Aaah I’m with you, i never knew about that.
Does anyone know anyone who works for Monzo, how is staffing and are they running strong internally or are they really struggling with this year like most businesses?
Edit: Added Quote
I know quite a few people that work there. But staffing isn’t a problem for most businesses right now, there’s no shortage of talented people wanting to work. Revenue is the problem for most businesses now, Monzo is the same.
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Yeah, I wasn’t aiming that comment at staffing so my bad for the wording. I meant profit wise are Monzo struggling. I’m sure there’s hundreds of people ready to take up jobs 
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Whilst neither bank will allow you to write a cheque, you rarely get much choice in whether or not you receive one. It would be nice to have an account that allowed you to deal with them swiftly, without needing a second account…
Preferably not as paid-for DLC either.
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Ahh okay. I mean, we know what we know from their last annual report, yes they are clearly struggling. They lost £115 mil last year, that’s not sustainable for a business of this size! (despite the valuations, it’s still quite a small company in terms of revenue).
Beyond what’s public information I don’t know much more, apart from having seen the occasional feature they are working on. If they spoke about the overall business position, beyond whats public, that’d probably put their jobs at risk.
This has also probably gone beyond cheque imaging so I will 
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Yeah, going back on topic I’m sure they will be working on something along the roadmap. It would be nice to add it to the “Add Money” section too 
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I admire your naive optimism
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Why thank you. Keeping the dream alive 
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I got a cheque today from insurance company for a partial months refund as the policy wasn’t needed anymore, I thought given I pay by direct debit they’d just refund it direct to my bank account but nope not of paper in post today.
I’m assuming it’s cheaper for companies to still send out cheques rather than do a direct payment or they’re just stuck in the old ways 🤦
I’ve just deposited it with a competitor’s app as not worth posting it in.
That’s just the 3rd cheque I’ve had this year, 2 were birthday ones so I’m not exactly using the function on a regular basis but it’s great to have when needed.
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This is one of the reasons why cheques won’t die.
The companies hope that you forget to cash it (or can’t be bothered) so they get to keep the money!
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I’m not sure about that because it will sit on their balance sheet for six years as a liability, and you could claim it at any time in that six years which isn’t great for their cash flow.
I think they are just stuck in old ways of doing things.
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Agree. They have a method that works for them, so why change it?
That’s a rhetorical question btw.
Large firms rarely evaluate processes unless they really need to. So unless they need to cut costs or renew a contract it will just continue.
I imagine it will be the expense of switching away from cheques that put them off. The system, staff training and internal processes will all add up. They’d recoup this overtime but then we loop back to what I said in my first paragraph.
GiffGaff sent me a cheque for 1p. Twice! I’m not sure if it was because I didn’t cash it or they owed me more. But what a huge waste of time and money.
That’s true - but the alternative is that they definitely have to pay it, if they have a bank transfer process, so a chance to keep the money may be better than none at all.
Plus, I suspect a significant amount of money isn’t claimed, even after the 6 years.
I’m not saying it’s the only factor, but it is certainly a factor in why businesses like to give cheques to people.
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I was scratching my head about those mobile cashback sites which still largely pay by cheque.
I came to the conclusion that the only reasons it isn’t automatic cashback could be a) liquidity - even if it’s a liability on their balance sheet they still have the cash for longer; b) the longer term upside that not all the cheques will be banked; c) corporate inertia.
Any other business reasons I’ve not thought of?
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The other thing, that I forgot to mention, is that although @breville_monkey is right about the liability aspect being 6 years, most banks will refuse to cash a cheque which is more than 6 months old.
So, for practical purposes, you can probably “write off” the possibility of the customer cashing the cheque past then - and although they would have the right to pursue you for up to 5.5 years after that, they would probably be unlikely to?
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They still have to keep it open on their balance sheets as a liability though, which isn’t good for them. Which is why if you don’t cash one most businesses will keep sending you letters about it and trying to get you to cash it.
So the cashback firms don’t need to collect and store customers bank account details for an extended period - only to pass the direct debit details to the network.