Cash Deposits

(Andre Borie) #533

Starling has a huge revenue stream from their business side of things which they decided to use to subsidise the personal accounts. Monzo doesn’t (yet?) have that luxury.

(Jonathon) #534

I’m not sure that having data when there is a fee will be an accurate way of determining user usage of cash deposits.

Having no fee, seeing how the users use it, and then introducing a fee if necessary would be better.

I may be a rare one here, but I actually liked how Monzo managed the overseas ATM fee change:

  • No fee
  • Saw user usage
  • Consider options
  • Asked their users
  • Chose one

I know it can’t be perfectly replicated but in general it was a really positive way of a company engaging with the people who will use their company and ultimately aid them in being profitable.

(Nathan) #535

This is ass about backwards though… there have been a high number of people on this thread alone that have said they’ll continue to use their legacy bank due to the fee, but possibly wouldn’t if Monzo provided the same service.

The same people mentioned above will then be outliers that wont be accounted for, it will just be assumed that these people don’t need this feature of cash deposits.

Happy to be proved wrong on this point if wrong but I believe it was stated there will be no way of representing this back to Monzo from what i can see apart from responses on this thread?

I never stated everyone would be fine with it at all, but who is to say one backlash will be worse than the other? Its impossible to tell.

I was one of those who wasn’t happy with this but eventually came around once I realised that I had the choice to adapt my habits to make it work for me.

I still think more engagement at each stage is key:

  • initial free deposits

state its temporary, use as normal service, may be costed in future depends on usage,

  • send notifications to individual users with suggested improvements

“You deposited x over x times last month, if you deposited this at once you can help to keep this feature free”

It would come across a lot better to all monzo users not just the vocal few on the forum (myself included) and then it would be a matter of look we tried your way not lets try ours cause its just not sustainable


To me, the amount of time it takes me to travel to my nearest high street bank branch, and back, would take around half an hour… so to pay £1 and get half an hour of my life back, and be able to go at a time & location that suits means I am currently ok with the fee

(Nick) #537

There is a quote, often credited to Einstein:

“Insanity: doing the same thing over and over again and expecting different results.”

Monzo have been bitten before in introducing a free feature that has turned out to be unsustainable. That’s why they’re trying something different here. That’s understandable, surely?

(Leonard) #538

It should be pointed out that there are ~30 frequent posters on this thread. There are ~1,100,000 customers.

Would you as a customer want to be consulted on every business decision as a result? Do you not think it should be a case of a business presents to us their offering and we as consumers then choose if we want to use it or not?

(Jonathon) #539

Totally get this, and to be honest this wouldn’t affect me much, but I can completely see how it could affect others and the way in which Monzo is viewed, so I don’t want to just push it aside as it doesn’t affect me.

(MikeF) #540

:point_up: Absolutely this 1.1 million times over.

(Dan) #541

Monzo have already said they’re fine with this. If the service isn’t right for someone, they shouldn’t use it.

Nothing is set in stone. Just because they’re introducing a fee now doesn’t mean it’ll be around forever. They’re doing what they need to do right now. It’s a tech business, things are going to get chopped and changed all the time. People are assuming that because a decision about something has been made, it’s going to effect Monzo’s business forever.

I’ve seen plenty of people say “well how is Monzo going to make money work for everyone” “how’re they going to get to 1 billion users with these charges” etc etc. Monzo already doesn’t work for everyone, but their aim is to. They’re not close to a billion customers either, it isn’t a concern yet. And they’re going to take plenty of baby steps to get there over time. This decision might be important now, but when they’re profitable as a company might not be.

Of course the data will be skewed. But Monzo have made it painfully clear that they have no intention of offering another free feature and then adding a fee and being blasted like they were last time. So you’re left with 1 option. And getting some data and making an informed, risk free decision is better than none.

Heck, if the usage is so low, they might be able to reduce the fee to £0.80, and if it’s still low, £0.60 etc until it’s free. Who knows? Definitely not you or me.

You are one to say. You said it here:

Like I said, what data do you have to back that up? It’s all conjecture.

If Monzo believes there’s only one good option, why would they open it up to debate beforehand? It was said previously above but: Monzo isn’t obliged to ask for your input on every business decision because they’re being transparent. Sometimes they may ask us, sometimes not.

