Depositing cash into current account?

(Leon) #38

It’s mad how many posts this thread has gotten but Monzo staff are deaf blind and dumb on the subject. Interesting to see…

( related to Monzo CEO, Investor in Monzo ) #39

( related to Monzo CEO, Investor in Monzo ) #40

(Leon) #41

So no official answer has been given it’s all kind of pie in the sky.

( related to Monzo CEO, Investor in Monzo ) #42

well I take it from the reply from Jonas in Apil that Monzo are aware of the need of the facility and are working on a partnership deal which will be in place once their bank licence is in place, and also the reply from Ben about being able to pay cash into his Monzo account from Barclays there is already a solution albeit not ideal at the moment

(Alex Sherwood) #43

Pretty much - because the Monzo team probably hasn’t 100% the approach yet for a current account that’s more than a few months away so that’s ok, right?

(Leon) #44

You would expect that to happen as it’s a Barclays Bank account number and sort code. However that is good news. It might just be easier to link with Barclays to the honest.

(Leon) #45

I would disagree with you as if I can (and others) think of something so fundamental, then so can they. (Hopefully!) Even then it’s all about forward planning. That should be in the top five things a bank needs to work on surely and if it’s not that’s a massive oversight.

(Alex Sherwood) #46

I’m pretty confident that if the team can build a bank, they’ll remember to sort this out. But if not, it’s an opportunity for you to start one instead, which includes this service & put Monzo out of business :wink:

(Leon) #47

No that’s not quite were I was going with that but yeah sure. I’ll only start a bank if you join me too how’s that? :wink:

( related to Monzo CEO, Investor in Monzo ) #48

but Monzo - then Mondo - :slight_smile: were aware of it in April as posted by Jonas, to have to repeatedly answer a question seems a bit wasteful of their time

(Leon) #49

The problem is they still don’t have a concrete answer. Which is slightly worrying. Questions are only asked because their answers are non answers. If they replied for example we are going with the post office. That’s fine, but right now it’s a lot of nothing. Which proves one of two things. Lack of forward thinking or lack of planning. None of them are particularly great.

(Naji Esiri) #50

@patrice58 Hi Leon, thanks for the feedback I appreciate that you’re voicing a concern that a lot of our users and potential users also have.

Whilst we’re still a pre-paid card, the to ability to deposit cash into an account isn’t in our plans I’m afraid. It’s something we’ll be revisiting once we launch current accounts which is the big focus for us right now. To guarantee anything more than this wouldn’t be fair, but it’s something we’re definitely committed to taking another look at, to see if we can make it work :slightly_smiling_face:

Paying in cash to Monzo account
Monzo Banks!
( related to Monzo CEO, Investor in Monzo ) #51

I would imagine that the numbers of customers makes a difference to the rates being charged by the receiving bank/ post office, so to negotiate the deal when you have no licence (april) and 20,000 potential users would have been prohibitively expensive for what is in effect not that important to maybe 95% of customers and then renegotiate when you have a full banking licence and 100,000 customers would also be wasting their time again

(Leon) #52

Hi Naji, thanks for the response. I’m not talking about Monzo as is now. I was referring to when you are a full fat bank offering current accounts.

(Leon) #53

I’m not talking about Monzo as is now. I’m not talking about Monzo in it’s PP state I was referring to it when current account are launched.

( related to Monzo CEO, Investor in Monzo ) #54

PP state …?

(Leon) #55

Pre Paid. :slight_smile:

(Naji Esiri) #56

@patrice58 I’m sure a more detailed answer on if/how we plan to do this specifically would be preferred, but at this stage we honestly don’t know so it wouldn’t be right for me to comment in this way.

I hope the above reply goes some way to answering your question in the meantime. I’ll be closing this thread now, but will be sure to post an update as and when we have a more concrete stance on cash deposits :slightly_smiling_face:

Anything I won't be able to do when Monzo is a fully-fledged bank?
(Simon B) split this topic #59

2 posts were merged into an existing topic: PayPoint & Post Office top ups would be a great option