It will be interesting to see what the cost will be.
Excellent news and very welcome and i dont mind paying a small fee for depositing cash at PO. Although never had issue depositing cash via Paypoint i expect limits to be much higher at PO
Do you just hand over the cash and your Starling card?
Just hand over cash and put my starling card in the reader and press ok when it shows the amount u want to deposit
You just say “can I pay this in”, hand over the cash and shove your card into the Chip and PIN machine on the counter. The amount appears in the screen and you press the Green button to accept. You’re then handed a receipt.
Same as with Santander and others.
Ive just seen on the news Monzo are alking to the post office to allow customers to put money in using them
It’s really interesting stuff!
I think it’s a good time for Monzo to be looking into this, business accounts (which may or may not be) dealing with cash are likely to benefit from the greater amounts in which you can deposit.
They might already be using the Post Office for their cash deposits so the switch to Monzo would be even more seamless
If it’s offered to all Monzo account holders I’m sure there will be complaints of fees but options are great, some people will use PayPoint > Post Office and vice versa but having a choice & knowing what best suits your needs is important So I hope the Post Office ‘deal’ goes smoothly for Monzo
What are your thoughts on it?
I got a feeling it will be good for them and its more likely they will get more customers when they go with post office
But isn’t the Post Office renegotiating all of their current contracts because its not profitable for the Post Office, so I reckon the free Deposits will go
I am not sure they are free to the banks, I suspect banks absorb the fee currently.
I think the PO will increase its fee and whether banks carry on absorbing it or not is to be seen.
They should have gone with the Post Office to start with. The PayPoint partnership has turned out to be an absolute disaster.
I agree that this partnership with Monzo & PayPoint is not an effective one.
The rollout hasn’t been that smooth, with many Monzonauts arguing with PayPoint staff up and down the country telling them to swipe the card.
Monzo’s customer service ethos do not match the customer service of PayPoint. This for me is a big compromise.
The £1 charge to deposit a limited amount of cash is, needless to say, silly.
However this is right at the beginning of this journey. I’m sure improvements will come with time. A time where a cashless society is becoming part of our vocabulary.
PayPoint is open seven days a week and during longer and more flexible hours, unlike the Post Office and this is a nice benefit.
EDIT: and there are more PayPoints vs Post Offices. I read the source incorrectly.
I think it will be smart to wait for facts from this partnership before jumping to conclusions.
It’s true? - The Post Office staff are knowledgeable and trained in dealing with bank accounts and basic banking functions. PayPoint isn’t exactly known for its top service quality. The amount of complaints has illustrated that.
There’s actually over 28k PayPoint locations.
I’m really interested to see how this turns out, it definitely sounded like the PO could not sustain their current business model, and the knock on effect of a change will be interesting. If multiple places do start passing on an extra charge I wonder if it will push people on the fence more towards reducing their cash usage?
@Stockleyo A very well reasoned and well put post, but there are actually more paypoint locations than PO, by quite a lot IIRC.
£1 million has been deposited at paypoint since the end of November. I’d say it’s been popular based on that
It still doesn’t mean that it is right for everybody. PayPoint isn’t the best avenue and Post Office is the most suitable for dealing with banks.
Thanks for linking to the report as well