In your opinion… Let’s make that clear.
Ha! That’s my usual line
Agreed, but I challenge you to find a high street bank that doesn’t offer free cash deposits! (Actually, there might be some since I’ve never looked)
For me it would be a very occasional use facility. But I very much object to charges for this, which is in all honesty, a very every day basic function of a bank. How can Monzo justify charges for an everyday function? Sorry, in my view, they can’t.
Additionally, if they thought it would incur a charge, why not ask the community what charging model to use? This method was used when deciding on foreign transaction fees but not for this. Many switch in good faith - but then they do this. Not cool.
Tee hee … debates of forums are full of views dressed as fact
They pretty much all do. And Starling does. Hence the annoyance at the catch-all approach here. There must be a better alternative.
And I think the £1 fee is taking advantage of that.
Starling are covering the cost by charging business customers to use the facility. Monzo don’t have that option
Maybe. But I’d be interested to know how much Monzo makes out of me as a customer, then if I deposit say a few hundred quid a few times a year how much that knocks off their profit. I suspect they’d still be in the black from me …
Better approach surely to not charge but charge those that overuse the facility?
Just a thought.
I guess I see it differently in that this isn’t even something Monzo has to do.
They could just say ‘No’ but they’re trying for a middle path instead which is fair enough in one respect. We don’t have to use it, we don’t have to approve of it and we’re no worse off than we were yesterday.
Edit: To the later post, aren’t we all profitable to the tune of £3 a year or something now?
Make cash deposits fair cheap and as easy as possible like post office and paypoint and maybe payzone as another option but payzone isn’t as popular but you shouldn’t restrict what you can do and charge high for the privilage
If you have some time take a look at this:
In there is a slide showing average revenue and costs per customer. If we’re lucky, someone will be along with a graphic pulling those stats out specifically…
That’s what’s on offer here isn’t it? From all we’ve been told they’re using one of those places and passing on the costs. The charges aren’t high, they’re just high enough not to make a loss on the deposit. I think I’m missing your point?
Cash deposits should be cheep enough so that they don’t penalise customers by loosing them money and make sure customers can pay money in without reduculous limits that limit the use of cash deposits
OK. That’s a different point to the one you made above which I was responding to.
OK, I was wrong. It’s £1.70 per year profit per account it seems. Two cash deposits each wipes that out!
Middle path punishes all equally so isn’t fair in my view.
Perhaps me and you don’t have to use it but not to, or to pay, would be an inconvenience. And much more to others, especially those who are paid in cash.
May I suggest something here? This move isn’t transparent in terms of we are told what the deal is, not given options such as was the case for foreign fees.
I think Monzo needs to stop, consult and restart here. This - again, in my view - is not good enough.
They have asked if the deal can be published I believe. Obviously, the other company may not agree.
Fair is a difficult word in this context. Who should pay to make it fair? (That isn’t a dig, but I don’t have an answer.) If Monzo pay and the business fails as a result, is that fairer?
True. But say you have a small percentage using the facility rarely then as a majority of customers you are still in profit.
And as that average revenue per customer rises through the marketplace that £1.70 will rise.
Isn’t that why they’ve promised to see how it’s used and review the charge?
It’s a fair point. Totally fair.
What I’d argue is that there should be a low limit and those who use th facility more should pay. But I’m sure others will have other views. And, because of this, I think those views and options should be heard rather than the fait au accompli being forced on us.
Start with a charge and the chances are it’ll stay …
I’ve seen banks add charge for something it normally stays I never hear of charges being abolished yet