Monzo bank to bring in fees for some cash withdrawals

Socajam

https://www.theguardian.com/money/2020/sep/04/monzo-bank-fees-cash-withdrawals

The digital bank Monzo is to introduce charges for customers who do not use it for everyday banking but make cash withdrawals of more than £250 a month.

From 31 October, the bank will charge customers who take out more than £250 in 30 days a fee of 3% and add a £5 fee for replacement cards.

However, the fees will only apply to those who appear to use Monzo just for spending.

Charges will be waived for anyone who pays in at least £500 every 35 days and has a direct debit set up, gets their student loan paid in every eight months or gets universal credit or a state pension paid into the account.

The typical Monzo customer takes out only £36 a month from cash machines and the company said that based on last year’s usage, 79% of people would not be affected by the changes.

The fees apply to customers in the UK and EEA.

PRAISETHESUN

Already discussed here: https://forums.moneysavingexpert.com/discussion/6186064/monzo-fairer-banking-new-fees-for-the-minority#latest

And here: https://forums.moneysavingexpert.com/discussion/6186215/monzo-to-introduce-new-fees-for-uk-cash-withdrawals-and-card-replacements-mse-news#latest

Socajam

I am sorry I did not see it - it can be deleted
I don't really go through all the forum posts, I only click on the new ones

goldieandblackie

What will they think of next, being charged to take out your own money!

born_again

goldieandblackie said:

What will they think of next, being charged to take out your own money!

It's like the good old days

TheMightySwordfish

That would be Bunq 😂