Cheque Imaging 📱

Likely an issue with saved responses used by CoPs vs them not knowing.

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What’s the difference from the customer’s perspective?

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I agree, it’s not good.

The SR needs updating for sure.

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:wave: Hi Everyone,

I’m Catherine, a Product Manager on the Payments Experience squad. We’re a relatively new squad that’s focused on delivering key payment features and making existing experiences more magical :magic_wand: for all Monzo customers.

Our first product launch is depositing cheques using the Monzo app! We know this has been a long awaited product, going back to 2016 :exploding_head:.

While the use of cheques have declined in the UK each year, cheque volumes have increased at Monzo as we continue to grow. We know how important it is to offer customers a digital solution to deposit cheques and we know our experience lagged behind other banks. We’re super excited to finally start getting this into our customers’ hands!

As you’ve noticed, we started to roll out the feature last week to a small group of Monzo customers. We plan to roll out slowly, to address feedback before a full customer launch. Integrating with legacy systems (like cheques) often results in some interesting challenges!

A few practical things about depositing your cheques in-app:

  • You can submit cheques up to £500 into your Personal, Joint or Business account
  • You can deposit up to 4 cheques per day
  • You’ll receive the funds within 3 business days

We will look to increase the limits following the customer launch.

Thank you for the feedback so far! :pray: We’ll continue to check the thread.

Let me know if you have any questions and I will try my best to answer them :smile:

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Awesome!

What sort of increases to the limits can we expect to see?

What’s the latest on the post office stuff?

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Hello @catherine_berda and welcome to the Community! :wave:

While it’s great to hear from you, and especially good news that you will be looking to increase the limits over time, it’s frustrating for users that you are rolling this out gradually (although understandable). Would you consider introducing a Monzo Labs toggle in addition to the gradual rollout?

Out of interest, can you share whether or not Monzo is becoming a direct ICS scheme participant and, a related question, will cheques clear just as quickly as other banks?

Thanks in advance and thanks for keeping the community up to date!

Edit: I see @N26throwaway got in before me with much the same question. Snap!

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This is awesome to see and I hope to get added to the trial soon as I regularly get cheques as payment for refereeing football and am currently scanning them into another current account then transferring the money when it clears.

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Missed opportunity for ‘cheque the thread’

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Hi @SebH
Thanks for the feedback! We are not considering adding cheques to Monzo Labs at this time. However, we are rolling out to more customers each week. We will let you know once it’s available for all customers!

We are following the ICS scheme rules to deposit funds into a customer’s account. It can take up 3 business days to receive the money from a cheque depending on cut off times, holidays and weekends.

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Good afternoon @catherine_berda, thanks for the reply.

Does that mean that the ICS quoted “normally by 11:59pm, the day after the cheque was deposited, subject to cut-off time” is what you are actually going by, and the reference to “three business days” is just a simplification?

Also, what is the cut-off time at Monzo?

Thanks!

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Hi @catherine_berda, thanks to you and the rest of the team for building this.

I’m lucky enough to have access on iOS already. Unfortunately my first cheque deposit was declined as the name on the cheque doesn’t match my legal name — however it does match my “preferred name” which has been accepted by other banks in the past. Hopefully it’s just one of the early teething problems to get ironed out during testing :crossed_fingers:

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But holidays and weekends aren’t business days. So that leaves cut off times.

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I suspect it’s cut-off times, built-in buffer time just in case Monzo don’t meet normal timescales, and possibly an extra day of delay due to agency banking arrangements - if NatWest, for example, might actually be doing the processing on Monzo’s behalf?

To put it bluntly, I would want to know if my cheque is likely to clear quicker with other banks (all my other banks meet the next business day by 11:59pm timescale) because, if it is, I’d use another bank instead.

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Hi Catherine,

Individual cheque limit as you’ve mentioned is £500. Does the 4x cheque criteria allow 4 cheques of up to £500 each to be deposited per day please (I.e. daily limit 2000, individual cheque limit 500) or 4 cheques of up to total value £500 to be deposited per day (i.e. daily limit 500, individual cheque limit 500)?

Thank you

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Hi @peacefulwave

You can deposit 4 cheques per day, each cheque up to £500. (i.e. the individual cheque limit £500 and the daily limit £2000).

Thank you

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Thanks for confirming Catherine :slight_smile:

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I finally have access to paying in cheques via app.

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Hope this will come my way very very soon as I just got a premium bond win cheque for £100 if someone monzo side could flag me up :wink:

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Congratulations on the win.

:clap:

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Congrats! I didn’t know they still issued cheques, my winnings have always just been returned to my bank as a transfer :smile:

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