Cash Deposits

Making Monzo
42

I don’t think £1 is unreasonable, but I’d hope it would include all paypoints and post offices for a £1 charge , for such convenience £1 is reasonable.

Will there be a limit on paying in cheques via phone? Barclays is £500 per cheque at the moment.

But I strongly agree that charging for cash deposits doesn’t do well for monzos name , it sort of cheapens it from a bank to a financial service, I’d rather see fees elsewhere than charging for something all banks do for free,

Although post offices free and paypoints etc being £1 would sit better.

2 Likes
43

If you’re doing this so frequently that the £1 is an issue, then use a different bank for cash deposits. It’s not as if you cannot only have a single current account.
I just don’t get the fuss at times.

13 Likes
44

For anyone that hasn’t figured this out yet (apparently there’s quite a few of you), Monzo isn’t trying to disrupt cash deposits.

14 Likes
45

Monzo class anyone who deposits their pay via FPS or BACS as full Monzo. So if you do this now you’re already full Monzo.

I have more than one bank account but that doesn’t mean I’m not full Monzo. I am as long as my main banking occurs there.

46

For whatever it’s worth I have my salary paid into Monzo but for me the term #FullMonzo is meaningless.

My pay pretty much goes straight in and then out to my other/“proper” accounts. I really like Monzo as a control centre / dashboard for my money but this proposed fee is just one of a number of shortcomings that stops me from really using it as my main account.

47

I have no problem paying £1 for a feature I’m likely to only need once a year, if that.

It’s a trade off, people want these things but if provided the cost has be covered somewhere. High street banks factor it in to all the bullshit charges, like bounced direct debits, but that was never going to be Monzo’s way.

Cash isn’t dead so it’s great they’ll be providing a solution for those who need it

15 Likes
48

Maybe you can help those of us who haven’t quite figured out what you have then @alexs and enlighten us as to which selective parts of the banking system Monzo is trying to disrupt?

49

Digital.
Bank.

Also, Phone in pocket.

3 Likes
50

Not everybody is going to agree with each other on this matter, but please keep the conversation civil :blush:

16 Likes
51

I guess this is one of those cases where, as someone who actively manages their money, the bullshit charges never affect me. But that’s not to say I can’t see the benefit of this way too.

It might be non-sensical but I’d personally rather have the option to pay a fee for using Monzo (which would likely be significantly higher than these charges) then have these sorts of little levies.

52

You might not be paying it, but someone is and that’s partly to cover the costs

I think for most people a monthly charge would work out costing more than just paying as you use chargeable features.

3 Likes
53

Definitely. But, harsh as it sounds, that’s not my problem. It’s a system where everyone can avoid the charges.

A monthly charge would definitely cost me more and I’d still prefer it (however illogical). I also get that most people probably wouldn’t!

54

:exploding_head:

55

My peeve isnt with charging for features.

Its with charging for this specific one that is offered for free by every other bank… and through the post office by most UK banks for free also.

It feels like a backwards step and a - for monzo rather than a plus when comparing to every other current account out there.

I will continue to use my other account for cash deposits like others have said but again I feel this will affect growth in more rural areas where all they know is free cash deposits to their bank.

2 Likes
56

Could you explain that rural area point please? Most people I know get paid by cheque or into their account

2 Likes
57

And here we have it, a Monzo that truly “makes money work for everyone”.

Has it not occurred to you that things like this among others is why ~80% of users aren’t full Monzo?

6 Likes
58

Yes. But how do you revolutionise without removing an archaic system and pushing strongly on using the technology available. Replicating the existing feature set of the incumbents defeats the whole point of monzo.
Monzo have basically said here: We’ll hook you up we ith cash deposits but we’ll pass the cost on"

It’s really that simple.

12 Likes
59

Of course, youre from a similar area to me.

Older family members, farmers in my area that are currently banking with danske/ulster bank/bank of ireland etc. and can currently deposit cash into their accounts through their local post office for free or via branch maybe in the next town over.

If i were to try and say to them join monzo and you continue to deposit cash into your account in the same convenient way through paypoint/post office but youll have to pay a fee of £1 each time. What incentives would they have to do this?

If first class postage and second class postage where the same price would you still chose second class to post your letters?

1 Like
60

Except it’s not that simple.

I want to know what people think of this proposition I posited above?
Specifically, the interchangeability of 1 unit of physical cash for 1 unit of digital cash both ways into and out of an account.

61

After switching from Santander to Monzo I opened a new Santander account (just to pay in cash and cheques if I ever needed and as a back up account). It’s coming up to my birthday and I tend to get cash that I prefer to bank rather than carry around me. A £1 fee to deposit cash directly into my Monzo account is just going to make me use my Santander account.

Although I could transfer it, I’m likely just to leave it in there and use it as a saving account. And maybe transfer it back to Monzo at some stage.

A fee will probably just encourage customers to go back to using a legacy account, not necessarily fully, but certainly for these kinds of situations. It’s not likely to be quantifiable either.

2 Likes