Monzo

Takmon

d123 wrote: »

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.

But if your getting cash and then having to pay it into your account that means you want the money in your account. So the most efficient way to do that is have it paid directly into your account.

Not having to store cash at home and not having to transport it is obviously more secure (even if the risk is low).

d123 wrote: »

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

Are you serious? :rotfl:

Between 2003 and 2015 there were 77103 thefts from people recorded by police. That's an average of 14 per day in the UK. You must live with the fairies if your didn't think it was a daily occurrence.

I'm not saying this is a real risk but you can't ignore it if you want to discuss the risk of bank transfers and compare.

d123 wrote: »

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.

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.

Yes i used completely the wrong word by saying accounts "stolen" but it's still a very rare occurrence.

But again you seem unwilling to provide facts or links to anything. I have shown you were wrong about cash being essential to the average person and you were unable to reply to that.

It seems you have a big love of all things cash and can't accept that digital methods are just better.

If your buying fuel for your car do you put it into gerry cans then take it home and fill your car from them or do you fill up the car straight from the pump?.
Just like that example when you sell something its logical to have the money straight into your bank instead of in cash then transport it to your bank.

d123

Takmon wrote: »

But if your getting cash and then having to pay it into your account that means you want the money in your account. So the most efficient way to do that is have it paid directly into your account.

You might think it’s efficient, that doesn’t necessarily mean it’s the safest method, not while banks can unilaterally freeze your account and make you prove where the money came from, which is pretty difficult if you know nothing about where or who it came from.

Takmon wrote: »

Not having to store cash at home and not having to transport it is obviously more secure (even if the risk is low).

What does that have to do with anything?

Takmon wrote: »

Between 2003 and 2015 there were 77103 thefts from people recorded by police. That's an average of 14 per day in the UK. You must live with the fairies if your didn't think it was a daily occurrence.

And how many of those were people mugged after selling a car or other item for cash?

Here’s an Apple, doesn’t it look like an orange to you?

Takmon wrote: »

It seems you have a big love of all things cash and can't accept that digital methods are just better.

Both have their place, something a Monzomaniac doesn’t seem to get, if I’m getting money from someone I know or a company then a bank transfer is a good option, if I’m selling things to strangers at a car boot sale or via Gumtree or Facebook then cash is a far more sensible option.

When I sell things online (for example on forums) then Paypal is the sensible option rather than bank transfer (sent as gift/friend and family).

Each payment option is best at certain transactions but not for others, they all have their place.

Takmon wrote: »

If your buying fuel for your car do you put it into gerry cans then take it home and fill your car from them or do you fill up the car straight from the pump?.

More stupidity with nothing to do with the debate.

Takmon wrote: »

Just like that example when you sell something its logical to have the money straight into your bank instead of in cash then transport it to your bank.

Nope, it’s stupid to accept a bank transfer from an unknown account belonging to an unknown person when there are other options available.

The why has been explained enough times for anyone but Monzomaniacs to understand...

Monzo might want to pretend cash is dead, but to millions of people it isn’t, and it most definitely still has a place.

walesrob

Today I've gone 'Full Monzo' and switched from NatWest. The switch went smoothly, no problems at all. All DDs, SOs and payees all safely appeared in my Monzo account.

Takmon

d123 wrote: »

You might think it’s efficient, that doesn’t necessarily mean it’s the safest method, not while banks can unilaterally freeze your account and make you prove where the money came from, which is pretty difficult if you know nothing about where or who it came from.

What does that have to do with anything?

And how many of those were people mugged after selling a car or other item for cash?

Here’s an Apple, doesn’t it look like an orange to you?

When comparing the safest method then i think it's fair to compare the risk of cash being stolen and the risk of your bank account being closed. Both are possible and both do happen so how can you definitively say that accepting cash is the safest method?

d123 wrote: »

Both have their place, something a Monzomaniac doesn’t seem to get, if I’m getting money from someone I know or a company then a bank transfer is a good option, if I’m selling things to strangers at a car boot sale or via Gumtree or Facebook then cash is a far more sensible option.

When I sell things online (for example on forums) then Paypal is the sensible option rather than bank transfer (sent as gift/friend and family).

Each payment option is best at certain transactions but not for others, they all have their place.

More stupidity with nothing to do with the debate.

Nope, it’s stupid to accept a bank transfer from an unknown account belonging to an unknown person when there are other options available.

The why has been explained enough times for anyone but Monzomaniacs to understand...

Monzo might want to pretend cash is dead, but to millions of people it isn’t, and it most definitely still has a place.

I and other people i know have sent money and received it for car sales long before Monzo even existed this isn't a new thing or anything to do with Monzo at all really.

There may be a risk but i say the risk of getting your account closed is certainly no more than the risk of having the cash stolen.

If you look at a typical home insurance policy they will have a relatively small limit of coverage for any cash you have at home or on your person yet a very large limit for items. This is because there is a risk to carrying cash and keeping it at home.

d123

Takmon wrote: »

When comparing the safest method then i think it's fair to compare the risk of cash being stolen and the risk of your bank account being closed. Both are possible and both do happen so how can you definitively say that accepting cash is the safest method?



I and other people i know have sent money and received it for car sales long before Monzo even existed this isn't a new thing or anything to do with Monzo at all really.

There may be a risk but i say the risk of getting your account closed is certainly no more than the risk of having the cash stolen.

If you look at a typical home insurance policy they will have a relatively small limit of coverage for any cash you have at home or on your person yet a very large limit for items. This is because there is a risk to carrying cash and keeping it at home.

