My local post office is the same. I understand it’s because they’re run as two separate businesses but at the same counter, so they have to go through separately.
I have to withdraw cash from the post office to then spend in the shop/cafe. All at the same counter with the same member of staff!
The problem with some people on this forum is that you can’t critise Monzo without people getting funny with you. Like many, I love Monzo, and so want it to work and be a bank for everyone, yet whenever we talk about bank deposits/withdraws we get questions like;
‘Why do you need cash?’
‘Why do you need to deposit cash?’
‘Why don’t you have an ATM?’
‘If you don’t live in a City, maybe Monzo isn’t for you!’
Hi can Monzo please make it possible to deposit cash at a Post Office as most banks do this so why cant Monzo? This is the only feature I will miss from my old bank account.
I think this is a must as I went to a paypoint as directed by Monzo and the guys didn’t have a clue about depositing cash and advised me they couldn’t do it and I went to a few more even Co-Op and again non of them knew how to do it and told me this couldn’t be done which was really annoying
I think the post office is great for depositing cash, so convenient and feels more secure than PayPoint. I have a Starling bank account i use for paying in cash at the post office, and have to transfer it to Monzo. I would much rather do that with Monzo - I also don’t agree with paying £1 to deposit cash, all other banks i’ve held accounts with don’t charge for this.
I think most people on the forums have more than 1 bank account, especially those who have packaged accounts elsewhere. So it’s pretty common to take the features you want from various places
That’s very true, same could be said for Cheque Imaging & lots of other convenience features other banks have though, but i guess like @Eden said, one day you will realise another bank could have more convenience. I think in particular, when Monzo launches it’s Business Account fully, they would be mad not to have Post Office cash/cheque depositing services. If i was Monzo, i wouldn’t want my customers at all thinking they need to open/maintain a bank account elsewhere because of services i can’t or don’t offer that they need/want.
Sure. Presumably that’s the risk assessment that Monzo has done. The decision not to support certain functions isn’t made in isolation, it’s a trade off with other features of the app, and what the opposition is bringing to the market.
As @j06 says, it’s a calculated trade-off they’ve made. Someone who frequently pays in cash or cheques may indeed find another account more convenient, but I imagine the majority of banking customers are not doing much of either of these things these days. On the flip side, the convenience of bill-pay pots and instant notifications are likely to have a much higher value as they address things people are doing regularly and frequently.
Completely agree. Coincidentally, a colleague and a friend both switched to Monzo quite a bit before me; one of them went to a local PayPoint location and they said they couldn’t take cash deposits/didn’t know how, and another didn’t want to pay the £1 charge so twice now they asked me if they could give me the cash and i could transfer it to their account .
Be careful. Depending on the amounts you’re depositing, paying–in cash and then immediately transferring to another account not in your name could trigger an anti–money laundering block on your account.
Cash deposit limit at PO? I’m not sure there is one. I deposit business takings at Post Office, and have deposited up to £10k before now in one transaction. I don’t think Starling impose a limit, but i know they charge £3 for up to £1000 for business account deposits and then a percentage after. Free for personal and Joint accounts though i believe.