"Thoughts on ATMs"


#21

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


(Gareth) #22

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.


#23

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.


#24

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!


#25

Exactly this


(Peter Roberts) #26

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


#27

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.


#28

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


#29

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


#30

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?


(Peter Roberts) #31

Because nothing in life is free?


#32

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.


#33

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:


#34

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.)


#35

No: the monthly fee gives me cashback.


#36

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.


(Gareth) #37

During the 1980s the number of banks and building societies charging issuer fees (i.e. charging fees to their own customers when they used another operator’s ATMs), gradually increased. However, in 1990 Barclays announced they were introducing an acquirer fee for all non-Barclays card-holders at their ATMs. This would result in “double charging”, where the customer was charged by both their card issuer and the ATM operator. Public reaction against this proposal was very strong and a campaign launched by Nationwide Building Society and the UK tabloid newspapers resulted in issuer fees being removed altogether. Wikipedia


#38

And the free ATMs. :wink:

Just because they tell you the fee gives you cash back doesn’t mean it’s not used to subsidise other features or even other customers on a lower plan.


#39

Can we tone down the language, please? Noone is abusing anything by withdrawing their own cash!


#40

Lets stop calling using a current account the same way as you would use any other current account on offer in the UK abuse.

If Monzo are in a situation where they can’t cover ATM fees then they need to come clean and propose charges/limits now, rather than building up a large user base and then pulling some sort of bait-and-switch.