I have NEVER been charged by any shop to deposit money thru PayPoint. Any charge for deposit is always charged by the financial institution their end on your account and not by the shop
My issue with CRAs is that you should have a choice - it should be opt-in. I do have a credit card I use every month (and pay back in full) to build up my rating because I chose to and opted-in by getting a credit card, however if people do not want to play in this “credit history” bullshit system they should be able to opt out by not applying for any debt.
Being reported to CRAs for just having a current account (no overdraft nor debt) is a privacy violation IMO. If don’t want anyone to be able to check who’s my bank or which details are correct just by paying some shady company that’s profiting off my personal data I should have the choice to opt out.
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Kind of reinforces my personal experience then. Not got anything against the company but just had some poor experiences. I’m sure most others have had good service
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I’m one of those people, I carry two £10s just in case, and try to have nothing else. I use cash so rarely that I never have much change, and when I do I just leave it as part of the tip for wherever I next eat out at.
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Yes, for years. It’s easier to take cash from customers and pay staff with it than travel all the way to a bank just to be charged for the privilege
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Monzo will be required to report to at least one of the CRAs, not just for credit reporting purposes, but also for things such as Fraud Prevention and other regulatory requirements.
Like it or not, without the CRAs in place, companies such as Monzo would not be able to offer such things as their slick on-boarding process. When your details are electronically verified, part of that process will involve a call out to one of the CRAs.
Unfortunately, a necessary evil.
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Required by whom? I never understood CRA reporting to be mandatory, but rather something banks and other financial services providers did for each others’ mutual benefit that eventually comes back to you.
These are private companies, I didn’t know any law obligated reporting data to them?
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They are required to report information for things such as Automatic Exchange of Information (https://www.gov.uk/guidance/automatic-exchange-of-information-introduction).
When this system was setup, the CRAs had the jump on things, and could provide the service immediately.
This is just one reason (of which there are many), they report. Another piece of legislation that springs to mind is the EU 4th Directive on Money Laundering.
Yes, they are private companies, but they provide a medium to allow the required reporting parties to remain compliant.
That link says companies have to report to HMRC - Her Majesty’s Revenue and Customs - a government agency. Not one of the CRAs. I find it very odd that a law would require personal information to be reported to a private company.
Not as odd as our private information being sent to the US because they said they want it, to be fair, and that did pass. 
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Lack of a running balance and statements.
Recently I was asked to prove my address with a bank statement, if I no longer had my other banks, I couldnt have done this.
Monzo is great, lots about it I love, but its not really a full fledged system for someone like me (lots of international transfers and use).
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You can get a statement via in app chat now.
The running balance, however, is making me think about ditching Monzo as a main back account. It’s been asked for a lot and as far as I know Monzo haven’t even said that they intend to do it at some point.
I just learned the downside to no running balance - no easy way to find what my high water mark was (US FBAR reporting requirement…), now I need to go back and do quite a bit of maths…
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I asked support to send me a statement, that had a running balance on it but seems to be missing some transactions (I’m in touch with them about that).
Interesting, support told me there’s no way to get the high water mark for an account. Any insight @HughWells or @RichardR ? Many thanks!
When I needed a statement recently it stipulated not a digital print out.
When it’s verifying your residency and address they want to see it was mailed out to you.
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But aren’t all statements digital print outs these days? I mean, there isn’t really such a thing as a typewritten statement anymore.
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Ah yes, I need to add 3D Secure implementation to my list (I want to buy coins off Coinbase too)
It’s much cheaper to get a Revolut account and transfer across for free using SEPA. Otherwise you will lose 5% of your top up to coinbase in a fee
Edit: You can top up Revolut without 3D Secure 
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No joint account option yet. That’s the only thing stopping me.
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