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.
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?
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.
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.
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.
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.