Cheques


(Hugh) #38

I also understand Monzo have signed a contract with the PostOffice. I understand at the moment cash withdrawls are working, but hopefully soon you’ll be able to cash in money and cheques over the counter :+1:


#39

Someone posted the other day that PO withdrawals aren’t working…


(Hugh) #40

I know, but I think @tristan or @tom mentioned that they had made an agreement with the PO so obviously that is a start :stuck_out_tongue:


(Abe) #41

Had a reply; the official process is posting the Cheque to - Customer Operations, Monzo, 230 City Road, London. EC1V 2QY. clearing is 5 days and a note with an email address is required.

As an idea; could we not still take a photo to assist in the process (may/ may not speed up). Then when the technology is there for photo processing it would have been apart of the function before? Plus with the photo element, this would tie up who the cheque came from (should they not send an email address) a notification can be send via the chat feature?


Will Monzo offer cheque books?
(Alex Sherwood) #43

I must have missed that :thinking:


(Hugh) #44

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


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…


(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:


(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.


(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!


(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.


(Emma Barrow) #50

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


#51

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


(Tommy Long) #52

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


(Hugh) #53

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


(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.


(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.


(Colin Robinson) #56

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


(Hugh) #57

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


#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