You can now pay cash into your Monzo account!


(Hugh Wells) #122

Simply because it’s new :slight_smile: 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 :raised_hands:


(Dan) #123

I’m yet to try the cash deposit feature, but as someone who works at a PayPoint retailer I was curious :thinking: 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 :+1:


#124

Maybe this

It probably comes down to the interchange fee. I can’t see shops or PayPoint paying them for you!


(Is Santa here yet?) #125

I’ve not seen one who won’t take card


#126

For cash deposits?


(Is Santa here yet?) #127

No, for PayPal services. Get my electric by card every week. Know about 20 years ago I had to use cash for it


#128

I tried to pay in cash at my local One Stop (Tesco owned corner shop) today with no avail. I confirmed they had a paypoint and explained I’d like to pay cash into my bank account. The lady said she hadn’t heard of that and refused to continue. I tried to explain a little more, but with no luck. Not a brilliant first experience to be totally honest. She wasn’t unhelpful, just uncomfortable with doing something she wasn’t aware of/trained in. Looks like it’s a trip to the bank tomorrow :expressionless:


(Jonathon) #129

I worried this might happen.


#130

Agreed, I thought this would happen as well


(Anuj) #131

I’m quite disappointed by this tbh. Starling bank now let you deposit in Post Office branches and I really expected Monzo to have sorted the same out by now instead of this.


#132

Agreed. Post Office would be a better solution than Paypoint I feel. There may be more Paypoint locations, but I would feel more comfortable depositing cash at a Post Office, especially after my experience today. The staff are more likely to be trained and ready to deal with such transactions. Quantity over quality with the current setup.


(MikeF) #133

…and a potentially higher fee to pay which is maybe why they didn’t go down that path. :man_shrugging:


#134

Service diversification means you can absorb those fees though with money you make from your other services :man_shrugging:


(Hugh Wells) #135

Indeed :slight_smile: But in order to build those extra services (which ultimately benefit the customer too) your company still needs to be around!


#136

Indeed the company does, which would be fine if the company didn’t mention how it was about helping everyone. Having a target market that isn’t as broad as everyone and there’d be no faults to find, because people not in the target market wouldn’t feel like they’re meant to be in the target market.


(Dan) #137

Said company can only do so much at once. Helping everyone is the goal. The company has made no inference that they do (or even can) help everyone right this second. Heck they’re only even in one country right now.

The fee might be revised in the future. Cast your imagination to bigger things rather than taking decisions about the now as contradictory to future goals. The journey is only just beginning. Every oak started as an acorn and such!


(TWN) #138

Very disappointed with this latest development whilst being able to deposit cash is welcome news charging for the service is not. The only drawback with MONZO is its poor service on depositing cash and cheques.


(Charlie) #139

£1 dude… I can’t even remember the last time I needed cash for anything. Personally, I prefer that PayPoint is available in many locations and like they said open from early morning to late night in most stores. If Monzo was a high street bank then I would have to go into town, park, walk to the bank, and give them the cash… Id rather pay the £1 to just pay it in at the paypoint while I’m grabbing lunch.

I agree the cheques is a pain but they have said they are working on in-app imaging but have some strict guidelines and legal procedures to follow to do this.


(MikeF) #140

I think it’s safe to admit that they aren’t there yet :smile:.

It’s good to hold people to account but only for things that they claiming to have achieved. Equally, I get that highlighting areas where people fall short of their targets can be beneficial.

Monzo hold up an ideal that they’re shooting for but I don’t think anyone’s pretending that they’ve achieved it in any and all areas yet.


#141

What we really need is in app cash scanning…

:thinking: