I must have missed that
So did I! Have had confirmation of it through COPs over chat though They are looking at expanding to deposits.
First direct allow you to pay cheques in at a PO - I NEVER do it and always find a HSBC branch or post them (well actually I live round the corner from FD HQ so pop round with them!!)
Reason being, customer experience in POs is generally awful - need to think very carefully who you link your brand with. Large POs are just festivals of queuing, and smaller franchised ones are just a complete and utter lottery. I worked at Royal Mail for a long time before moving into financial services and our link with them after separation was always under debate. Convenience/coverage vs quality…
Thanks the screenshot so to be clear, it looks like there’s no agreement yet but they might be working on it
That is true. However…
I think I’ve said this earlier on so tl;dr: I live about a 2 hour round trip from my actual branch by car. Post Office is a lifeline to be able to pay in cash and cheques - to be honest, I don’t mind waiting to cash in at a PO because the inconvenience of getting to the actual branch is so high. I don’t think my use case is at all unusual.
Disagree There is an agreement - there is a contract to provide banking services at PO counters, at the moment it is just for cash withdrawals, it will expand to deposits soon.
I’d rather Monzo focus on a way of cashing cheques that didn’t require going anywhere at all really… and if I have cash (even though I can readily access branches) I just choose to keep it and use it for things that require cash - window cleaner and the like. It’s a huge huge challenge to consider all our requirements/preferences and build a sustainable model from it!
Agreed! Personally, I think PO works well purely because of the reach.
I think there are regulatory issues with the taking pictures of cheques over here. That is certainly what I remember from previous discussions.
Regulators can change too - they’re just languishing at the bottom of my favourite graph…
I think post office is a great idea and easier to pay in for people.
The way the regulators need to change is to ban cheques…
In places that don’t take card (quite a few) they are a better alternative to cash
Because they’re a paper IOU. There is no digital solution to cheque processing other than getting rid of them. Trying to take a picture of them is the equivalent of trying to pay in cash by taking a photo of it, there’s nothing to stop photo manipulation or reuse.
That is true. Which is why you can’t do it in this country!
Imo, cheques will go soon - once mobile banking improves and contactless becomes even more popular.
Oh that’s good. Although it is a pilot so obviously is a new thing!
That system has been used in the US for a number of years successfully.
And it will be fully implemented by the end of 2018 in the UK
I have used Barclays app to deposit Cheques and seems to works pretty well. It’s a bit limited to what type to Cheques can be deposited but I think Monzo being an App focused bank would want to to bring this type of feaute. Post offices are just rush hour M25.
Cheque and Credit Clearing Company (https://www.chequeandcredit.co.uk/about-us/about-us) is working to introduce new “Image Clearing System” from 30/10/2017. So Monzo could bring when CA is out of Beta.
A couple of years ago the payments council proposed ending cheques by the end of 2018 (http://news.bbc.co.uk/1/hi/business/8414341.stm) but it was cancelled because older people rely on cheques to pay bills apparently. As @Sburley says, alternative ways of using them are on the way, including all banks being able to accept photos of cheques instead of the real thing. I can’t wait. I rarely get cheques but when I do it’s such a hassle. Often they’re for tiny train refunds but last year I got a huge one for a tax refund which was very welcome
To be fair, it’s not just “older people” that use cheques. Most utility companies and insurers will pay refunds by cheque only. Also a cheque can be useful if you want to make a large payment without all the online transfer limits (yes, you have to be careful with the handling of a cheque, but it is good for any value in your account if you are not in a hurry). Then there are some merchants that still don’t take cards or understand the concept of bank transfers.