The company says new fees will only affect a minority of customers
According to Monzo official website, starting from 31st October 2020 it’s introducing new fees for taking out cash and getting replacement cards.
Namely, a 3% fee will occur if a client withdraws more than £250 cash in 30 days in the UK and European Economic Area (EEA). For card replacements in the UK, the fee will be £5. It won’t apply in case a client is the victim of fraud, their card is stolen or expired.
The company claims that based on how people used Monzo last year, 79% of people won’t be affected by these changes. Monzo revealed that the average customer only withdraws £36 a month, 90% of people have never ordered a replacement card, and 99% have never ordered more than two. Moreover, both new fees don’t apply to Monzo Plus users.