I’m not sure if this has been asked anywhere before (I’ve done a quick search and couldn’t find the question). Will Monzo offer cheque books?
I know this is likely to cause some uproar as cheques are seen very un-Monzo-ish and not particularly ‘new bank’ however cheques are needed very occasionally.
For example, I’ve had to pay the DVLA by cheque, and I prefer to pay my driving instructor by cheque too simply because I don’t like carrying the cash for block lessons with me.
I know if I wanted a cheque now and I didn’t have a cheque book, I could go to a branch and get a one-off cheque but I’d be charged for this (from working there, I recall Barclays charge £15 for one). Plus obviously going to a branch won’t be possibly with Monzo.
So I’d love to know if Monzo plan on offering them (especially as one-day cheque clearing is coming this year).
On a sensible note I really doubt Monzo are going to start offering cheques simply for the fact that traditional banks are aggressively trying to force their users to stop using them, as you’ve mentioned with the Barclays situation.
No plans for cheque books I’m afraid Daniel! In the short term when it comes to processing cheques the plan is that you would post them to us and we would pop them into the payment clearing system- the fact that 1 day processing is soon to become reality will definitely help us speed the whole process up
Always amused to see cheques discussed. When my former partner came to the UK and was given a chequebook they said…what is that…I explained and they said…oh yes, I saw one of those in a banking museum once
Whilst not used often they are used to pay some tradespeople e.g. plumbers etc who might not have card reader facilties. Also to send a payment by mail if necessary and using electronic means is not an option. Many large companies still issue cheques for various reasons and as mentioned one day clearing will be available.
You will be able to deposit cheques into your Monzo account (initially the plan is that you would post them to Monzo HQ for processing) but in terms of issuing our own cheque books, we don’t have any plans for this right now.
I’m treasurer for a small charity. Our high-street bank doesn’t support two signatory authorisation for online banking transactions so we still use a chequebook. It does drive me a little nuts the amount of paperwork involved in this day & age.
I would be terrified to have a cheque book in this day and age. Someone just needs to squiggle your name on it and they have access to an unlimited amount of money from your account.
It’s so annoying when a business or the inland revenue or your gran chooses Cheque as the method of payment. If banks didn’t support them it wouldn’t be a problem, you could just tell the payer that you can’t take that method of payment please could they send a valid one. But because they are supported by your bank you shrug it off and go to the branch or post office to indulge the payer’s laziness / nostalgia!
Would be awesome if monzo said they’re not going to support cheques because they’re a 21st century bank
You tell the Inland Revenue you want bank payments and give them your sort code and account number and they pay you direct. I haven’t had a cheque from them for years they always pay electronically and quicker that way too
