Depositing Cash & Cheques

When was the last time you actually recieved a cheque?

Mine was early part of this year when I won a prize in the Sports and Social Club monthly draw. Luck rather than judgement.

On average I probably recieve one cheque per annum.

Unfortunately not. The physical cheque is always required (to prevent fraud).
Additionally, Monzo can’t do anything with cheques - at the moment it all goes through a third party.

I received 7 from a share dealing company last week. Before that, a utilities refund 2 weeks earlier. It happens, no matter how much I wish it wouldn’t.

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Wow! I feel sorry for you. Don’t people know this is the 21st century? :hushed:

That’s partly what this change is all about: https://www.chequeandcredit.co.uk/information-hub/faqs/cheque-imaging

The law has changed so the physical cheque is no longer required - https://www.parliament.uk/documents/impact-assessments/IA14-20G.pdf

It will be interesting to see if the large businesses that annoy us with cheques now cease to do so… I strongly suspect they only do it to delay the payment of the money as long as possible. With them clearing in a day or faster that incentive is removed (as far as I can tell there’s nothing actually stopping a cheque clearing as fast as a faster payment, other than the implementation).

Tell the US government… Tax refunds are annoyingly slow USD cheques every damn time !!

They’ll still get the benefit of sending cheques in the post - think how much money these large organisations earn in deposit interest when the funds should already be in our accounts.

I paid in a cheque today.

DVLA refund for road tax after a car sale. They’ll quite happily take it by direct debit but seemingly can’t work out how to pay it back in any non-physical manner.

(They did at least have the good grace to cancel the direct debit at the same time.)

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I pay monthly. No need to renew every year. When you notify DVLA that the car is sold they stop taken further DD payments so no refund to process.

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Update to the B (Yorkshire Bank) app today…

Screenshot_20171115-115519

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I used the update in the B app (on iOS) some three days ago and the money from the cheque is credited in my account within two days. The cheque is sitting on the mantelpiece downstairs still.

Barclays have also launched in-app cheque deposit for other banks but only for the users who are in their test group at the moment.

They are restricting users to no more than 4 cheques every 7 days. Not normally an issue but if you get a few for your Christmas and New Years presents you may need to pay some in thru the app and the rest over the counter at a branch.

And they reject many cheques. They say “only a small number of cheques will clear faster through the new image system.”

They also have limit of up to £500

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I paid a cheque into my new Halifax account yesterday, in a branch. It had cleared by the end of the day… Was quite surprising

It should start increasingly happening as cheque imaging becomes more widespread within the banks. The goal is for every cheque to clear in under 24 hours.

Follow Barclays…
https://www.barclays.co.uk/ways-to-bank/mobile-banking-services/mobile-cheque-imaging/

I had the same with my FD/HSBC branch deposit on Wednesday. I’m not complaining either (except about the fact that I actually had to go there).

The small print with Barclays is that firstly it has to be a Barclays-issued cheque, and secondly it isn’t available to all customers, you have to opt in to the pilot programme by emailing them and requesting access.

Close, but still so far.

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With the closure of the preview accounts, this no longer has any real relevance. The ongoing chat in this area is happening here: