They were impressed with the app for sure loved the instant notification I got when it deposited.
Also loved the colour of the bank card as well.
Personally being a complete geek I just wanted to see how it works and depositing in my local shop felt pretty cool at the same time instead of going into the bank. I wouldn’t normally do it because of the fee except in high amounts like you said.
It’s a step in the right direction however personally I don’t think it should be seen as a privilege to deposit money into your bank.
Setting a charge of any kind for this makes it that for me.
Like a lot of people have said, the need to pay in money is pretty infrequent and is usually because of gifts.
Me and my wife got married last year and as such received a lot of cash gifts. It would have been impossible to pay those gifts into our Monzo accounts due to the restrictions and there is no way we would be wanting to pay the fees that would have been incurred.
I love Monzo, huge advocate for them. Have been since the Mondo days. I use my Monzo as my main account and we have a joint account with them as well but it’s reasons like this as to why I still have my NatWest account as a backup.
I’m sure this stuff like this will be ironed out in the coming years and it is at least a step in the right direction
There is a fee, it is just not the personal current account customer paying it up front
Monzo have chosen (for now at least) to not cross-subsidise it, which seems reasonable to me when the number of transactions is low and it is an activity they would rather do without if possible
While trying to make the company as a whole profitable I think that is the sort of bold, if not particularly popular, decisions that will have to be made
I think there right to charge 1 pound if u think about how much it must cost them to allow us to pay money in to are accounts plus starling are most likely losing money as well by people putting money in at the post office
Paid cash into my account for the first time on New Years day - paypoint is really convenient and worked great. Happy to pay the £1 as its a rare that I need to deposit cash.
Since this launched I have had 3 opportunities to pay cash into the bank and not once have I used Monzo and PayPoint. The first time I paid cash in, I thought I would give it a try but the shop had no idea how to do it and directed me to the post office counter in the same store. I have used the post office service many times for my first direct account, it has always been fast, convenient and FREE. I will continue to use first direct and post office for deposits. I disagree on paying £1 to deposit a maximum of £300. I know it costs Monzo, but why would I bother when I can use a similar service from and existing bank at no cost. As others have said, presumably other thanks pay to have an arrangement with the post office but choose not to pass this cost on. Paying in cash is a basic service for banking. Perhaps going down the free fair usage route would be a better implementation of this? Also, seek arrangements with businesses that know what they are doing with money such as the post office.