Depositing Cash at the Post Office


(Richard Cook) split this topic #154

5 posts were merged into an existing topic: Removed Posts - 18/2/19


#155

It’s like what about sole traders and other people who get paid in cash? - Monzo are failing these customers repeatedly through their poor business decisions.


(Elliot Boateng) #156

Hi Monzo! Ever since I switched from my old high-street bank to you, I have found your banking services to be elite and great for my everyday banking needs.

However, I feel that there needs to be an improvement in regards to depositing cash into our accounts. I loved the idea of you introducing Paypoint last year as a method of physically loading cash into our accounts, however, I am still experiencing many problems in doing so, despite living close to 3 shops that support PayPoint services.

#PROBLEMS#

  • 2/3 of these shops claim that they don’t actually support cash deposition onto my Monzo card (despite me showing the shop clerk my card and the supported PayPoint feature from my app screen).
  • And in the final shop that I visited, the shop clerk only allows customers to deposit up to £50 cash in one day (which is really quite low).

It would be great if like other high-street banks (as well as other digital banks, such as Starling), you could soon start to support cash deposition in Post Office branches. With my old bank, I used to be able to deposit cash at my local post office - when my branch was closed - and it was a great feature.

I hope this change could be implemented in the future for Monzo as well :confused:


(Jack) #157

Hope you don’t mind but I’ve merged your thread with an existing one. Further up someone shared a link which states monzo may be in talks with the post office.

I imagine it will happen at some point. But when who knows…


(Elliot Boateng) #158

Hi Jack, thank you for doing so.
Wow! I didn’t even know about this :smiley:


(Leon) #159

It won’t be free for customers to use the service via the Post Office. So expect a fee just like Pay Point.


(Richard) #160

Is that basically saying if you’ve bought an Elizabethan house then you wouldn’t have WiFi? :joy::joy: I mean, people/businesses that rely or have a cash stream would still need/want the perks of digital banking especially as the world now is becoming more reliant on future tech. It’s about getting the best of both worlds and until cash becomes obsolete, there will be a need to have that back door. I personally rarely use cash, saying that I used it a couple of weeks ago, but the time before that was last year sometime, but there is a point where I have to “get my hands dirty” even though I prefer doing most things digitally. I just think that even with everything seemingly pointing towards digital everything, there still needs to be ways of going old school on occasion


(Richard) #161

:joy::joy: they make it feel like their doing you a favour by taking your money


((╯°□°)╯︵ ┻━┻) #162

Not really.

What he is saying is that you have choice and you need to weigh up the pros and cons of each bank based on your needs.

Similar to your house scenario. If broadband was important I wouldn’t buy a rural house because they often have limited or no connection. So I’d look for a house in an area that had a high speed fibre cable installed.

So back to banks… if depositing cash was the main way that I handled my finances I’d look for a bank that had little or no limits and lots of branches etc. So sadly Monzo wouldn’t be the bank for me but maybe I could change my ways to benefit from all the other cool digital services they provide. Decisions, decisions… :thinking:


#163

Hm… why I have to pay for Post Office deposits if almost all other banks allows to deposit money free of charge? What is the difference?


(Richard) #164

Ah ha, I didn’t say rural :joy::joy::joy:

I know what you’re saying though. It does come down to decisions, but I think that there does need to be the ability to do certain things that are not quite “olde worldy” yet


#165

That’s looks strange. Monzo have money for £5 golden tickets but I have to pay for cash deposits…
Monzo have to offer free cash deposits instead. 3-5 fee free deposits per year for example


#166

One wonders how long that will last though. The banking director at the Post Office has said they make no profit from providing banking services and are currently renegotiating deals with banks.

Presumably this means they will start charging higher fees to banks, so the banks will have to decide whether to absorb that added cost (and indirectly make up for it in other areas) or directly pass it on to customers.


(Leon) #168

No they don’t HAVE to anything. It would be nice for them too, don’t get me wrong but since they haven’t already I doubt that they will.


(MikeF) #169

Agree with the above. What they HAVE to do and what people want them to do are two different things and shouldn’t be confused.


#170

Fully agree guys. My fault :flushed:


#171

Interesting. I wonder if the pay-to-deposit model was packaged differently, more people would do it.

Eg, pay £2 a month for Monzo Plus and get 3 free deposits per year and £400 a month of free foreign ATM withdrawals per month.

I’d consider paying that.

(I can see that would cost £75 in today’s Monzo pricing, but not many people would hit those limits)