Depositing Cash at the Post Office

( #64

I have to say, I don’t know where this line has come from, but while it’s partly true, it’s partly not. I have used Post Offices at 6am and 11 at night as you can often find that for those within newsagents the sub postmaster is the owner of the shop, and will take the stance that if the shop is open, and they’re able, they’ll do the post office side too. This isn’t always the case sure, and won’t be true for the remaining crown office or those within WHS and such, but this idea that in 2019 post offices will only be open 9-5 is not accurate.

(Dan) #65

It’s certainly true within my geography and I live in a large town. There’s also been quite a few post office closures, speaking from personal experiences.


That’s interesting.

I have never experienced or seen that - whenever I’ve seen a post office counter in something that wasn’t a post office they still had a separate staff member, and I can remember being very frustrated that they closed at 4! They’ve always been a separate counter behind glass, I assumed for safekeeping of parcels.

However, just because its that way in the places I have lived doesn’t mean its that way everywhere!

(Jack) #67

Imo the paypoint partnership is a fantastic idea on paper. Unfortunately paypoint Store awareness lets it down.

I welcome a partnership with the post office if it increases the options available to customers. Personally I feel the paypoint option is more suitable for me to use though.

( #68

This has been debated to the ends of the earth and again, it’s half true and half not. In the last decade, the figures have actually remained pretty stable, although if you take the last 30 years I think the number has halved. What has happened A LOT is relocations, either expensive post office buildings have been sold and moved into smaller shop units, or have gone into other stores, so the number of bricks and mortar buildings has reduced but the number of post offices hasn’t. They have committed to keeping 11500 post offices open, how many of these are in big old buildings in the middle of town and how many are in a different forms is another matter but I’d expect to see that figure remain pretty stable.

(NM) #69

I think more it’s a PR thing. Do you openly tell you customers you’re paying for the service or do you just absorb the cost and just subsidised it


It’s a situation that Monzo will have to consider in the future. When they hit the mass market, a lot of people won’t be happy paying for something they can get for free at the legacy banks or even at Starling. It’s not enough to say legacy banks have a branch network or other charges to subsidise the cost. The average customer on the street will not care about that fullstop. Therefore, Monzo will need to look at absorbing this cost. As it stands, Monzo is the only bank charging for cash deposits.


There’s nothing to stop Monzo opening a network of branches if they think it’s the cheapest way of offering free cash deposits :joy:


Not being able to afford them might be an issue?


I would be very sad that this terrible pun would no longer apply :wink:

This makes sense to me.

(NM) #74

I wonder if you could partner with a clearing bank to have access to their deposit ATMs

(Dan) #75

Also it wouldn’t surprise me if all this was a subliminal ploy to get people to stop using cash.

(Sacha Zarb) #76

I like that Starling allow fee-free cash deposits, and its the only reason I have an account with them. It probably has funds in it for about 2 minutes a year, when cash is deposited at the post office, by the time I’ve left the post office and It’s been transferred into my Monzo account.

If Starling wants to swallow the costs of that, then great, likewise if Monzo doesn’t, then that’s fine too, its an open competitive market where you have choices.

(NM) #77

You could swallow the public cost and then just subsidise it through something


If it were your choice where would you add additional costs to generate the revenue from to subsidise it?


It is something for Monzo to consider. Add unlimited fee-free withdrawals abroad and free cash deposits to the Monzo plus and then I think it’d generate quite a bit of interest.

(NM) #80

Theres a number of options I think.

  1. firstly I’d research an automated way such as Deposit ATMs ( just because the overhead goes down as more automation is used)
  2. I’d then look at a partnership with the Post office(they have insurance and other products) which theoretically you could ask for free cash deposits for free advertising/access to customers
  3. Monzo Plus- but what is the actual cost of the post office processing the cash. I know Monzo have stated that’s the charge is to cover costs. I wonder whether a two pound a month charge would cover the transactions for a month. Or is this an add-on of sorts because some people need deposits (for jobs etc) and some don’t. The same with card withdrawals. I don’t ever use my limit. I just thought of something cool whether you could give your limit to others(i.e contact COps and say I want to reduce my withdrawal limit) and then that could go into a pot so the net allowance remains the same.
    As I don’t know the cost it’s hard to say how much you need to monetise.


I think this is too much of an assumption at this point, I would assume the opposite, that paying someone to use their network of ATMs, cash transport and handling systems, would be more costly.

This is interesting, but I personally would not want to be advertised to in order to subsidise a service I don’t use.

This is also interesting. I don’t anticipate this being ready soon though, so I don’t think would work for right now. I’m also not sure how those who would use Monzo Plus, but have no need of cash deposits, would feel about subsidising those that do? Again, I personally wouldn’t want to take on the cost of a service I don’t use - I would prefer just to have a fixed cost and if I ever do want to use it know exactly what it was costing me.

AFAIK this is a security thing, not a cost thing. You can withdraw more if you need to, you just need to let COps know in advance.

This would be an interesting add on to see how the cost/revenue balanced out.

(Emma (still not the app)) #82

Surely if the complaint is customers shouldn’t be paying for cash deposits or foreign atm withdrawals then adding it to Monzo plus solves nothing. Customers who want those facilities will still be paying for it, just in advance


I think @NeilM’s suggestion, with the exception of the last one, is that those services would be priced high enough that the revenue generated could be used to subsidise other, ‘free’, services.

It’s not something I agree with, but it is an established practice other places.