"Thoughts on ATMs"

I have a divided opinion on this message…

On one hand I agree that it’s not the concern of the customer whether something costs money or not… but there is a risk that we could go to a nominal charge situation like we have had in the past with the old “your card issuer may charge you for this transaction” scenario…

On the other hand, in order to support Monzo and help it build it’s bank we should try and avoid things that cost the company money until they can stand on their own two feet and properly absorb charges like this… Whilst most of us still have access to legacy banks, etc is there really any harm in trying to do our bit in the short term?


Monzo surely wouldn’t charge customers to withdraw own cash…

I use Monzo to help and be apart of building a bank of the future and take no issue with them making polite suggestions about how to save them money whilst on this journey


I like Monzo and Starling because they’ve actually got me interested in Money and Personal Finance, which is something I’d never thought i’d be too bothered about…


And me

Who’d of thought I’d be writing/ debating on an Internet forum about my bank even six months ago :joy:


Well, they better don’t. They are a bank, offering a current account after all…


Did we mention you look nice today?

If Monzo are having a problem generating £1 per user, that’s not a good sign.

My thoughts on ATMs: don’t tell me to think about using UK ATMs. I’m taking cash out for a (good) reason.


And not charging any bullshit fees the legacy ones do to subsidise their existence. In a year of Monzo usage they haven’t charged me a single penny - I’m quite happy to help them out to reduce their overheads in exchange.


Good for you. To me a current account provider asking me to limit my cash withdrawals is like my hosting provider offering me unlimited bandwidth and then telling me to not post so many images,because they consume too much bandwidth. Change your business model, if its not sustainable!


Exactly this

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It’s actually like a provider giving everyone unmetered unthrottled connections and asking them nicely not to abuse it :thinking:


I have 20+ years (can’t remember at what age I opened my first account) with various high street banks, never been charged a penny.

None have asked me to consider not withdrawing cash.


None of my banks have charged me anything either, by the way (except for monthly fees, that I agreed to I advance, of course!)

How can taking your own cash out ever be considered abuse?!


Why do you feel entitled to a third-party service (ATMs) being free to begin with? Just because others do it (cause they need to lure in customers and can subsidise it by charging you extreme fees on other things) doesn’t mean Monzo has an obligation to do the same.

Free ATMs are just a courtesy.

In fact, in some countries, ATM withdrawals being paid are the norm; some of which take the fee directly as part of the transaction amount no matter which bank you’re with. Will you also complain about those?


Because nothing in life is free?


Except in this case free, unlimited (well, ~£500 a day) is the norm in the market - if Monzo want to try and build a different business model where these are restricted then fine - but be up front about it.


But don’t you think the monthly fees are what allows you to get those withdrawals for “free”? Also try getting a direct debit declined or pay abroad with their card and you’ll see the extra fees add up quickly. :wink:

Oh, i don’t feel entitled to anything! As I said: if their business model isn’t sustainable, they should change it (I.e. introduce fees)!

(Incidentally, where I am from, bog standard current accounts typically charge a monthly fee, plus a fee per withdrawal, so I’m used to that.)


No: the monthly fee gives me cashback.

In this case Monzo is trying a business model where they’re happy to take the occasional loss and hope people don’t abuse it. I see nothing wrong with that approach; in fact they did that at first with foreign ATMs as well but had to backtrack and introduce a fee because too many people were using it. It may very well be that they eventually make UK ATMs paid when they realise the gentle reminders about not abusing cash withdrawals don’t work either.