Monzo

Red-Squirrel_2

d123 wrote: »

Agreed, it’s quite frightening to see the coral bunch jump on and attack any post by a person who has a problem and posts about it in a critical manner on their forum,

You mean like you’re doing now about Starling?

d123

Red-Squirrel wrote: »

You mean like you’re doing now about Starling?

I haven’t evangelised once about them, they’re a bank, that’s about it, I don’t get the way some people want to treat their bank like their football team or church.

I only answered again to correct the false statement made by Lee, I’d have done that whether it was Starling, Barclays or (even) Monzo .

d123

Deleted_User wrote: »

After finding a Natwest branch you also had to convince the counter Doris that what you were wanting to do was legit.

True or not, your post was still completely wrong...

glenrothes

d123 wrote: »

Cash won’t be going anywhere for decades...

Not with that attitude it won't

Takmon

JackeeBoy wrote: »

My actual phone has a login yes, but not the app. I even asked customer service and was told the only security is the fingerprint reader.

I have a fingerprint scanner on my phone but i can still open the app without using it. I don't see why it would be required when your phone has security when unlocking it. You should always lock your phone anyway after using it.

d123 wrote: »

I’d love to know where they got their 90% figure from, considering even HMRC say around 2 million people are paid in cash simply to evade paying tax, then all the small businesses who accept cash and craft fair/car booters, sole traders like electricians, plumbers, locksmiths, builders, mechanics, taxi drivers, driving instructors, labourers, gardeners, fencers, plasterers, aerial fitters, repair engineers, waiters, bar staff etc etc etc

That’s a lot of people squeezing into 10% when you consider the government say there are currently 32.21 million people in work.

So removing the 2 million using cash to evade tax, every other form of employment that might accept cash totals 1.2 million in the entire UK?

OK, if you say so... :cool:

Well according to OFNS* 15.1% of the workforce is self employed so if we add this to the 10% then that is still 74.9% of people paid directly into their bank account.

If you think these are incorrect then feel free to provide some alternate statistics and their sources. But you just seem to believe a lot of people rely heavily on cash which is based purely on your personal experiences.


*https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/trendsinselfemploymentintheuk/2018-02-07

Takmon

Deleted_User wrote: »

I get paid by BACS for my day job as many people do but I still need cash. My local club only takes cash, and if I have a big win on the fruity I need somewhere to deposit it. Same if I sell something of value on Gumtree or the local FB selling groups.

This notion of having cash is seen as being dirty or you must be dodgy by these new fintech banks really needs to stop.

Cash ain't going anywhere soon no matter how hard they try.

The fact that you "need" to deposit cash into a bank account if you get a large amount shows that even you realise that digital payments trump cash. If cash is really as great as you say then surely you wouldn't need to deposit it at all and can just keep it and use it for general expenditure.

If your local club took card payments and the fruit machine did as well and paid winnings into your account it would be far more convenient to you.

If you sell something on Gumtree or FB there are many digital ways to safely receive the payment.
I bet when you do sell something you expect the person to come collect it as it's more convenient for you. If you then have to go out and deposit the cash then the convenience is lost.

There are many scenarios where cash is used but fewer scenarios where cash is the only way.
So i don't see why some institutions choosing not to support cash is a problem.

[Deleted User]

Takmon wrote: »

The fact that you "need" to deposit cash into a bank account if you get a large amount shows that even you realise that digital payments trump cash. If cash is really as great as you say then surely you wouldn't need to deposit it at all and can just keep it and use it for general expenditure.

If your local club took card payments and the fruit machine did as well and paid winnings into your account it would be far more convenient to you.

If you sell something on Gumtree or FB there are many digital ways to safely receive the payment.
I bet when you do sell something you expect the person to come collect it as it's more convenient for you. If you then have to go out and deposit the cash then the convenience is lost.

There are many scenarios where cash is used but fewer scenarios where cash is the only way.
So i don't see why some institutions choosing not to support cash is a problem.

What are you on about?

If I won £400 on the machine I want to deposit it because I don't need or want to be carrying around that much cash with me at once. Also there are not many standalone fruit machines that take card deposits and pay back out onto the card. I'm on about clubs similar to bars and pubs. Not sure what clubs you were thinking of?

And yes when you sell something in the classifieds or the modern day equivalent like Gumtree and FB marketplace, it is the norm that the buyer comes and collects. Although I have gone round to buyers before in special cases. No it's not an inconvenience as I've just sold something I wanted to sell for a nice wedge of cash.

