Flawless process and don’t mind the fee at all.
Even more so, if I had stayed with Lloyds, both the local Lloyds have closed in favour of the one and only branch that’s now in the town centre.
I’d have to pay more than the fee in fuel and parking than my local Coop, which is just around the corner.
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Be interested to hear if Monzo notice an increase in fradulant transactions as a result of this service
Easy way to launder money?
People moaning at the limits and £1 fee 
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I’m happy with the fee. Only time I ever pay in cash is after Christmas / Birthday and it’s never that much (just too much to want to keep in my wallet).
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With the £300 per day / £1k per 180 day limit it would be a very very painful way to launder any significant money. Especially if you’re trying to get a million into a bank, even by creating thousand of duplicate Monzos to help spread the deposits. £2000 per year per bank account.
We now know the £1 exists to cover costs and not really making anything for them, and Monzo have made it clear they don’t want to absorb it like say Starling (which the business accounts do for them). It’ll be interesting if Monzo do the same with their business accounts.
Lots of people don’t mind paying the £1 for convenience if they don’t have a bank or post office near them. If it’s going to cost that to get to one, and you absolutely need the money paid in it makes sense. If you can walk or wait, or think £1 is a lot (paying in £20 to only have £19 then I think that’s just crazy, just like those Link cash machines that (still) charge £2-5 to get your money and you only wanted a tenner).
I think when there’s a bascially no limit and free option to compare against very limited and £1 that’s why people ‘moan’.
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If people are comfortable with being able to spend £1 to deposit then excellent but for other people, £1 can be a lot of money, especially to deposit money to then pay a bill or buy food. To just dismiss peoples concerns as people who ‘moan’ or to facepalm them isn’t very fair.
My previous post on the subject:
I also shared this article in another post which explains how tight money can be in some communities.
The £1 fee was discussed a lot in the previous thread and I feel Pandora’s Box should stay closed or this thread may get locked too.
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People are paying for the convinenance
If people need the £1 use a traditional bank
I’m not saying £1 isn’t a lot to some
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The problem here is the use something else it’s not for you whist Monzo aim is to be a bank for everyone, regardless of financial situation.
I think most people will in this situation who don’t want legacy will use Starling or such to pay in for free via post office and transfer to Monzo, if they wanted to keep with Monzo features.
Atm it seems we still need to have multiple bank accounts to have all the features. I’m fine with that atm I like the separation of concerns (salary/debits, savings, mthly spend) but I think people probably want one bank to rule them all and save the faff.
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Agreed.
It’s not that people are fine with the fee for me, it’s the that accompany their views. It’s insulting.
Have an opposing view, sure, but this face palm is completely dissmissing people’s genuine concerns over things like poverty.
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My use of the was not dismissing of people’s poverty at all
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The issue is, if you are that poor there’s a good chance your legacy bank is making a ton of money off your situation from fees like rejected direct debits or standing orders. In this case even if Monzo is not free (due to cash deposits) it’s still cheaper.
Not to mention, if you’re at a level where 1£ is a lot of money, you can’t possibly be depositing that much cash, so in that case why not avoid the fee and just spend the cash directly and not deposit it?
For paying bills you can often pay direct at PayPoint without any fees (well the provider you’re paying eats the fee).
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I think that is the idea 
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Just deposited for the first time, the cashier had no idea what to do 
. Tried to insert the card and got an error then I asked them to swipe and it finally worked.
I actually prefer this to the queues at a legacy bank and think the £1 is reasonable given convenience and that PayPoint charges Monzo for the service.
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I think almost all providers offer juicy discounts for paying by direct debit… so the no fee here is covered by you paying more for the same thing… and this is exactly how a lot of companies profit from the poor.
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The problem is by trying to prevent with tiny limits rather than monitor laundering by studying deposit patterns is that it makes it unusable for the majority for anything other than small birthday amounts like getting £50 from your nan.
I mean I can happily sell a car and put £4000 cash in one deposit in the Post Office or at my legacy bank.
Now if I started putting in £4000 every day that’s gets suspicious.
The Post Office has £20,000 day limit and 7.3 million year in theory, but you’ll probably have your account restricted proving where you got the income from after the second attempt at chucking in v large amounts of cash.
If Monzo had a £20k per day limit and someone put that in from illegally gained source / avoiding tax, and they are later caught, does Monzo get it’s wrists slapped for not preventing? Do legacy banks care less because they can pay the fines so can afford to have no limits, I’m trying to understand why Monzo feels the need to police it.
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Is that post office limit for all post offices? I thought it was considerably less with smaller ones only allowing £1000?
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Yeah the post offices you find in villages will have £1k limits so they aren’t potentially dealing with silly amounts of cash on site, whilst the ones in towns/cities will have better security and setup for £20k.
I’ve no idea if they require the source of the cash, the most I’ve deposited is £10k at a bank and they didn’t care.
Anyone got £20k in cash to try it out? 
Simply because it’s new Hopefully we can review the limits in future, just like the fee, but it’s better to launch an MVP and look at how people are using it so we can then improve the offering rather than make a load of assumptions about how people might want to use it.
All your feedback is therefore really useful, because it directly impacts what we do next 
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I’m yet to try the cash deposit feature, but as someone who works at a PayPoint retailer I was curious 
Is there anything in place to ensure that cash is the only payment method accepted for PayPoint deposits? Is there anything to stop someone requesting to pay by credit card for example, and essentially doing the equivalent of a fee free (well £1 Monzo fee) money transfer? this is pure curiosity and not something I plan to do
Looking forward for have some Xmas cash to try this feature out eventually 
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Maybe this
It probably comes down to the interchange fee. I can’t see shops or PayPoint paying them for you!
I’ve not seen one who won’t take card
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