Cheque deposit


#1

At the moment, I can deposit cash at NatWest but cheques have to be posted.

Is it also possible to deposit cheques at NatWest and if not, will this become possible in future?

Also, which bank should I use in Scotland and NI, where NatWest branches are thin on the ground? RBS? Ulster Bank?


Pay in cheques with a photo
Cheque clearing
The Starling Bank roadmap: what's happening in the next 12 months
The Starling Bank roadmap: What's next for 2018?
#2

@sarah.gilbert I’m sure it’s been raised before but what’re the chances of being able to use the post office network for paying in?


#3

Hi, Have you paid a cheque in to their account by sending it to us by post? How did you find the experience? What do you not like about the process in particular?


#4

@sarah.guha yes, I’ve done it twice. It works fine, in the sense that my account is credited with the money.

My questions would be:

  1. having to buy a stamp feels like paying a fee to deposit a cheque. Our charity’s bank, Unity Trust Bank, provides a Freepost address for posting cheques. Why not consider that?

  2. posting the cheque adds 2 days minimum to the clearing time. Why not enable cheques to be paid in at NatWest along with cash?


#5

And I guess there’s always the background concern about what happens if the cheque gets lost in the post.


#6

Waiting for the time when we can take a photo of a cheque with the app, and it gets deposited…


#7

I would prefer to be able to pay cheques and cash into post office if we could.


#8

Only works for Time Lords.


#9

https://www.santanderbank.com/us/pages/personal/mobile-check-deposit

Functionality similar to this would be a game changer. Is this something that could work in the UK, at least on a theoretical level?


#10

Barclays are doing a pilot from October:
http://www.barclays.co.uk/MobileBankingservices/MobileChequeImaging/P1242668620764

Should have all the banks onboard by end of 2018:
https://www.chequeandcredit.co.uk


#11

:dancer::man_dancing::dancing_women::dancing_men::man_cartwheeling::woman_cartwheeling:


#12

Other banks allow you to take a photo of a cheque in their app and that’s how you cash the cheque.


#13

What’s a cheque? :stuck_out_tongue:


#14

Ha very ha. :money_mouth_face:


#15

I’ve never written one :joy:


#16

I’ve received a few recently. :joy::joy::joy::man_dancing::man_dancing::man_dancing:


#17

Hi @sarah.guha I’ve just paid in a cheque by post. Negatives :
I have to pay postage. (not cheap)
Posting adds to the clearance time for two reasons:
First The time it takes for the post to arrive with you and then any delays in you banking the cheque.
Second the credit and cheque each get transmitted simultaneously when paid in at a third party bank which they don’t here adding to the clearance time.
The transaction doesn’t appear on my account until cleared unlike most banks where the credit appears when the cheque is received.
The information provided on cheque receipt is limited in terms of details of when the payment will clear and who the cheque is from.
No information is provided on when the deposit will start earning interest.
Most banks clear for interest before they clear for fate. This approach by Starling is likely to add to the clearance for interest time reducing the potential interest I earn on the deposit.

When the credit is made to the account will there be an image if the cheque attached to the entry and a note field so I can record what the payment related to please?

Hope this helps but the process is very clunky and slower than it was in the 1970’s.
:grinning:


#18

A cheque is a Bill of Exchange drawn on a Banker and payable on demand. :slight_smile:
Bills of Exchange Act 1886 and Cheques Act 1957 are I think the relevant bits of legislation! Don’t ask what a Bill of Exchange is.


#19

@ninepine I can tell you that the answer to your question is no cheque image and no note field.

I also think you’re overplaying the negatives, which are in essence what I described (and you confirmed): paying for the stamp and extended clearing time.

Plus there is also the danger a cheque can get lost in the post, which you haven’t mentioned.


#20

I’ve not paid in a cheque to starling yet, but I can see one big advantage compared to previous banks. Previous legacy banks often required a paying in book for post or post office, and a supply of envelopes. If your not super organized or say visiting family at Christmas paying in needs a branch visit, compared to getting address and instructions in app and posting the cheque.A free post address would be great though