That looks pretty good so far, and optimised for Dark Mode too which is nice to see.
The scheme rules are a bit confusingly worded, but if you pay in before the cut-off time you are supposed to have the cheque cleared by 11:59 pm the next working day, at the latest. I wonder if Monzo will publish FAQs making clear when their cut-off time actually is? I’d like to have the information readily available somewhere in the app, and so far (judging on screenshots, because I don’t have it yet) it doesn’t seem to be included. I understand why they simplify it to “two days” in the feed, etc, but it would be good to have more definitive timescales as well to set expectations correctly. I imagine Monzo have logic for the feed which adjusts the “two days” to account for weekends and bank holidays, so it’s not a huge issue, but still something that you’d ideally have.
Didn’t know this. The confirmation page that appears after you take and submit your photos actually says allow up to 3 working days. I did actually screenshot this page but didn’t post earlier…
Monzo may be passing the images to NatWest, or another third party, to actually process them (which could be adding a day’s delay) or they may just be playing it safe with their wording to avoid unnecessary queries to support about cheques not processing on time, if they miss the scheme deadline slightly?
They’d allow you the funds sooner with the caveat if it bounces they can take it back.
Though the tech these days it’s much quicker.
By midnight next working day according to here.
If you pay a cheque in pounds into your account on a Monday, you will see it in your account the same day. It counts towards any interest and you can use the money on Tuesday by 11:59pm at the latest.
When will the payment be available for you to use?
From 11.59pm on the working day after we receive the cheque, at the latest.
I believe it’s most (maybe even all?) banks, with the possible exception of those that are overly reliant on batch processing.
The rules are that you must process the cheque by 11:59pm, so the process at most banks is that once a decision to pay the cheque is made, the funds are made available. That is often at random times of day, much earlier on than midnight.
It’s just how ICS is dealt with, and not specific to imaging through an app either - if you pay in a cheque at a bank branch, you see similar results. Paper cheque clearing now no longer exists, all cheques are cleared using an image of the cheque.
davidwalton
(Award Winning Hot Coral Analyst)
1478
I saw that too, but did just wonder if the website was slow to update. I wouldn’t be surprised if that were the case. I can’t remember how long Starling took to appear on the list after they launched?
So have I, even though I already have accounts with about 15 other banks that offer this feature (and I now rarely get cheques)!
3 Likes
Anarchist
(Press ‘Help’ search ‘Contact us’ or email help@monzo.com or call 0800 802 1281)
1482
Starling has always been around 0900 on the next working day for me as long as the cheque is imaged before 1700 on a working day (so if it’s after 1700 on a Friday, it’ll be available by 0900 Tuesday).
Cheque has just cleared (around 28 hours after I deposited it). Received an app notification, and below is what the transaction screen now looks like. The photos are still there and I can now change category and add notes/tags.
I suspect that, once Monzo make the official announcement, this thread might be locked as completed as they’ll probably write an announcement blog post and start a new thread linked to the post. So, before they do (and the launch now seems imminent), I’ll leave the full list here for one last time!
Banks supporting cheque imaging in-app include:
£10,000 limit per cheque Lloyds, Bank of Scotland & Halifax
£5,000 limit per cheque Coutts
£2000 limit per cheque HSBC First Direct
£1,000 limit per cheque Barclays NatWest, RBS, Ulster Bank, NatWest International & Isle of Man Bank Virgin Money Starling
Lloyds, Bank of Scotland & Halifax
Nationwide (
