Monzo pay at Post Office

Zinger549

Just had an email to say you can now pay into your account at the Post Office. You can still do it at Paypoints but I know people have had issues doing that.

WillPS

Zinger549 said:

Just had an email to say you can now pay into your account at the Post Office. You can still do it at Paypoints but I know people have had issues doing that.

Uniquely Monzo are charging for Post Office deposits, unless you have a £5/month 'Plus' account when you're allowed 1 a month, or a £15/month 'Premium' account when you're allowed 5. There's also a £300 limit per deposit and a £1000 maximum for every 6 months.

Poor show tbh. This was slightly less offensive with PayPoint, since at least there was a potential convenience factor over and above any other bank.

I note their website has a fairly pathetic explanation:

Most other banks don’t charge for depositing cash, but there are still costs that they absorb in the process and then make up elsewhere. We thought about doing this, but we want to keep cash deposits sustainable.

So much for app based banks being able to offer more due to their fantastically lower cost base...

Zinger549

Some people said when they tired to do at a Paypoint location they had trouble. The shopkeeper/staff didn't know what to do. As other banks offer Post Office payments it should be a bit easier. You can still do It at a Paypoint location if you want.

gsmh

WillPS said:

"Most other banks don’t charge for depositing cash, but there are still costs that they absorb in the process and then make up elsewhere. We thought about doing this, but we want to keep cash deposits sustainable." [from the Monzo website]

Sounds like the excuse Triodos uses to justify its £3 a month account charge. They hope for a 'fair enough' response from the public.

ayvan

Did not work. 20 minutes queue and nothing.