Monzo for me is the bank of the future. Cash is not the future. I don’t think it’s fair to say Monzo is forcing you to use other banks, but it might be fair to say you’re not ready for Monzo yet. Cash has almost become replaced by far better and more innovative solutions.
I’ll just leave this here
Cash is indeed not the future, but Monzo is a bank. Not a bank of the future or today, that’s how your company dies out because its ahead of its time.
We can agree to disagree, since people are using other banks purely to deposit cash - which isn’t fair on those banks or their users who are subsidising the deposits.
I can safely say I’m unlikely to ever be ready for Monzo.
I’m not sure if I’d call them innovative, as the whole idea of cash hasn’t changed. The only difference is there’d be no associated cost of manufacturing more money. Definitely far better, but we’re not at that point yet.
Both BrewDog in Clerkenwell and now Canary Wharf have been cashless for a while too…
the bar is following our Clerkenwell venue in becoming cashless
My nearest Vodafone store is completely cashless.
If Monzo wants to be a small niche bank, then yes, this is the way to go.
If Monzo really wants to be a player in the banking space, it needs to offer cash deposit without limits - it’s competitors already do this and they are already behind the curve. I’m happy to agree to disagree with this!
The good news is that they will be looking at increasing the limits, which is great as I’m nearly at that limit!
What’s your solution then?
It’s a lot of customers to reject, but an even larger to reject in that they won’t have any use for the features.
It would be interesting to see what % of Monzo’s customers actually use the cash deposit system, and how many of those need more functionality than is currently there.
Thats the key, we can all argue how important cash is or isn’t the facts will speak for themself either way.
How many people use the feature
How many people who do use the feature reach the deposit limits
I believe mine is the same too now that I think on it?
But the stats will be skewed as many people who need to deposit cash won’t use Monzo’s system due to the limits and or fees.
Must admit, it was my Birthday on Sat and I didn’t deposit the cash into my account as there isn’t a Paypoint that’s anymore local then a HSBC, so it just went into my wife’s FD account and she transferred it over.
In my eyes it’s only worth paying the quid if it’s significantly more convenient and easy then the opposite. For me, it’ll never be and I imagine Monzo is perfectly fine with that.
The worse thing Monzo can do is copy other banks and adopt tradition. They shouldn’t care what was invented yesterday, but instead decide on what to invent tomorrow.
I WISH that we had a cashless society, but unfortunately, as you all know, we don’t.
I do think it’s brave of Monzo to only allow £1000 in 180 days, but at the same time, there’s been a lot of controversy over that, which I think is quite unjustified. The only scenario where I have seen a potential for this to happen is when selling a car (or similarly large asset - but, again, this SHOULD be done by bank transfer in most cases). For example, I scrapped my old car a few weeks ago, got £500 in cash. Had to use a PayPoint. But this is only 50% of my limit. So not exactly an issue. As @tom has stated before, they are more than likely going to look at increasing that in the future.
For those complaining that Monzo is a bank of the future but should also serve customers in the present should maybe consider whether their lifestyle is actually in the past, rather than the present if they are depositing that much cash. I don’t know of anyone who gets that much cash in hand anymore, but I’m happy to stand corrected.
I also feel as though the fees are completely justified…handling cash IS expensive. Did I complain that I would only receive £499 instead of £500? No. Did it impact me negatively in anyway? No. Am I confident that it’s a fair cost to cover the fees incurred by Monzo? Absolutely. I’m a bit sceptical of people complaining about the fee. If you don’t want to pay the fee, don’t deposit the cash, it really is as simple as that, unfortunately.
My issue with the whole cash limits thing, is that Monzo make a lot of noise about being a bank for everyone, and a lot of people, especially poorer members of society, rely on cash. They need to be able to pay it in to pay their bills. This has been discussed to death in the previous thread
I keep hearing this think of the poor argument but I’m not sure why poorer people are more likely to be using cash, apart from those paid in cash of course
Paid in cash, or if you’re struggling to meet a bill payment, and need every spare pound you can rustle up.
TBH, I was more responding to the comments about trying to do away with cash altogether, which I think is pretty naive. As a society, we’re years away from that.
a lot of minimum wage roles are paid in cash.
Offering post office as well would be great