Cash Deposits

They have the paying in slips you can use if you don’t have the card on you. I could use the post office to transfer money into another account I have, I’m just a little concerned it would go wrong so I’d be tempted to use this service.

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Paying in cash should always be a right to every account holder the same as you get a debit card which is a right and now Apple Pay which is a right we expect so with all this cash deposits should be on there with all accounts regardless the bank name

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Sorry, none of these things are “rights”, rather they’re “common provisions” such that questions will be asked if they’re not provided but I think that’s an issue of ‘custom and practice’ rather than one of rights.

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I’m intrigued by this comment, if you don’t mind.

Banking is a competitive market place in U.K. current accounts so in any situation where your bank isn’t offering what you’re looking for while another bank is, surely that’s exactly the thing to do?

I’ve left banks and gone elsewhere over things like the introduction of ATM charges back in the day. This feels no different.

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Yes, as consumers we all have options and can vote with our feet. What @coffeemadman is getting at is that, as a bank aiming to “make money work for everyone”, it’s a pretty poor response to criticism to say, “Well, if you don’t like it, you know where the door is”. That is exactly how some of the responses above come across.

Monzo shouldn’t be selective with the customer feedback that they want to hear and that which they don’t.

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Fine, but I doubt any negative comments from one user to another can be deemed as being either sourced or endorsed by Monzo.

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If you want to be inclusive off then all services like offering a current account as standard no criteria as many people have been through a rough life and will see many banks think your fraud risk and say no or after a few months or years withdraw your banking facilities that should not be allowed to happen and services such as cash deposits debit card payments and Apple Pay shouldn’t be credit scored and should be given as standard to all as at present banks can say no to any of that or all of it and they get away pushing people to live on getting cash from everyone and paying cash and not allowed a bank account or if they are they are excluded from everything and you can only have a card to withdraw cash if life is going to cashless society the right to an account should be law and not just a guideline to give everyone a basic account but banks can exclude many from banking altogether

I almost passed out after reading that :dizzy_face: … aaannndd breathe… :dash: :rofl:

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@HughWells @nickrw
Quote from Starling website:

"If you’ve got one of our portrait debit cards - teal for personal, navy for business - you’ll be able to deposit cash into your account at any Post Office branch. If you don’t have a new card, get in touch with Customer Service to ask for one. " Link

Seems like they had the new profile ready for the new card designs that went out earlier this year.

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So … 400-odd messages. Let me try and sum this up.

1, Monzo wants to charge £1 to deposit cash
2, Starling is offering the same for free

So … Since Monzo has not launched yet, is this not a case of back to the drawing board? I don’t see how they can proceed with the idea that paying £1 to pay in cash is ok?

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Whoops, I guess you missed one!

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Point still valid, though. Paying £1 to deposit cash when a rival is doing it for free is plain daft. How have Starling negotiated this deal when Monzo has been left with what is - from a customer perspective - a worse deal.

Not cool. Not cool at all.

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Having read your detailed update, if the chip in Monzo cards can’t support using Post Office terminals why wasn’t a standard chip used in the beginning for Monzo cards? My legacy bank cards have always worked with the Post Office - or is it the Monzo chips are too advanced for PO? It wasn’t clear in the description!

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The limits are pretty poor too. £300 is not a lot of money and to be honest I think £1000 over 6 months is far too low. I rarely use cash but i could see myself easily hitting that for a variety of reasons (the main one being I don’t want to have lots of cash lying around the house).

Starling are doing it for free and have a per transaction limit of £20,000!

They are using the post office which, in my opinion, seems far more professional and “banky” than using paypoints. I have nothing against paypoint, but I don’t think paying cash in to your current account in a convenience store does much to further Monzo’s image as a proper bank.

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Agree. I know @nickrw is saying the contract is signed - but this is poor, poor, poor. Not really what I expect of Monzo. Look at the “neighbours” and what they have done.

While I see the arguments about why the fee is there, I think the argument is simplistic. I’m paying thousands a month into Monzo, so my revenue for the company must more than cover the cost of fees to pay in. It shouldn’t be that function covers cost, it should be overall revenue per customer covers their cost.

Why can there not be some kind of mechanism that, perhaps, if your wages go in via BACS then cash pay ins are free up to a certain point? Or some other machanism?

But, £1 per transaction simply isn’t right or acceptable. Sorry.

A very big rethink is required here.

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Out of interest, @Elvis, what are you doing for cash deposits at the moment?

It seems like they’re very important to you (and important to you that they’re free) which is absolutely a valid opinion to hold, but leaves me wondering why you use chose to make Monzo your primary bank account.

(Please don’t take this the wrong way, and I’m definitely not saying that you shouldn’t use Monzo - just that I’m genuinely interested in your reasoning).

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Sorry, but that arguement just doesn’t hold water against the reality of the market place here.

Whether we agree with it or not! at the point the fee was announced, every major high street bank offered (and still offers) free cash deposits yet Monzo chose to go down a route with a charge.

If the major banks like RBS and Lloyd’s offering free cash deposits didn’t stop Monzo planning a charge, I feel it very unlikely that the likes of Starling will provoke a change.

As ever, Monzo must walk their path and live up to their own expectations while the rest of us get to use their service or not in response. While we can each expect what we like of them, they’re under no obligation to meet them.

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Hello :wave: I’m new to the community however I have been lurking around viewing posts.

I feel the need to give my views because I have been using Monzo for a little while. I disagree with their decision on cash deposits however they will remain my main bank account because someone who has struggled with my finances in the past . Monzo have transformed the way I manage my money :moneybag: and for that I’m grateful.

Regarding cash deposits I won’t be using the service based on 3 main reasons.

  1. Security ( I feel uneasy handing over my debit card to a random person in a corner shop) with PO deposits it’s placed into the card reader

  2. £1.00 fee ( I believe it may not be a lot of money for a lot of people however £1.00 could mean the difference between getting basic essentialls or not eg milk (for a family with children)

Well done to Starling who have pulled this off :+1: but loyalty remains with Monzo

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It must be costing a small fortune

Monzo are supposed to be disrupting traditional banking. Announcing cash deposits at a cost of £1 is certainly going against the grain but not in a good way!

What Monzo have done better than anyone else - possibly ever - is create a brand and market it to their target audience in such a way that few fans will hear a bad word said about them. That’s not meant to be sarcastic, it’s a genuinely impressive piece of marketing.

I believe that most people objectively comparing account features and fees between all the new mobile-based challenger banks would say that Starling have the better offering. Monzo are in the enviable position of not actually needing to offer best in class features/fees as they have managed to create a very loyal following.

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