Getting money into my Mondo Bank Account

Monzo Chat
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So Guys and Gals,
My card is on its way and thats all very exciting, but at the moment we are, as far as I understand a pre paid Mastercard with an App.

Now when we enter into the realm of being a proper bank account what services and infrastructure are going to be put in place to pay in that pesky old fashioned stuff like cash and cheques?

Will we be able to pay our annual birthday money into the post office like i currently do with my Santander account? How would a physical cheque that I received be deposited into my account?

This is the sort of real stuff im interested in as well as the awesome cutting edge app stuff.

Justin

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Hi @Smallhorse, all very good points!

For cash and cheques we’ll have to work with third party organisations. We’re currently looking at either using post offices or even legacy bank branches.

As a bank we’ll also connect to electronic payment schemes such as Faster Payments and BACS so you can receive money by bank transfer to your account number and sort code.

Cheers, Jonas

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One thing to note… I’d really love it if you supported cheque cashing by taking a photo of it. This is quite common in the US now.

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For what it’s worth, post offices are way more helpful than legacy banks. In London, fair enough, there are bank branches everywhere, but up here in the North the post office is very accessible, banks, not so much…
:wink:

Also, presumably Mondo will take advantage of mobile cheque imaging which Barclays are trialling at the mo and which, apparently, all banks are required to support from October 2017?

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Have you thought about maybe developing a machine like HSBC has where you can pay in cash and cheque’s using an automated machine? I think this would be cool if you could have them in supermarkets or something.

Often post offices and legacy banks have very long queues - at least where I am.

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@terryharman How often do you deposit cash? Industry trends indicate that we’re quickly moving to a cashless society :slight_smile:

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Myself I try to use as little cash as possible :slight_smile:

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Naive question, so this means i can pay my Salary in to this account?

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In theory you can but you’ll need to transfer it in yourself from your existing current account with <insert bank/building society here>. Once Mondo is a full bank then you’ll be able to switch to their current account.

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This sort of thing is currently in use across all Lloyds banking group branches. And has been for a while now. Its really easy. Just stick your card in and then insert a wad of cash or cheques and it will cash them instantly

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Rather than the Post Office I find PayPoint is easier to find and quicker to use…plus money appears in my bank account straight away but at the Post Office takes a day or two

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You mention FPS and BACS…hopefully by SEPA too assuming IBAN come along with the national format account number?