Tesco join Monzo in FREEPOST cheques - for now


#1

Email received today regarding In-Store Banking

We want to keep you up to date on any changes to the products or the services we offer.
Industry wide changes are being made to the way that cheques are processed and, as a result, we are changing the cheque deposit service that we currently offer. This means that when you pay a cheque into your Tesco Bank Savings or Current Account the money will be available to spend faster than before. From 24 September 2018, if we receive your cheque on a Business Day, your money will be available to spend before midnight on the next Business Day.
From 24 September 2018, you will no longer be able to deposit cheques in Tesco Stores. You can pay a cheque into your Account by posting it to us using our first class freepost address: Freepost TESCO BANK, 4943. All you need to do is write your Tesco Bank Account Number and Sort Code clearly on the back of the cheque and post this to us.
More information will be provided to users of these services before changes are being made. If you have any questions on these changes, or how they might impact you, please contact us.

So they are going to MONZO’s current method at a time that MONZO seek to move to more modern, digital ways to credit your cheques.


#2

That makes sense to someone somewhere :thinking:

Must have decided the cost to update their stores for faster cheque processing just wasn’t worth it :woman_shrugging:


(Andy Sillwood) #3

Tesco Bank have allowed you to send cheques for quite a while as not every store has banking, but it looks like they’ve shortened the address. The last time I had to post in a cheque to my Tesco account the address had a long string of random letters in it and you had to include a paying in slip.


#4

Seems backwards step to me.


#5

I suppose the demographic who are more likely to use cheques are less likely to own smartphones. Better than just refusing cheques altogether


(Andy Sillwood) #6

I’m using Monzo as my main account now, but if I was sill using my Tesco account it would be better for me. I always post cheques anyway as my local store doesn’t do banking and I wouldn’t have to find my paying in book any more :slight_smile: