Starling Bank featured on Martin Lewis ITV Special

Monzo Chat
21

I would imagine so, I can’t so any other logical reason why. They claim it’s to reduce your exposure to fraud, but that’s what the upper cash limit is for.

https://community.starlingbank.com/t/atm-limits-300-3-withdrawals-a-day/951/14

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22

But if the limit is £300 then what does it matter how many withdrawals? If anything does it not increase your risk as you might carry more cash on you than normal just in case you hit your 3 limit?

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23

for me…life, current events, and the future are good topics of conversation… :laughing:

after today, i will treasure my friendships further that we don’t talk about debit cards… :confused:

sorry maybe i’m just old and out of touch…i just find things like this and words like “legacy” patronising and off putting.

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24

Just out of curiosity how else would you refer to the style of banking Fintech is try to change?

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25

Maybe I should have put “good conversation starter” instead? and Monzo actually is a part of life, current events (TSB banking issues for example) and the future…

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26

Isn’t this all a little… irrelevant?

Maybe I’m not thinking of all the angles, but who needs to withdraw more than 3 times per day? (heck… who needs to withdraw cash more than once a day!)

27

I wouldn’t…I’d say “new” bank because using words like “legacy” would make me sound odd to a regular joe…

“hey check out this new bank…its pretty cool” - this would do, then I would talk about something else… :+1:

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28

i just feel like three’s more to talk about in life than banks… it’s just an opinion :confused:

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29

How very dare you!!!

Monzo is life, life is Monzo!!

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30

Gotcha - although you need to add on, everyone thinks bank means money goes from a to b, but would you get a notification when something leaves you bank elsewhere? can you b#@!£ys.me ? Do they give you a money management tool in the palm of your hand?

Just think if we want more people to adapt and use the tech we’re being given, we’ve got to give it the nudge. But completely respect and understand, there is a lot more to life :smiley:

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31

Because for each withdrawal the bank is charged a fix fee + percentage. The fixed fees can be quite large when abroad!

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32

In regards to Monzo, is there a daily money withdrawal / ATM limit similar to what Starling have in place? :slight_smile:

33

I think its £400, your limits are all shown within the app, gives you a running total :slight_smile:

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34

Ahh thank you! :slight_smile: Never noticed that before.

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35

So why have a limit? I agree I haven’t needed to withdraw more than once a day on average, so basic customer behaviour sets the limit organically it doesn’t need to be hard set

  • but what happens when I take out money in the morning, in the afternoon and after work and then my mates invite me out for a beer in the evening - sorry guys but Monzo said no. Or suddenly I have to rush to hospital but can’t take any money out to pay for parking because damn I made 3 withdrawals already etc.
36

This is my point, it costs for each withdrawal

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37

I agree it seems a little counter productive (especially given the vast amount of security options we have for lost cards, coupled with instant notifications etc).

I just think this is a “non issue” - It feels like complaining about something which may affect 1 person in a million years.

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38

Does Monzo actually have an ATM limit of how many withdrawals you can do per day, or is just a limit on the amount you can withdraw?

39

Agreed, but I was more curious as to why rather than complaining, it just seemed an odd thing to do.

But I’m over it now :thinking:

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40

Just the amount I’d imagine, It would be highlighted within the app limits otherwise (or at least should be!)

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