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61

Very interesting. Is there any official blog post or something outlining this decision from Monzo?

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I think Monzo was in a phase to attract people, lot of people and after that will take decisions based on statistics. When they will have big base , a lot of clients , they can negotiate with other players , etc to be sure that a newbie cannot offer same advantages as them. So they can eliminate some advantages for their clients if they think they cost them too much and the rate of deserters is not too big .
This is the classic route of a startup. There are not any emotions involved , just a pragmatic way a thinking.

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I cannot us Monzo correctly and as my bank. The first reason is that Monzo hasn’t any ATM. I’m sure ATM cost money for maintenance, IT, renting space, etc. So Monzo eliminates these costs and it function as a parasitic organism.

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You know ATM operators make money on each transaction right? If you go to a Lloyds cash machine and enter your Barclays debit card and withdraw cash, Lloyds charges a fee to your bank (Barclays) for the privilege.

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66

Sure, but this is a basic service that a real bank offers.

In UK you don’t pay to withdraw money from an atm of another bank. It is a free cash machine. It is a principle of reciprocity,

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No, having the ability to withdraw cash is what a real bank offers. Monzo allows that and happily pays the fee for you to the operator for the privilege.

LINK operates thousands of ATM’s and is not a bank, for example.

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68

Confused why they have to have their own ATM? Money is money

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I’m lost with your point? You never use another banks ATM with your card ? Are you wanting a nationwide network of monzo ATMs? Rather than using the tens of thousands already out there ?

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But why do you need Monzo to have ATMs? Even with a legacy bank, I always ended up using another bank’s ATMs which were closer to where I live.

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The idea is if this Monzo ecosystem will push some banks to bankrupt , their ATM will disappear. So Monzo is dependent on other banks.

I don’t want nationwide network of monzo ATMs but it is better to see the whole picture.

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With my RBS card ATM fees are usually ÂŁ2.95 which adds up over a month, this is why i now use Monzo instore only.

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Doubt we’ll be using cash points much at all in 3-5 years. They’ll be like cashier’s desk at branches, few and far between.

Cashless Britain is well underway, 5 years ago Vs now Vs 5 years ahead.

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More than half of all ATMs are already non bank ATMs so the reduction of brick and mortar banks (which is highly unlikely) wouldn’t have a massive impact. You’d likely see a lot of these ATMs being picked up by non bank providers.

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Branches are closing at a very quick rate

https://news.sky.com/story/nearly-60-bank-branches-closing-every-month-11405251

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Monzo pays the ATM operator every time you use an ATM, whoever it belongs to. That’s not being a parasite, it’s having a business relationship.

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