What if i need a **lot* of cash?

[anon70107404]

@alisufyan

I would really like to see High St. banks collaborating and offering counter service for new entrants like Monzo and for each other.

On the one hand, I can’t see legacy banks embracing digital challengers and offering the counter services that are missing from the new banks.

That said, I think it does make sense that all bank branches should be able to accept cash into any UK bank account regardless of the bank. Look at ATMs. It wasn’t so long ago (late-90s), that in order to get cash from a hole-in-the-wall, you needed to find an ATM run by your own bank, or a bank within the same group. For example RBS and NatWest. A Lloyds machine wouldn’t work for an RBS account holder. That all changed in the late-90s/early-00s when it became possible to use pretty much any ATM regardless of the ATM bank or the card issuing bank. That made a lot more sense for customers.

On the other hand, banks are being forced by the CMA to open up financial data to foster competition with the introduction of PSD2, so it is entirely possible that some interbank collaboration could be made to happen. <cynic> If I was a bank, however, I'd be looking at closing branches and letting other banks offer counter services for me. </cynic>

[anon53137671]

Gosh, I had no idea! Good job I’m not swimming in cash

[anon52884506]

me neither I just have to apply AML in my job

[Smsm1 (Shaun McDonald)]

@anon70107404

That all changed in the late-90s/early-00s when it became possible to use pretty much any ATM regardless of the ATM bank or the card issuing bank.

I’m young enough that I don’t remember this even being an issue.

[evangelskies (Eve)]

I’ve taken out £1000 at ATM with no issue before and £3500 over the counter. Deposited £5000 too. They didn’t question it but I think it makes sense that international students would come in with large notes they want to get rid of. Mostly it’s the online transactions/transfers that they keep flagging for fraud for me.
imo legacy banks would not be happy sorting large amounts of cash for Monzo/ other fintech banks unless there is a small fee? But I think there’s still a place for legacy banks, to sort all the services Monzo cannot/ credit cards/ interest etc. I don’t see this as a huge problem.

[anon78786543]

How many staff do they employ now?

On the balance of probabilities, there’s probably a very minor amount of class B in someones personal possessions