phildawson
(Sorry, I will have to escalate this.)
19 August 2023 19:21
1
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.
https://bills.parliament.uk/bills/3326
Edit
MSE article
https://www.moneysavingexpert.com/news/2023/08/banks-fined-fca-access-to-cash/
5 Likes
o99
19 August 2023 20:26
3
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.
3 Likes
j06
(Jamie)
19 August 2023 20:29
4
Have amended the title to read scrapped , rather than scraped . I’m assuming you meant scrapped.
2 Likes
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.
1 Like
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?
2 Likes
phildawson
(Sorry, I will have to escalate this.)
19 August 2023 20:58
7
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
1 Like