So the Business users are subsiding the cost of the Post Office service. Makes sense because it’s always been the case for legacy banks IIRC. As they say, I think it’s also cheaper than some others, but I’m sure people actually with Business accounts at the moment will know more as I haven’t had a business account for a few years. Also makes sense as to why Monzo is charging because they haven’t got Business customers to subsidise this with.
Haven’t had chance to try it out as I don’t pay cash in all to often but glad they’ve gone with the more expense real-time paying in as some have witnessed above!
I payed in some cash into my Santander account at the Post Office the other day and unsure of the process, I asked the bloke behind the counter if I could pay in with the card. He got a bit arsey with me for a second and said “Yeah, you can, but it costs US money!”. He was fine with it after that to be fair as I think he realised he was being a bit rude.
I thought the only way to pay in Cash with Santander was using my Debit Card. I know they can’t do Cheques, they literally just give you an envelope and they post it (which you have to pay for), so you need a Paying In slip to do it.
Why would you say business users are subsidising this?
Surely if its a per transaction fee like Paypoint then this wouldn’t be true?
Sounds to me like they’re just trying to match the market norm (charge for business account cash deposits, don’t for normal current account cash deposits)
Strangely, the top FAQ in the Starling app is Can I deposit cash?, but the text hasn’t been updated with the new PO arrangements. I would have thought this would be pushed out at the same time as the blog post.
Yeah, you could be right, sustaining rather than subsidising but either way it’s definitely a good excellent proposition from Starling. The process looks smooth and the in-app bits look well thought out.
With it explicitly saying Post Office Banking Services and having the logo, I wonder if there’s the possibility of other methods of paying-in coming up. Did the NatWest paying in have something similar? I wonder if they’ll ditch the agreement with NatWest now that this is in place?
I think they’ve probably learned their lesson with regards to teasing things maybe a little prematurely, especially when it involves third parties! It would be nice to see a little bit of inbetween going forward, like a sneak peak a few weeks before they know they’re going to launch but I guess that might not work without a forum anymore because the feedback loop isn’t there. I’m not sure Twitter is necessarily the best platform for that?
No, 3% of £1,000 is £30! It’s 0.3% of £1k that is £3. Another way of writing Starling’s fee for business account deposits is “0.3% of the deposit amount, with a minimum of £3.”
I asked CS for new cards to use PO deposits, and was told they would send one for my personal account, but one wasn’t needed for my joint account, since that already works.
I don’t have any vertical cards, but my joint account card is much newer. I’d imagine, therefore, that all joint account cards, and personal vertical cards, have chips that are compatible with PO deposits.
