Monzo to introduce new fees for UK cash withdrawals and card replacements
What does Monzo say?
A blog post about the changes posted on the Monzo website says: “Every time someone takes out cash, we pay the companies that run the cash machines. Right now, around 20% of customers make up more than 80% of our cash machine costs. This means that most of our cash withdrawal costs come from a small minority of customers.
“That’s why we’re asking people who take out lots of cash with us, but could do that for free with their other bank, to contribute towards those costs.
“It’s a similar story with card replacements. Most Monzo customers have never ordered a replacement card, but 1% of Monzo customers order more than one card each year, making up 35% of our total card replacement costs.
“If you need to replace your card because you’ve been the victim of fraud, if it’s been stolen, or if it expires we’ll always replace it for free in the UK. But if you need more cards for another reason, we’ll now ask you to cover that cost in some circumstances.”