Company loyalty is what gives you the best experience most of the time.
Back to the fees - its because it costs Monzo every time a deposit is made in with Pay Point - its been mentioned before but the £1 is to break even.
I’ve said in pervious posts that I don’t like my post office - so even with an option I wouldn’t go because of the experience that those post offices have given me in the past
Onto the points about cash - I don’t like physical cash, so as much as I can I ask for things to be bank transferred. As a digital bank, moving away from cash would be the future in my opinion.
The fees I understand, it costs Monzo to use the PayPoint service and so they pass that cost onto the consumer. I can even understand the store limits to an extent based on what people have said in this thread, though that may just be speculation.
What I really do not understand is why Monzo would limit deposits to a maximum of £1,000 every 180 days. 180 days doesn’t feel like a lot on the surface, but that is half a year.
I’m sure there is a reason why the limit is there, I’d just love to understand why and see if something can be done to have it increased / removed altogether.
I believe its to do with some of the points raised above, mainly with:
Money laundering
Moving digital
The easy one, moving digital should push people to use DD and monzo.me more (even though monzo.me is a cap of £100) - meaning that we can use less physical cash and get more instant access to our “cash”
Money laundering is a more difficult one because there are other things to look at. Since it is so easy to open a challenger bank account (not just Monzo - but this is a good thing) they need to make sure people are using it for genuine usages. Also the max cash handling limit for transactions in the UK is €10000 per person per day (about £8800 or so) so it’s surprise if smaller stores won’t accept more than a few hundred £s to minimise risk and/or becoming a target for people to use as money laundering. Monzo having a lower limit would help with this as well if I’m not mistaken.
Long store short, no its not the highest limit - but imo that’s a good thing, mobile payments and digital banking is pushing me to become more cash free and manage things better, all I can say is that in the world of banking and money it seems to be exciting times ahead
I just want to close this thread by saying that the team in the Chat on the Monzo app were very quick in getting back to me, extremely thorough and helpful.
They’ve fully addressed the issue by letting me know that they understand there is a problem and explained what they are doing to resolve it. They have also advised why the limit is in place in the app (to prevent money laundering) and they’ve offered a credit as an apology.
I’ve found PayPoint to be an absolute joke. I tried three different PayPoint enabled stores which according to their online store locator could do cash deposits. An ASDA, a CO-OP and a local corner shop, all of which just told me “That’s just for paying bills isn’t it, like electricity or phones”
So either they can’t do it, PayPoint haven’t told them it’s an option, or the store managers just aren’t training their staff properly.
Either way I have no way to pay cash into my account without travelling to another town where I may or may not get the same response, absolute waste of time!
I’m a total Monzo fanboy, I live #FullMonzo but I do keep my old account open as a fallback. I’d do it with any bank. It’s handy to be able to drop in small bits of cash I end up with but dont want to carry about and spend randomly - especially when I get back from Scotland and my dad has handed me random Scottish notes!
I don’t think having a secondary account detracts from being a Monzo fan and customer at all, it’s just being realistic. Plus you should always keep a small emergency fund away from your main account, just in case the worst happens.
Based on my experiences, I would suggest you ask them to swipe your card (either on their till or the PayPoint machine), this brings up the interface for depositing money into Monzo.
The issue is that PayPoint is traditionally used for paying gas bills, etc and not depositing money.
From my conversation with the Monzo support team, PayPoint have highlighted that there is a training issue and they are in the process of sending a memo to the various stores to provide information on how to deposit money to Monzo using PayPoint.
A screenshot of my chat with Monzo about this below:
I think it’s about time we accept that PayPoint is not a viable alternative to regular pay-in methods with other banks (i.e. ATM, counter or Post Office).
I do well over £1000 a week let alone 6 months and for that reason don’t use Monzo as my main account. Even if there were a limit, the cost and hassle of getting things done at PayPoint means I’d much rather the relatively-minor inconvenience of doing a Faster Transfer from a high street account.
Actually moving to competitors is a great incentive for companies to improve their product, if people didn’t move there would be no reason to make improvements as people would just put up with bad services.
That said that doesn’t mean you should point out the bad services isn’t what first place and maybe give them a chance to fix it. I guess the question is how long? This has been an issue since they first used paypoint and it’s never been addressed.
That ones easy, monzo should offer the service via the post office. This imo has been a very clear alternative that basically everyone wants. It’s a no brainier and it’s why every other bam uses them.
