Post Office Banking Agreement

Just thought I’d pop this in here.

New Post Office deal signed for 3 years of access with 30 banks.

One leading bank hasn’t joined though and is named in the story.

Interesting one of the banks that have signed include ‘Cahoot’ - which I don’t believe is an active bank anymore (at least they’re not taking on new customers?) - presumably just as a ‘side effect’ of their parent, Santander, re-signing.

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Is there a cost involved in joining?

I’m really annoyed about this.

This agreement would have been the perfect way to solve two Monzo weaknesses: paying in cheques and the depositing of cash without charges.

Not to mention supporting a UK institution which is still an important one for much of the population.

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It’s not as simple as just agreeing.

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I believe the cost is based on transaction. So, that’s why Monzo went with PayPoint instead because it’s easier to directly charge the customer per deposit.

Apart from Monzo, which other big fintechs are there that might think of joining - but didn’t? Chase? Revolut?

Chase probably have other priorities right now. Wouldn’t surprise me if they joined later down the line.

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But they could have done that whilst still using the Post Office. Starling do for business customers and personal customers over a certain threshold.

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Love that when there’s a bit of “bad” news about Monzo hundreds of new threads pop up just so that everyone can say their 2p

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When was the last time I had to put cash in my bank?

About April 2019.

When was the last time I had to process a cheque?

Probably 2017.

I surely can’t be in a minority here.

I personally don’t see the problem when people can pay in at PayPoint and Monzo more likely already assessed whether the hassle involved to set up with PO is actually worth it based on customer base.

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Deposited cash about 2 weeks ago.

Deposited a cheque around a year ago.

Thankfully, I have branches near me where I am able to do this (my banks don’t have in-app cheque depositing, but I rarely get checks so not that bothered considering the branch is just down the road).

For me, Dec 2021 and Jan 2022 respectively. You may or may not be in a minority, but for those who do need to do these things it’s an inconvenience to have to retain other accounts to do basic banking.

Yes, I knew these things when I opened the account but had expected to see progress at least on cheque imaging by now.

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You expected progress on something that is declining in use?

Other banks have brought in cheque imaging recently so progress on that is certainly possible.

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Interesting that you used both the American and English way of spelling Cheque in the same sentence

It likely costs money - otherwise they’d have probably have done it

I think the only bank I’ve not been with is Barclays

I’m not the best with paying attention to spelling. I know the English way of spelling it, but sometimes when you’re typing you just go with the ones that actually makes sense.

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I opened my account in June 2018. Cheque imaging was supposed to be on the way after that date.

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There were 400m cheques used in 2018, so the numbers added up, we’re below half that now, and dropping quickly, so the numbers don’t now

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I think costs to the banks of their customers using the Post Office are pretty expensive - hence why Starling have recently starting charging in some cases.

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Everyone seems to be overlooking the major positive from the story - that Monzo is now a “leading bank”. Great job, everyone!

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