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.
Yes but how much do they charge for a monthly fee for their accounts. When I enquired with Handlesbanken, they were talking £40 per month fees! For that I’d want a chauffeur collecting my cheques from home!
I very much got that they felt they were for the high net worth customer only. Shame though, they never asked me what I wanted to invest, but were very sniffy. I had a reasonable amount to invest but they never took the time or interest to find out, so I banked elsewhere for a lot less.
But Monzo has sparked my interest so far and seems fresh and very sensible.
Don’t both Saintsbury’s and Tesco both have their own banking arms? Tesco for sure do their own brand bank accounts, so I don’t see any upside to them to assist Monzo.
Morrison’s don’t have many branches in the south so not really nationwide. Asda not bad all round north/south. Co Op are okay, but again have their own current accounts. Also Aldi/Lidl are so manically busy with so few staff that waiting times would be crazy. John Lewis/Waitrose probably wouldn’t want to get tied into helping with this, and can be a bit spread out.
I don’t know how Scotland and Wales fair with supermarkets and coverage. So it always comes back to the Post Office and/or Paypoint. Could Monzo offer both as a choice if costs were reasonable?
Slowly but surely - we are moving to a cashless society. But then again, it’s not all that slow, it’s happening daily, and quickly at that.
I will more than likely be closing my MetroBank Account down in the future, but then again it costs me nothing to keep it open, and it is so easy to pop cash/cheques in.
But then again, whatever birthday money I’m given, I could always give to a family member to bank and transfer to me.
With plastic money coming in soon, they are talking of not upgrading the £50 note, this in itself is a massive achievement!
not sure as both Drummonds and Handelsbanken negotiated individualized tariffs so assume their set charges are a guideline your branch manager or account manager can vary.
that certainly seemed to be the case before the global economic/financial crisis, but that global crisis set back the march to a cashless society in particular in the lower paid strata of society where there has been an increase in cash use.
A post was merged into an existing topic: Paying in cash to Monzo account
Maybe Asda as they don’t do anything like that just yet and Tesco do it with there Tesco bank savings and current account so either one or even both or more would work
I use post office for my virgin Money accounts and it’s been instant deposit and available right away but that depends on the set up the bank has with post office I remember alliance and Leicester they had pay in slips and it took time but others didn’t and just used the card so it was instant
Paying in cash at post office can be instant or not depends on banking arrangement on place between post office and banking provider I use post office for my virgin money current accounts it’s instant deposits available to spend right away