Yeh definitly want this, even more so since they don’t have physical branches.
Any acknowledgement of this facility from Monzo yet? I agree with the above posts for it.
This to me is the thorny edge of Fintechs / Challneger banks, and one thing they all need to address. a lot of companies and banks do payout using cheques, I have one on the way from the Halifax for a PPI claim, which i cant pay into Monzo or Starling without having to entrust it to the Postal Service or spend £6 posting it special delivery.
Same for cash, some people give me cash back instead of bank transfers, because its easier for them to visit a cash machine at lunchtime than remember pin numbers and card readers to transfer money across, again i have no way to pay it in to Monzo or other FinTechs,
Monzo et al cant really call themselves a full service bank competitor until they fix these issues, as otherwise people will always keep a legacy bank for day to day banking and Monzo as a bit of fun to be hip and trendy.
That is why I keep my B account, this a couple of other things.
Though they have to remember a pin for the ATM
Yep, i know
Monzo need to introduce cash deposit in account directly
What do you mean by directly? Is going to the post office to do this not direct? Or is it only direct if they have a branch?
I wish OpenBanking APIs meant you can deposit cash in any bank, much like you can withdraw cash anywhere.
I tried to deposit money into my partner’s bank account once, the bank clerk snootily sent me away citing trafficking and some other rubbish, because I didn’t bank with them.
Edit: laundering, not trafficking. Thanks @HoldenCarver
This used to be possible - last time I went on a stag trip I paid the chap who organised it by popping into a branch of his bank and depositing the money into his account - but banks have tightened up on procedures recently. A month or two ago big posters appeared in my local Natwest saying that they can only accept deposits from someone who isn’t the account owner if they have a completed (and signed, possibly) deposit slip from the account owner.
I can only presume this is related to trying to control potential money laundering, though I’m not sure if it’s directly related to any specific item of AML regulation or not.
I think it’s also to reduce “lower value” footfall in branches.
NatWest (and other banks for that matter) can’t sell anything to third parties using branches to pay in cash - so in effect it’s a purely thankless task.
Trust me, I worked for a bank, and this is definitely true to some extent. Though of course, there may be AML considerations too
A week ago I would have said that I hadn’t paid cash in anywhere for years. Then last week my daughter produced 2 old tenners and paying them into my First Direct Account became the only way of changing them for new notes (other than a visit to the BofE).
I found one last week but just walked into any bank and the guy gave me a new one for it. I think it was a NatWest branch, I definitely don’t have an account with them though
I love Munzo and ironically hate cash but occasional need to deposit some as not everyone loves online like me!!
I cannot see a thread where it is explored or answered but the team really need to get added to the post office banking system, if they want to attract more customers they need to cater for cash deposit and withdrawals
are looking at the options and 3rd parties available for depositing cash. They recently ran a survey on it. More info in this thread:
Cash handling costs some serious amounts of money to do so there’s lots of options and decisions to be made about who to use and how it will be paid for
I have wondered why many businesses still prefer cash over cards, when I would assume they have to pay a lot for cash handling from their bank where cards are now a small percentage fee and they have security issues with cash, I am probably missing something.
There’s probably various reasons. I’ve spoken to merchants who simply don’t trust cards, who won’t pay the interchange fees, who use most of the cash in the till to buy supplies in cash.
Some will be fiddling their tax, presumably.
Brilliant thanks Andy
Business accounts + Post Office deposits =
I have paid in cash to both NatWest and the Post Office with Starling. Have to say that the Post Office is by far the more seamless service.