least £12 a year from just other features and lack of charges.
I do feel that doing it this way seems more fair but I do see where others are coming from. I hope in future Monzo can reduce the fee or add in a free allowance to make it better for everyone.
I don’t see this as a negative thing because we are better off tomorrow than we are today and it will be helpful to some people. Building a bank isn’t easy or quick but this is still a step in the right direction 
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I think the PO has several ways. My Barclays card you do Chip & PIN at the PO to deposit, however my HSBC one they swipe it. I think it’s a case of the PO pressing deposit cash or whatever and if one doesn’t work they’ll do it the other way as they certainly don’t seem to know all of the banks they do and don’t support they just try it and see.
Maybe this is why they don’t need to bother with the chip profile thing - it may just be a swipe.
At post office My virgin money account it’s chip and pin for withdrawals and to deposit it’s just chip and press green button depends how cards are set up to deposit though most are instant some still take a little time depends the set up I used to use deposit slips to deposit cash and credits only happened when bank got slip
I don’t like fees that most would not add like transferwise has gone from not charging on some things to charging it like £0.65 or something similar to do a bank transfer from December 1st and to pay in by card £10 will be £10.02 from your current account at monzo by card for UK balance with them