When you sell something in person the safest method is cash. You can keep your PayPal or whatever that can be reversed at a later time. I assume you fall for Nigerian scammers with fake PayPal emails.

d123

Deleted_User wrote: »

What are you on about?

If I won £400 on the machine I want to deposit it because I don't need or want to be carrying around that much cash with me at once. Also there are not many standalone fruit machines that take card deposits and pay back out onto the card. I'm on about clubs similar to bars and pubs. Not sure what clubs you were thinking of?

And yes when you sell something in the classifieds or the modern day equivalent like Gumtree and FB marketplace, it is the norm that the buyer comes and collects. Although I have gone round to buyers before in special cases. No it's not an inconvenience as I've just sold something I wanted to sell for a nice wedge of cash.

When you sell something in person the safest method is cash. You can keep your PayPal or whatever that can be reversed at a later time. I assume you fall for Nigerian scammers with fake PayPal emails.

Agreed, not a chance in hell I’d be accepting anything but cash (checked with a UV light if a large amount) for something I was selling on Gumtree/Facebook etc.

You only have to read this very banking section and see people getting accounts frozen and CIFAS markers for bank transfers into their account that turn out to be dodgy in some way.

Takmon

Deleted_User wrote: »

What are you on about?

If I won £400 on the machine I want to deposit it because I don't need or want to be carrying around that much cash with me at once. Also there are not many standalone fruit machines that take card deposits and pay back out onto the card. I'm on about clubs similar to bars and pubs. Not sure what clubs you were thinking of?

There is not reason why fruit machines (no matter where they are located) be fitted so they take card payments and pay winnings back into your account.

Like you i bet most people wouldn't want to be carrying around £400 cash all the time so the fact that it dispenses winnings in cash is actually pretty inconvenient.

That's why we need companies that push this kind of technology otherwise nothing will change. What's the point in having machines dispense cash when the majority of people want it in their bank.

Deleted_User wrote: »

And yes when you sell something in the classifieds or the modern day equivalent like Gumtree and FB marketplace, it is the norm that the buyer comes and collects. Although I have gone round to buyers before in special cases. No it's not an inconvenience as I've just sold something I wanted to sell for a nice wedge of cash.

When you sell something in person the safest method is cash. You can keep your PayPal or whatever that can be reversed at a later time. I assume you fall for Nigerian scammers with fake PayPal emails.

I would say the safest method to receive a large payment is bank transfer. You get the money straight into your account and don't have to carry around a large amount of cash.
I know many people who have sold cars like this no problem at all.

If your only reservation is that you might fall for a scam then there is lots of information you can look up online to help you spot them.

d123 wrote: »

Agreed, not a chance in hell I’d be accepting anything but cash (checked with a UV light if a large amount) for something I was selling on Gumtree/Facebook etc.

You only have to read this very banking section and see people getting accounts frozen and CIFAS markers for bank transfers into their account that turn out to be dodgy in some way.

There are also many people who get mugged and cash stolen but that doesn't stop you accepting it?.

All that i have read about bank transfers which get their accounts stolen haven't been to do with meeting someone in person and having them pay money into your account when selling something. Do you have any links to this scenario?

d123

Takmon wrote: »

I would say the safest method to receive a large payment is bank transfer. You get the money straight into your account and don't have to carry around a large amount of cash.
I know many people who have sold cars like this no problem at all.

I would say you’re naive and have drank too much Monzo kool-aid. They want you to think like that because it suits their business model.

Takmon wrote: »

There are also many people who get mugged and cash stolen but that doesn't stop you accepting it?.

Yes, that’s something that happens on a daily basis, we all live in downtown Johannesburg or Caracas :rotfl::rotfl:

You could even do the deal at your local bank/post office and immediately deposit the money if you’re that scared.

It might come as a shock to you, but there are many businessman who walk around with many hundreds or thousands of £’s in cash in their pocket on a daily basis.

Takmon wrote: »

All that i have read about bank transfers which get their accounts stolen haven't been to do with meeting someone in person and having them pay money into your account when selling something. Do you have any links to this scenario?

No one is talking about people having accounts stolen, it’s about the possibility of the bank deciding the transfer was fraudulent or money laundering and freezing the account to investigate.

There’s been at least one on this forum, probably more, but I’m not going searching for them, they accepted a bank transfer for a car and had their account frozen about a week later over the origin of the funds.

Accepting large amounts by bank transfer from strangers is just stupid with the way money laundering laws are implemented, your account is frozen and you’re told nothing. If you’re lucky enough to get it unfrozen it can take many weeks. If they decided you were complicit you lose all banking facilities for at least 6 years. A pretty stupid risk you can circumvent just by taking cash and depositing it yourself.