I said a few times I disagree with the charge,however, when it comes to convienience paypoint wins hands down. Erm I wonder if any Starling Bank customers was able to deposit cash on Xmas day or late at night when people finish work.
I read somewhere Starling charge for them sending out a paper statement is that true… Is it true Monzo will post a replacement card out to you anywhere in the world for Free??? Do Starling do this
Starling - " If you lose your card or it is stolen while you are overseas, we may charge you a fee of £60."
Crikey… enough said.
Both Monzo and Starling need to stem the bleeding where they think it will hurt their customer base least
Pick your poison
Fee aside, how do they manage unlimited deposits and not a six month limit?
I LOVE MONZO. I ain’t gonna lie. I am happy to pay a pound.
MONZO IS FOR THE PEOPLE BUT SHOULD BE ABLE TO TURN A PROFIT TOO.
However, my contribution, (Which in my opinion seems like a valid one), why not let the deposit show £300 and then the deduction to show £1.
This way, you can mentally tote and correlate payments as opposed to wondering what that odd £299 or £99 payment is for when your mind know that you received 300 and 100 respectively.
It is ALSO better accounting. Incoming and Outgoing.
Yep I would prefer this too .
If I deposit £100 I would prefer to see the transaction for £100 deposit and then a separate transaction against my account for the £1 fee.
I feel this would be better than showing the incoming payment of £99.
As I understand it, if you deposit £100 at PayPoint, £100 doesn’t end up in your account, the £1 fee is taken at source. and only £99 goes in your account.
How can Monzo get away with showing a transaction for £100 credit and one for £1 debit if that didn’t happen? That’s fantasy accounting in my eyes.
The £1 isn’t taken at source £100 is credited to your account with Monzo taking a £1 charge however yes IMO I feel there should be a separate charge transaction, if not on the pretty feed then at the very least on the official account statement
Exactly! Monzo introduce a £1 fee to make it sustainable and so they keep this service going, and they always get compared to what Starling are doing. Starling have a much different funding model. For a start, they’re solely reliant on investors whereas Monzo gave everyday people a chance to own a piece of the bank!
It just seems like at the moment, no matter what Monzo do, they will always have people complaining about them. The current account is far cheaper than what is on offer at a lot of the high street banks.
People go on about Starling offering free deposits , but they charge fees for deposits on the business accounts.
At least Monzo don’t charge you £60 for a card replacement abroad and £20 per bank statement.