They’ve got long-term plans to address this.
I’ve merged the two threads. It’s slightly cleaner that way
So are the Monzo plans limited to just cheques?
Other banks apps will clear items such as postal orders, sterling travellers’ cheques, bankers’ drafts, dividend cheques, government payable orders and warrants, as well as regular cheques!
Yes really. It is an option under the Image Clearing System (ICS).
Foreign currency denominated payment instruments (including EUR denominated UK cheques on British bank branches Euro accounts - sometimes used by larger firms) are not possible to clear thru the scheme, so presumably will require the existing manual processing to remain in place.
They haven’t said but as they all seem to be processed by the cheque and credit clearing company I would assume so
Isn’t Monzo setting themselves up as a clearing bank or am I imagining things?
No I don’t think they are, so they will still have to make an arrangement with a UK clearing bank.
I think it will be a great idea If monzo introduce image cheque clearance in the app like other banks do… basically clears next working day…
It’s on the roadmap, so keep your eyes peeled in the future
You might wanna check this thread and blog post there.
Thanks @SC95 forgot this thread existed.
I’ve moved our posts to that thread to keep it all in one place
No worries. You’re doing great BTW.
Will it work for tax refund cheques?
I had one Earlier this year and the Halifax imaging system required that I took it into a branch
I had a Charges refund sent by cheque, and the B app did the same just wouldnt accept it, mine was from the Halifax for PPI and when i went in branch they said certain types of cheques just dont work at all, such as HMRC and bank charge refunds…
Barclays bank has a facility in their app whereby you can take a clear photo of a cheque and the bank clears it, depositing the funds into your account nearly instantly. Why does Monzo not have this brilliant function available? We really should not have to spend money sending a cheque to Monzo…
"We really should not have to spend money sending a cheque to Monzo… "
its a freepost address to deposit cheques to Monzo
but its on the radar you might like to read this thread