If I’m going to make Mondo my only account, I’ll need to be able to pay cash to it as I sometimes have £200-1,000 in cash that I’ll want to have in the account rather than stuffed under the mattress. How’s that going to work?
You’ll have to wait until they receive their banking license later in the year/early 2017 and offer current accounts as you can’t do that just yet.
You’d have to get a simple cash card from a bank then use that to transfer the money.
I understand that it’s not possible at the moment due to the Bank License and that it might not be possible in the future but without the ability to pay in cash and have some process for getting cheques as needed, it won’t be a full service bank.
I’m guessing that you’ll be able to pay cash / cheques in somehow. As little as they are used these day occasionally I still get a cheque.
You might find this conversation interesting:
Cheques are becoming very rare these days. But many banks are trailing having the ability to take a photo of a cheque and that would cash it.
Agree that paying a cheque into the account via taking photos of it would be good. I was able to do that with my bank account when I lived in the States.
There are also times when I need to send a cheque. Rather than having a cheque book on the account, maybe Mondo could send one on behalf of customers.
I think they’d struggle without it. In order to even work in a bank branch there is so many checking and regulations. Having a banking licence usually helps with all that
think the Post Office would be a better place than branches. They seem to do some form of banking service for nearly every bank I can think of http://www.postoffice.co.uk/branch-banking-services#tab-1
Post Office is good, I used to have a prepaid Virgin Money card that you could put cash on via. the Post Office. Simply hand over the card and cash, one or two minutes later it’s done.
Ability to lodge cash at Post Office sounds good. For smaller amounts, it would also be great if we could just lodge at any ATM. I currently do that with my current bank and it’s pretty handy.
For me Post Office is a pain and would rather use PayPoint at a local shop. Firstly there are more in my area and secondly when I pay cash into another account at PayPoint it appears in my account in seconds whereas when paying cash into a different account at the Post Office took a day
Apart from the Post Office being notoriously slow and bad for customer service. Even worse than banks!
I highly doubt that any bank would parter with to provide banking facilities in a branch which is why the Post Office was suggested.
Some banks such as Handelsbanken do have agency arrangements with other banks, in their case NatWest, so you can do just this
If Monzo were to either partner up with one (or more) of the big supermarkets, or possibly pay them to create an integration with their checkouts, we could have 24 hour availability of cash deposits. What other bank can boast that?
A Monzo-Aldi joint venture
Perhaps, I was thinking even bigger, personally voting for either Tesco or Sainsbury’s.
Either OK…as long as it not Walmart (ASDA)
The only issue I can see with putting cash in via supermarkets is that they probably won’t deal with bags of coins.
That said, Monzo is never going to be your only bank, since they aren’t thinking of offering credit cards, mortgages or ISAs. So having an account elsewhere for occasional cash deposits probably isn’t an issue.