You really are desperate to justify the lack of a proper cash deposit process for Monzo, aren’t you?

Takmon

d123 wrote: »

You really are desperate to justify the lack of a proper cash deposit process for Monzo, aren’t you?

Have you never had a debate before? I have a point of view, you have an opposing point of view and we both put forward our arguments to support our own point of views.

But yet you seem surprised that i'm doing a good job at supporting my opinion? :rotfl:

But you seem very concerned that just ONE bank is not looking to support cash deposits. I'm not sure why you would find this concerning?. Either it will work well and show that cash deposits aren't necessary for a certain percentage of the population or if cash is as essential as you say then they will fail miserably. But either way i'm not sure why you think its an issue?.

d123

Takmon wrote: »

Have you never had a debate before? I have a point of view, you have an opposing point of view and we both put forward our arguments to support our own point of views.

But yet you seem surprised that i'm doing a good job at supporting my opinion? :rotfl:

You are?

I must have missed that split second when it happened...

Takmon wrote: »

But you seem very concerned that just ONE bank is not looking to support cash deposits. I'm not sure why you would find this concerning?. Either it will work well and show that cash deposits aren't necessary for a certain percentage of the population or if cash is as essential as you say then they will fail miserably. But either way i'm not sure why you think its an issue?.

I’m not at all that concerned, go back and read, you were the only who got all hot and bothered that someone dared to call your beloved Monzo a Mickey Mouse operation that hadn’t lost its prepaid debit card roots.

People just need to realise that fact before drinking the koolaid and thinking that Monzo is a full feature bank account, which it isn’t really.

Takmon

d123 wrote: »

You are?

I must have missed that split second when it happened...

Well i posted facts and figures to show that you were incorrect about cash deposits being essential to the average person. In post #38 you doubted the figures and then stopped replying after i posted more figures in #56.

d123 wrote: »

I’m not at all that concerned, go back and read, you were the only who got all hot and bothered that someone dared to call your beloved Monzo a Mickey Mouse operation that hadn’t lost its prepaid debit card roots.

People just need to realise that fact before drinking the koolaid and thinking that Monzo is a full feature bank account, which it isn’t really.

You the one who seem to think they are "crazy" for promoting a cashless society.

d123 wrote: »

Agreed, it’s crazy how the they want to push the idea that a cashless society is here now.

From you posts you seem very worried that people are not using cash as much as they used to and refuse to accept it isn't as essential as you think.

Your making the accusation that it isn't "a full feature bank account" just because it doesn't accept cash deposits which is incorrect.
I'm sure that not long ago people like you would have believed that not having bank beaches meant they couldn't offer "full feature bank accounts" but the many banks that don't have them have proven that to be incorrect.

This isn't about Monzo specifically and i certainly don't have any allegiance to them (i have many current accounts to get benefits of each one). But if new accounts continue to offer the same services as before then nothing will improve.

I'm sure many people thought cheques were essential when buying goods and it took the banks to phase out cheque guarantee cards and shops to refuse to accept them for it to change.

d123

Takmon wrote: »

Well i posted facts and figures to show that you were incorrect about cash deposits being essential to the average person. In post #38 you doubted the figures and then stopped replying after i posted more figures in #56.



You the one who seem to think they are "crazy" for promoting a cashless society.



From you posts you seem very worried that people are not using cash as much as they used to and refuse to accept it isn't as essential as you think.

Your making the accusation that it isn't "a full feature bank account" just because it doesn't accept cash deposits which is incorrect.
I'm sure that not long ago people like you would have believed that not having bank beaches meant they couldn't offer "full feature bank accounts" but the many banks that don't have them have proven that to be incorrect.

This isn't about Monzo specifically and i certainly don't have any allegiance to them (i have many current accounts to get benefits of each one). But if new accounts continue to offer the same services as before then nothing will improve.

I'm sure many people thought cheques were essential when buying goods and it took the banks to phase out cheque guarantee cards and shops to refuse to accept them for it to change.

The desperation is so strong in this one.

I wonder if Monzo give out rewards to the most fervent Monzomaniac on a monthly or yearly basis...

PS
Cheques are also still alive and well as a payment method, it’s only in retail that their use has disappeared.

You know, you really come over as a bit of a millennial or near millennial in your attitude?

Takmon

d123 wrote: »

The desperation is so strong in this one.

I wonder if Monzo give out rewards to the most fervent Monzomaniac on a monthly or yearly basis...

As the classic sign of someone being wrong online but can't accept it :rotfl:

d123 wrote: »

PS
Cheques are also still alive and well as a payment method, it’s only in retail that their use has disappeared.

A quick google search will show you that the use of Cheques has been declining year on year and only make up a small percentage of all transactions.

Like i said their use has disappeared in retail due people being forced to change. Many people would have thought they were essential just like you think cash is essential but when forced it was shown not to be true.

d123 wrote: »

You know, you really come over as a bit of a millennial or near millennial in your attitude?

You come across as a very aged person who is desperately trying to cling onto the past and will insist to anyone that listens that cheques and cash are still the best payment methods in 2018.

You find yourself in this strange world of technology that you don't really understand and struggle to cope with how the world has changed so much. The fact that people can operate without using cash is very worrying to you.

Don't worry lots of people find change hard but it will work out ok for you in the end :rotfl:

It's also funny how you assume i'm young just because i can see the benefit in these kinds of changes to how we pay for things and move money. But yes i was born in the range defined as millennial so you are correct unless your using it as a derogatory term?