It might HAVE to be “reevaluated” if the government moves to ban those charges lol
Thanks for the article, very interesting. Think it’s also great to see that Tom was invited to that inquiry along with executives from the high street banks.
There’s no way to defend that at all. Every other bank allows post office deposits for free!
Just another example of ‘making money work for everyone’
In the same committee hearing, the banking director of the Post Office Martin Kearsley told MPs that it was in discussion with UK banks to renegotiate the service it offers them, revealing it lost money on it.
Perhaps we’ve reached a point where banks will have to start charging for these services before they’re no longer viable and available to nobody, regardless of bank.
I don’t know if and how Monzo can defend charging for Post Office cash deposits.
If I remember correctly, the argument about the £1 fee for PayPoint was that PayPoint charge Monzo a fee and Monzo opted for Paypoint because the current set of cards aren’t compatible with Post Office POS machines. But… that if they had gone for Post Office (hypothetically), like Starling etc, that there would not have been a fee.
Charging for cash deposits when it’s not necessary (which is my understanding with the Post Office) seems like a cash grab.
Let’s try and keep this on topic! Some pointers for other places to talk about stuff:
For Post Office deposits, let’s chat here
For PayPoint deposits,
press 2, it’s here
On overdraft fees,
please say “my name is my password clearly after the beep” jump over here (with a little more regulation background here if you’re so inclined).
And - just a suggestion - where we have different opinions on things, let’s accept that and move on. Otherwise the thread will continue with a ‘my opinion is better than your opinion’ exchange for a bit before getting locked - that would make me sad.
To counter that point though, all these services cost money. Post Office will have a charge, PayPoint have a charge, all the “free” things associated with many banks come have a charge in there somewhere - and the banks need to make that money back to be viable businesses.
I think to the Monzo message of “Make money work for everyone” - that doesn’t mean making all these services free.
Traditional banks tend to make money out of their charging infrastructure; unarranged overdraft fees, etc. Basically the worse at managing your money you are, the more profitable to a bank you will be. To me, it sounds like Monzo isn’t doing this approach, and so has to think about how to maintain revenue in other ways.
(slightly off topic of monzo plus, but hey)
This whole thread has gone off topic.
I actually believe i remember simon saying they would have charged a fee and it would have been slightly more than the PayPoint fee.
But yes this is off topic and can discuss when it comes to it… on the other thread.
I think there is a lot of negativity going around at the moment, which is fine. But some of it also comes across as very angry which I don’t understand.
For me personally, Monzo as a current account is fantastic and I love it. I don’t use some of the features that others have issues with, such as paying in cash or the Interest Pots so maybe that’s why I am still Pro Monzo but for my two cents worth…
If you are not happy then simply ignore it or switch. The bundles to me look naff. So I would ignore them and use Monzo as I do now. The interest pot, if I had the money, isn’t as good as other offers so I would have looked elsewhere.
If Monzo are trying to improve and this is their way of doing it then great. Carry on. But I do think that the volume of anger at Monzo for trying (and lets be honest, possibly failing based on current feedback) is astonishing.
Travel insurance is fine
But for £11?!
Monzo have to increase fee free overdraft to £200-£300
Add family cover to life insurance
Fee free abroad withdrawals - £500
Will be fine for £11
So many negative reviews? Why Monzo offered this pack for £11 pounds not for £5 just for test?
I love this last paragraph.
And I think that 99% of people agree - I don’t think that anyone is saying that everything Monzo is doing is turning to gold (because well it isn’t) but they have to try and see what works. And if they get it wrong, so be it - your money will still work the same for you and you can have you opinion which I will listen to - but it is sometimes the way some comments are read (from both sides of the argument) that make it a Us vs Them mentality which isn’t fun
Monzo is a company first and a bank second so therefore profits and shareholders come first.
I actually agree with you on this and i think the reasoning behind this is last year Monzo had a very clear and concise goal… to become an excellent Current Account.
Generally speaking what everyone wants to make an excellent Current Account could be roughly the same basically do everything the legacy banks do but better.
Now I think the anger and frustration is kicking in because Monzo have 90% done this and are now not so clear on what they want to achieve next thmeselves, be it flight delays compensation, packaged accounts with extras, bill switching, marketplace integrations etc.
I think this is where the transparency is starting to hurt them, we have seen how far Monzo come in such a short spell that its easy to see them spending time developing something that you dont personally think is worth it and think… ahh that could be time better spent elsewhere
Just my two cents anyway please dont at me
The market would assume that this is at the top end and whilst the offering doesn’t match this top end of the market - it may be of value to someone - maybe not you or I but someone may have picked it up.
This is likely (and just my speculation) that this is how much it costs Monzo to administer the package, the “base-line” costs as well as a margin of profit for Monzo themselves.
Further up the thread there is a fairly rough breakdown of the value of each of the items on the Plus offering.
Monzo won’t get taken seriously on a mass scale while they’re still pulling amateurish stunts like this.
The Legacy Banks would never pull a stunt like this.
No, they do worse
I’m slightly confused as to what it is Monzo is doing that is “amateurish”? Is it the A/B testing approach, or the offering in general? - I’m genuinely interested.
You’ve only got to look at FOS judgments and FCA notices to see what some of the Legacy Banks get wrong.
It reads like you are angry about this I truly don’t know why?
Legacy banks pull off horrible stunts…PPI come to mind?
There is absolutely no doubt in my mind that this offering will be seen as a failure. It’s not competitive enough and quite frankly a waste of money.
But at least they are trying to be clearer and are rolling out tests.
Have you been offered this deal?
I think you have just hit the nail on the head there!