So you don’t mind others paying for extras ( a plus account) as long as there are no detriment to you on your free account. Uh huh…Still it’s always good to dream.
No, what I mean is I don’t want to pay for the privelege of having an account. If that means people who want a premium account with things like “insurance,mobile cover etc” pay a fee per month and that subsides the free accounts, then I am fine with that.
I think we might be talking about different behaviours.
At the risk of taking this thread off-topic, free banking ends up with a small number of people (normally the most financially vulnerable) subsiding the majority. What I mean by Monzo losing out is that if there was a service fee to have a bank account (and it was socially acceptable for banks to charge) then Monzo would likely top the best buy lists, given that their overheads are so low, meaning they could significantly undercut the competition.
Can you use this if you’re not a Metro customer?
Yup, I posted a link somewhere on here ages ago but yeah you can
They may say 1 free deposit a month or a quarter, otherwise there is a fee?
You never know once Monzo start making a good profit they may change some of these limits / fees. Things like this don’t feel as fixed with Monzo as other banks.
I don’t have any issues with what they have introduced so far, I feel they are more than reasonable!
Per quarter? Maybe for business customers (if they plan to service the above customers) but not for personal users surely.
I would do it based on size of deposit. If you receive a large amount once in a while (say over £200), it’s good to be able to pay it in, but you wouldn’t want people paying in tenners all the time. I would say just charge for smaller amounts.
That’s discriminating against people who don’t have large amounts of money. Remember the unbanked? That really would go down like a lead balloon.
Even worse is the fact that they would have to walk around with or keep at home large amounts of money in order to cross the £200.00 threshold.
Well I expect they’ll “discriminate” somewhere, either by size or frequency.
I’m not so sure as Monzo is all about helping the unbanked. Not unless there was a separate bank account for them with no paying in restrictions.
It was just an example that I feel would work. I’m sure Monzo have crunched through the data in more detail.
The only statistic I don’t see as being accurate is the one relating to how many people deposit cash.
If you don’t you’re unlikely to fill the form in to start with so it’s slightly biased maybe.
I really hope Monzo is looking at partnering with Post Office rather than PayPoint/Payzone.
I used to make a lot of cash deposits to top up prepaid cards etc and the PayPoint experience is not very Monzo at all. Most of their many locations are tiny corner shops where the proprietor is earning 50p a transaction to process someone’s bill payment for maybe £20-£50 - tap on Bill Payment, scan the barcode and enter the amount the customer is paying in cash. That’s 50p for 30 seconds’ work and the customer probably bought other stuff as well.
When i rocked up with my unknown brand of prepaid card and £500 in cash to put on it 90% of them didn’t have a clue what to do with it, let alone want loads of cash in their till. Mostly there was a 5-10 minute faff around on their screen, stopping and starting for whenever a real customer came in and wanted to pay, ending up in the manager being called and spending more time awkwardly figuring out how to do it. Some succeeded, others just said “sorry it doesn’t seem to work”
Now the Post Office… whilst everyone knows you can get awful queues and they can be fewer and further between, their staff are a jack of all trades carrying out dozens of different types of transaction and they are used to dealing with cash over £100.
Spoken with a true “I don’t give a s*** how it affects other people” attitude.
I have a second job that pays cash weekly, I imagine I’m not the only one with that kind of circumstance. You know how circumstances are different for lots of people… for those of us that don’t live in a bubble anyway.
Not sure if anyone is aware but Tide allow you to deposit cash according to this post, the fee is £1 per deposit which I think is reasonable.
It will be interesting to see if Starling will charge any fee for this service when launched imminently.
Reasonable for a business account, yes. Deposits should be large so will dwarf a £1 fee.
Maybe not so much for a personal account?
I don’t remember when I deposited cash last time so wouldn’t be impacted by this fee. I am not sure about some folks who still get paid in cash on a weekly basis ( difficult to believe but some still do!)
To be honest, the only deposits I’ve needed to make in the past couple of years have been large ones so I am a counter example to my own point.
I’m a person that makes lots of little transactions so I agree with your first point.
If depositing isn’t free then I’ll just keep my legacy bank for cash deposits.