Depositing cash into current account?


(Leon) #1

I am a person that pays in money via bank or the Post Office. I have heard no plans on how Monzo will be handling this and what mechanism they will be using i.e. Post Office or linking with a bricks and mortar bank or nothing.


New Limits!
#2

or better than the Post Office, PayPoint.

When I deposit at the Post Office it takes about 3 days to hit my account but with PayPoint it is instant. Also with more and more Post Offices shutting and some of those that are still trading closing at lunchtimes PayPoint becomes more practical. Having had the Post Office shut in my town and the next town over while I can get to a PayPoint easily an ÂŁ8.50 bus fare and an hour there and back to get to a Post Office that is definately not as good


Paying in cash to Monzo account
(Leon) #3

I have the opposite, paying in/withdrawal of cash via the post office is instantaneously added or subtracted to/from my account. Cheques are another matter of course…Takes ages! PayPoint adds complexity as you would then need a 2nd card to pay in via PayPoint. Not unless just having your Monzo card would suffice.


(Alex Sherwood) #4

There’s been some discussion of ways to deposit cash into the prepaid card accounts here, it looks promising :slight_smile:

https://community.monzo.com/t/post-office-to-lodge-money/5401/10?u=alexs&source_topic_id=6972

Monzo Banks!
#5

you may also like to read previous posts on the subject, including:

https://community.monzo.com/t/depositing-cash/5969?source_topic_id=6972

Monzo Banks!
(Leon) #6

Wait what? It’s £8.50 fare on 1 bus?..Really?


#7

two buses…one from my town to the next, and one back…guess we are subsidizing the pensioners who travel free


(Leon) #8

Thanks but has there been a concrete answer in any of the threads?


#9

not that I remember reading, but it was a few months back


(Leon) #10

Eek! That’s really expensive! The fares outside of London are without rhyme or reason.


#11

with another account I have I just hand my bank card over and they swipe it, no need for another card


(Leon) #12

Ah ok fair enough. It might all depend on the transaction fees. In saying that the PayPoint idea might be a non starter as can you withdraw money from them or get a balance? All of the above is available at the P.O. Maybe they can do both or even easier is to link with an existing bank though it might be a huge headache to set up this late in the day.


#13

yep…when I moved from London it was a dreadful shock so eventually I got a car as cheaper running a car than getting a bus once a week!


(Leon) #14

I hear ya! I have been to Slough and the fares are just as weird and wonderful.


#15

Deposit, withdrawal and balance is not always available at a Post Office counter as it depends on your bank and the type of account. Some banks allow only business customers not personal (e.g. Metrobank) some allow cash deposits but not cheques (e.g. Handelsbanken) others it depends what type of personal current account you have as to weather you can deposit and get a balance or not (e.g. RBS). Some banks require use of an envelope, others not. Some require a deposit slip to be retained others just for it to be scanned. Some banks it depends if the account holder lives in Great Britain or northern Ireland! The rules for about two dozen or more different banks are pages long and as an experiment with a couple of Post Office employees we tried a pile of different bank cards and 8 of them were rejected for withdrawal or balance and only 2 worked fully and 2 partially. However the details of what you can and can’t do are tucked away on the Post Office branch services website.


(Leon) #16

Ah ok I did not know that, I thought all services was available to everyone that has the ok by their bank to use the P. O. You live and you learn. :slight_smile:


#17

I think the issue is the big cost the Post Office charge banks hence Metro saving money and only paying for business customers and not personal customers


(Leon) #18

I guess because I bank with an online bank it pays (for them) to have a accessible service. I just go there with cash, give it to the person at the counter. Insert my card into the chip and pin machine press enter if I am happy with the amount shown get a receipt and that’s it.


(Leon) #19

I know Lloyd’s bank stopped supporting the Post Office for that very reason.


#20

interesting. if Lloyds stopped I wonder if TSB did too, depending if that decision reached before their divestment or if decided after the new owners took over.