We all know this is a limitation of Monzo, the charge for cash deposits and posting cheques, but i do wonder if there is a tipping point towards using another bank, and then moving to said rival. I know it’s happened to me, and just having these basis I’d probably move back given my joint account is still Monzo.
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Nationwide and Post Office?! They limited to money withdrawals?
I can use Starling or TSB to deposit cash and then transfer to my Monzo card. But what about Monzo Business customers?
I’m quite happy the way it is - I’d rather they concentrated on adding app features rather than adding support for legacy things that are declining in use. I’ve still got a Halifax account which I use for the very rare occasion where I need to scan a cheque.
Yes, according to evidence that Martin Kearsley (Director of Banking for the Post Office) recently gave to the Scottish Affairs parliamentary committee it costs about the same as banks processing things themselves, on a per-transaction basis.
So for traditional banks, the only saving in closing a branch is in the cost of running the building itself, rather than the transactions. Given that the Post Office already has a building to run anyway, it can provide the extra banking services at close to cost price (but that cost price is still relatively high when compared with the cost of making a digital payment).
He also mentioned that running a “bank hub” costs about the same as running a traditional branch, but is potentially more sustainable as that cost is shared amongst many banks.
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