Increasing cash withdrawal limit feedback

Monzo Chat
21

There’s varying numbers of reasons why banks limit cash withdrawals.

  • They don’t hold enough cash in their systems for everyone to take out their money
  • They have to pay a fee (interchange fee?) to others banks or Link for usage
  • Prevent fraud and money laundering
  • Not enough currency exists for all the money in the banking system.

If you BACs £9999 or CHAPS anything higher it’s just a computer transaction. No money actually moves and that’s why it’s easier to do.

1 Like
22

Completely agree. Monzo’s limits, and the process for raising these limits could really do with being looked at again.

I’m not sure what value a real, live COp adds to the process of raising a limit. If Monzo are sure they don’t want to add the function directly to the front-end, I feel like the chat-bot should recognise that a limit raise is being requested and present a form for me to fill in with all the requirements.

If a human being needs to approve that form then so be it, but that’s a better use of everyone’s time, surely?

4 Likes
23

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