Cash Deposits


(Dan) #428

Whoops, I guess you missed one!


#429

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.


(Matt Lynch) #430

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!


#431

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.


#432

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.


#433

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).


(MikeF) #434

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.


(Ben) #435

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


#436

It must be costing a small fortune


(Dan Mullen) #437

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.


#438

Is this the equivalent of VHS vs Betamax from the 80s? :grinning:


(MikeF) #439

Maybe!


(MikeF) #440

I think you misunderstand my point. (Not sure)

We can say as many bad words on this as we want but Monzo isn’t obliged to respond by changing anything.

I won’t deposit cash at £1 a go but I’m not going to demand that anyone changes their business model. That’s not the way business works.


(🤦‍♂️ abofm.club 🤦‍♂️) #441

Well Starling have the better approach with regards to customer costs. However, less convenient venues so it’s a tricky one.
As I’ve said before. Doubt I’ll use this feature with either back. Good to see different approaches though.


(William Brown) #442

Looking at it I complained to legacy banks in past got no where with monzo I complained cause I wanted something fixed and they paid me for inconvienience it was for me and the service was behind their normal but with monzo they realise I matter and they solved my issues with a better response than any off the big legacy banks will ever good on them monzo not putting money before people is a bonus


(William Brown) #443

Though I argue cash deposits must be cheap enough for customers so they don’t loose out


#444

Limits are the worst… I use Nationwide ATM machine if I need to deposit at least £1000.
So I need to pay £4 to pay in £1000 to my Monzo account?
£300 limit per transaction?
£300 - £1 fee
£300 - £1 fee
£300 - £1 fee
£100 - £1 fee?
And no more deposits allowed for 180 days…


(Ben) #445

As I said I disagree with the deposit agreement with PayPoint. One massive and huge plus over Starling they offer accounts to everyone as long as you meet the terms.

Please Monzo consider PO arrangements ASAP.

Does anybody know anyone who has been declined for opening a Monzo account.

I have tried Starling a few time but declined. IMO very strict account opening process.

Sorry for going off topic


(William Brown) #446

Starling have refused me whilst monzo accept me whilst many legacy banks don’t accept me I’m happy I hold what I have with virgin money I have two accounts one from the days of northern rock and monzo then I have permanent tsb in Ireland but then UK credit score isn’t used for Ireland so I get more there but it’s not a right to get a current account you can be refused by everyone and be locked out from them forever no law says you must have one and providers must give you one


#447

Please, please, start using sentences and full stops. I am interested in what you have to say, but tune out by the end of the second line when there is zero punctuation to know what is going on.
:slightly_smiling_face: