⏰ Cheque imaging

(Alex Sherwood) #43

I must have missed that :thinking:

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(Hugh) #44

So did I! Have had confirmation of it through COPs over chat though :+1: They are looking at expanding to deposits.

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Withdraw Limits - Current Account
(Emma Barrow) #45

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…

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(Alex Sherwood) #46

Thanks the screenshot :raised_hands: so to be clear, it looks like there’s no agreement yet but they might be working on it :+1:

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(Hugh) #47

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 :wink: 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.

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(Emma Barrow) #48

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!

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(Hugh) #49

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.

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(Emma Barrow) #50

Regulators can change too - they’re just languishing at the bottom of my favourite graph… :wink:

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#51

I think post office is a great idea and easier to pay in for people.

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(Tommy Long) #52

The way the regulators need to change is to ban cheques…

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(Hugh) #53

Why?
In places that don’t take card (quite a few) they are a better alternative to cash

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(Tommy Long) #54

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.

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(Hugh) #55

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.

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(Colin Robinson) #56

http://www.barclays.co.uk/ways-to-bank/mobile-banking-services/mobile-cheque-imaging/

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(Hugh) #57

Oh that’s good. Although it is a pilot so obviously is a new thing!

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#58

Strange?

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

https://www.paymentsuk.org.uk/projects/cheque-imaging

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#59

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.

https://www.chequeandcredit.co.uk/sites/default/files/cccc_cheque_imaging_corporate_fact_sheet_22032017.pdf

https://www.chequeandcredit.co.uk/sites/default/files/cheque_imaging_explained_15032017.pdf

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(Caspar) #60

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 :tada:

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#61

£350M…

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#62

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.

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