If they genuinely don’t know what users would prefer, they ask. If they don’t know potentially all use cases for a feature, they ask. But if they know what they want, they know.

Says who? It’s just your opinion again.

Clearly Monzo disagrees with you, they think it’d be better if a service wasn’t free first, then a fee introduced.

(Sam H) #542

Does your high street bank support Post Office deposits though? At the moment I still have a Natwest branch that I can walk to from my office, but if this were to close I would probably just use the Post Office. If both my local Natwest branch and local Post Office were to close, only then would I weigh up the cost comparison of the Monzo fee compared to travel time/expense to get to the next nearest branch/PO.


There is no longer a post office near me, would still be the same. Although I work next to a post office!

On side of that, post office and bank still close a lot earlier than the places I’m guessing Monzo Cash deposits to be going via, so if you work shifts or have commitments 9 to 5, you’ll have a bit of choice “after hours” so to speak.

(Sam H) #544

That’s fair enough - I think it’ll come down to individual circumstance. At the moment, there’s not enough of a convenience factor for me, though with continual bank branch and Post Office closures I expect that to change in the short-medium term.

(Nathan) #545

Oh yes 100%, I respect their decision and I know they haven’t taken it lightly.

Another great point but one that should be taken in context… the forum is more likely to be pro monzo in nature, but the response on this thread shall we say has been mixed.

No I dont, but the day that Monzo’s backbone is transparency and what makes them different to date is how engaged they are on a daily basis with their customer base. Honestly thats why im with them, once that goes out the window and they prioritise profitability over what the customer wants too heavily I will happily take my business elsewhere

Sorry, I think im just of the believe that once a fee is there especially for a company thats not yet profitable there will be no push to remove this “accepted” form of income for no real reason? Im sceptical to say the least

(Nathan) #546

I think its worth me restating my own position on this because I feel like possibly alot of other users on the thread are getting fed up with my name being a frequent poster and possibly trying to force my viewpoint on others.

I use cash deposits very rarely nowadays. Maybe once/twice a year at most unless a weird situation where I sell a car or something comes up. I will continue to use my legacy bank for cash deposits after this feature is launched because to me every penny counts coming from the background I have.

I love Monzo and love what it is trying to do, I have been constantly telling friends and family about how great Monzo is and how they should all be using “the bank of the future”

I feel like I have been maybe too passionate in being against these fees because I see this feature itself being the first stumbling block and reason why I cant now bring my family into the Monzo dream. Without getting too personal I come from a one parent family in a poorer part of N.I and see some of my family struggle from paycheck to paycheck and some living on benefits, who constantly lend eachother cash and sell things from time to time when quick cash is needed.

I want Monzo to work for people in similar situations and not just cater for the richer few in the cities of the U.K.

Said my piece and now going to remove myself from the thread and future discussion on the matter, apologies to those who may have mistaken my passion for ignorance or rudeness and look forward to some debates on other threads with you all :slight_smile:

(MikeF) #547

Transparency is purely related to providing information on what’s going on, it’s surely not about garnering consensus decisions from the engaged customer base before acting.

I agree that this debate is probably done. Monzo now get to stand or fall on the back of their decision.

(William Brown) #548

The case of charging is always an issue is what you charge and what for that matters the most and not have anything hidden like the banks you expect to pay by card without a fee anywhere in the world that’s usually penalising with Santander one of the costly for spending abroad and then deposits and withdrawals would it work just being a quarterly fee with benefits to come with that and not Penalise on people who use it more I don’t know what will be best as there will be people against anything you do

(Peter Shillito) #549

What are the chances of removing the fee if I’m overdrawn and have cash to deposit to try and get not overdrawn? That seems like it would be a decent thing to do!

(Jonathon) #550

I literally can’t read with no punctuation! You might want to consider full stops…

((╯°□°)╯︵ ┻━┻) #551

:rofl: I said the same about his earlier comment too.

(Jolin) #552

This always seems to be an obsession of some Starling fans, but I don’t think Monzo see Starling as their biggest competitor (or are particularly concerned about them at all). Their biggest competitors by far are the legacy banks and inertia – just getting people to give a new bank a try. And all of them offer free cash deposits, so the only thing that’s changed is that Monzo now offer this feature (for a fee) when previously it was impossible.