You can now pay cash into your Monzo account!


((╯°□°)╯︵ ┻━┻) #264

I only have those shows to go off so I’m no expert lol but I can try to give you a scenario.

You go to purchase an iPhone, pay cash and take the phone home. A few weeks later you’re accused of stealing it and the seller has proof that it belongs to him.

In small claims court it is your word against his that you paid for it and the seller is claiming that the hand written receipt is fake and not his handwriting. If you can show your bank transfer it shows credible evidence that can’t be disputed.

Someone feel free to correct me if I’m wrong as I know these shows are mainly done for entertainment rather than a serious law program. Although they do claim that they are genuine and rulings are final etc :smile:


(If there's the wrong end of a stick, you'll find me holding it.) #265

That ain’t my bank account, bro!

He seller “could” arrange for the transfer to be made to a trusted amigo. Unlikely, I suppose, but criminals can be devious little urchins.


((╯°□°)╯︵ ┻━┻) #266

Also plausable too!

In those situations where each person is stating different facts it comes down to the finer details that makes it easy to work out who is telling the truth.

Details around how, when and where you got the account details. What events transpired before and after purchase, what was the conversation that led up to the purchase and so on… You will find that the honest persons story flows more naturally whereas the liar will start to struggle. Asking questions seeming unconnected to the situation and out of sequence will make them sweat and stumble over their own words as they get wrapped up in their web of lies.

In summary. I guess there is more of a trail if you do it this way over cash, plus the more hard evidence you can give to support your claims the easier it will be.

If you used a credit card you’re covered by them too!


(Edward) #267

Physical escrow during test-drives/rides. Easy with cash, much trickier to handle (without additional service fees) using digital transfers


(Tom) #268

I really don’t understand the discussion.

Monzo is a bank. You should be able to deposit any level of deposits into your account, because that is what a bank is.

Yes, Monzo is an ‘online/app’ based bank, which means there are no branches and you access your account solely online.
But this doesn’t mean you shouldn’t be able to deposit cash into your account without a 1k 180 day limit.


#269

You also cant deposit your gold. I don’t think there are rules specifically around what bank services a bank must offer? Or if there is its not a big list.


((╯°□°)╯︵ ┻━┻) #270

You’re right, I think it’s a misunderstanding between us.

What I was debating (not arguing) is why someone would sell or buy something at considerable value in cash because I think it is very risky.

Happy to let this go and get back on topic though :slight_smile:


(Tom) #271

You also cant deposit your gold. I don’t think there are rules specifically around what bank services a bank must offer? Or if there is its not a big list.

c’mon, even you know thats a wee bit silly.

Look, if Monzo really want to disrupt the norm, become a mainstream bank, one for the many and not the few on forums or an interest in fintech - then they have to offer basic services that people depend on and expect from a regular bank.

Otherwise Monzo will always be niche, and most people will never go #FullMonzo.


#272

I do think the deposit limits are probably too low and we’ll aim to increase them after launch.

From:


#273

Not really… I can go down to Lloyd’s in town and deposit any valuable including gold in their vault. That’s a bank service as well.


(Neil M) #274

Weird question but what happens to the physical cash once its credited into your account?


(MikeF) #275

Isn’t it banked by the shop with the PayPoint machine?


(Neil M) #276

But is it then let back out to use as cash for other people or is it physically stored somewhere, because there are cheque scanners can there not be cash scanners. Every note has a bar code?


(MikeF) #277

Once it’s in the shop’s bank branch it’s treated like every other bit of cash in every other bank branch I imagine.


(Jack) #278

Doesn’t each branch keep a certain amount in a vault if it’s above this amount it’s sent to a cash sorting centre and then stored there?

I’d like to also know.


(Neil M) #279

Like I literally have no idea and have never thought about till now :joy:


(Fergus) #280

As cash usage is on the decline, is there really any point in Monzo perfecting their deposit system to work for large deposits at regular intervals?

It would be a bit unfortunate if they invested in allowing big deposits for a small fee only for no one to be needing the feature in 10 years…


(Tom) #281

That’s still 10 years where potentially a significant amount of people do need the feature


(Fergus) #282

But as that number of people is shrinking and will already be able to do it elsewhere - should Monzo focus on other things and just wait out the cashless society whilst people bank their cash elsewhere?

I can see it being a necessary feature of business banking, when they manage to bring that in. But they’ve admitted to being a way off that yet.

I should note, this is purely philosophical. I have no backing on current cash usage other than that I use it significantly less than before I joined Monzo - and when I do receive cash I just spend it rather than use my card for a few days.


#283

Even if its a small number by % of customers, aren’t they over a million now? Even if 10k people need it, that’s a lot of customers to reject.

We’re a while off of this and it’s not fair to force people to use other banks for a basic banking function as it stands.