Overdraft fee and Deposits

So I was with starling but eventually fully switched to Monzo and I am happy but there are a few things that do concern me sometimes although this does not make me want to change back.

Overdraft Charge fee is max £15 a month. That to me is alot when i only have a customised overdraft set at just £50. Considering i had £750 overdraft with starling and the max I got charged was under £5. This is a big difference compared to £5 to £15. Considering the customer base is double that of starling if not more.

Post Office was really good, I understand Monzo have PayPoint for £1 which most have no idea what they are doing, half the stores are dodgy, quite a few always say its down. I only really trust topping up the utilities not handing over cash. I have seen the article/feedback Monzo have said regarding new cards will need to be sent and costs but considering that Monzo is a lot smaller changing smaller fees for overdraft less customer yet can still absorb these costs.

Again loyalty lies with Monzo but its the small things

Agree totally, I am yet to find a PayPoint local to me that will accept my cash for Monzo yet

It’s presently a flat fee of 50p per day which makes budgeting much easier. I prefer this as it means I know exactly what I’d be charged (I don’t have an overdraft with Monzo but this method is my preference). That said, this will be changing come 2020 as the new regulations come in. Boooo.

I have no clue what you’re trying to say here. Monzo is smaller? 3.42 million accounts according to the main website. If they have to replace 3.42 million cards that’s definitely going to cost them.

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I have both Monzo and Starling accounts (both with £300 overdraft if needed) and for me, both of their overdraft fees and deposit terms are quite acceptable.
Neither bank hides their fees and they don’t force anyone to take out an overdraft, and as the previous post says, some prefer the flat fee for budgeting purposes.
OK, so Monzo isn’t the easiest to pay cash into, but I knew that when i signed up and I do have alternatives, as do many who have accounts.

If you deal with cash and cheques there is no reason to go Monzo only, you are hampering yourself and whining about it.

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I do also like the flat fee but paying £15 for an overdraft compared to £5 with starling is a big difference. I’m all for a fixed fee for the exact reason of budgeting but I would rather pay the lowest possible. I suppose you can’t have everything but either way I’m happy with Monzo

Thats what im saying, i am team monzo all the way, its just the small things and monzo have said they want people to use them as there main account especially if they are taking on high street banks.

No haha im saying starling are smaller but can absorb the costs and monzo are bigger and charge a £1 fee which again is a small small thing but just something I liked with starling . yes it would be a big cost if they were to replace all the cards with 3.42 million but if they roll it out gradually it would be a good investment if they want to have customers using them as the primary bank

It’s a terrible investment. Costs money to do, would only benefit a subsection of users and every transaction would cost money charged by the PO.

I’m not sure what your definition of a good investment is? Mine isn’t that.

Just opinion from my side thats all no conflict, been through a lot of these and a lot of people are questioning the fee and PayPoint issues. Starling i think have got it right but to be fair they started that way early this way so i understand what your saying but there funding is alot less yet starling still absorb costs of it all. Monzo could do it and win iver alot more and rake in more customers. Obviously this is debatable just my opinion on it however i enjoy monzo

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