PayPoint £1 deposit to be scrapped?

Couldn’t see any other threads on the Financial Services and Markets Act 2023.

Looks like Monzo will be forced to make cash deposits free soon.

:eyes:

https://bills.parliament.uk/bills/3326

Edit

MSE article

https://www.moneysavingexpert.com/news/2023/08/banks-fined-fca-access-to-cash/

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I suppose it depends on whether this will apply to branchless banks. It seems to me the scope has not yet been completely defined.

Also, regarding £1 PayPoint deposits - even if Monzo is within the scope they could possibly keep this service and supplement with a different free service. The policy seems to call for reasonable access to free services, but not a ban of pay-to-access services.

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Have amended the title to read scrapped, rather than scraped. I’m assuming you meant scrapped.

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The only way they achieve compliance in an area like mine is to start allowing post office banking. And/or open up a branch.

There’s 1 (maybe 2) working paypoint across the whole 800 square mile of island. But about 25 or so active post offices.

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I was gonna chance my monzo card the other day at PO but was in a rush.

Monzo said it’s due so may be worth a shot if in trial? :sweat_smile:

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I remember in Stadhampton there was a local post office van that would stop at the local petrol station where you could do deposits and withdrawals.

Edit looks like its still running stopping at the Crazy Bear

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