Paid a visit to Monzo HQ to drop off some cheques yesterday (I was in the area anyway) and seems Monzo take a day longer than other banks to process cheques as I handed them over mid-morning and I’ll apparently have the money on Tuesday. I’m not on about the bank holiday Monday here, I should be able to take the money out on Friday. However, if Monzo process cheques at the end of each day as always “after cut-off”, then it would be Tuesday (or Monday if it wasn’t a holiday).
In all seriousness though, yes, you should add one working day to the normal cheque clearing times. Very generally, what happens is we log them all on our end (so we can make sure that the correct accounts are credited!), batch them all up, and then process them all through our cheque clearing partner in batches.
All in all, it does add about a day to the cycle unfortunately. This will likely get better in the future with cheque imaging though.
This looks like the original thread about cheque imaging. There’s been a lot of discussion about it over the last week. I’d be interested to see whether desire for the feature is widespread, or limited to just a handful of community members. It’s in the #feedback category, so ‘vote’ for it if you’re so inclined!
Could someone from Coral team please split the ‘Making Monzo: Cheque Imaging’ thread and migrate it here so it gains enough attention please. Ideally all the responses ever since Monzo announced it’s laid dormant in the road map.
Cheque Imaging isnt all its cracked up to be… Yes its convenient but not always “fast”
I deposited a cheque in my Bank of Scotland app today, its showing it will clear on Wednesday… so even bank holidays appear to have an influence over this technology
The imaging just speeds up getting it from one bank to another, it still has some manual processing by a human to do (verifying amount, signature, etc).
To be fair it’s the combination that makes it a good service. Cheque imaging is fast and convenient for cheques up to £500. But having the options of your bank, post office, ATM, or app is what makes these types of services easy to use and accessible to everyone.
Personally that’s why I complain about it not being here, it puts Monzo as a specific disadvantage, and one they seem to be happy to repeat.
I note The Times are also suggesting that the banking industry may be introducing a 1.25p fee on electronic transactions in the future in an article about TSB’s plans to compensate fraud users which I imagine could alter customer behaviour/increase cheque usage again.
Moreover, the voluntary code, to come into effect from May 28, is likely to be funded by all bank customers and is only guaranteed for a year. One option for funding the scheme is to levy a charge of 1.25p on all online bank transactions. Only Nationwide and Lloyds have said they will not pass on the cost to customers.
You may find the cheque clear sooner than the LBG app suggests, typically my cheque submissions always clear the next day. I have been totally impressed with my digital cheque clearance experience.
Don’t forget though if you submitted post Good Friday Wednesday is probably a reasonable day to clear…
I love cheque image clearing. Considering it may be a bunch of APIs it’s a shame Monzo can’t weave these into their service.
My idea is to change the way that cheques are cashed in with Monzo, my idea is to use a similar system to TSB, where you can scan the cheque and the money is entered into your account.
I feel that this is a great way to use cheques, and would fit into the app great.
plus i needed to get back to Rochester where my car was and get driving back to Crewe. Maybe next time 
Ideally all the responses ever since Monzo announced it’s laid dormant in the road map.