To tell you about something life changing for HSBC customers?!

[santababyconvertible]

I paid some cheques in today .... via my phone! No need to trudge into town with angry DC, queue for ages, pay for extortionate parking !

Apparently they will cash overnight rather than the 3 working days of old too!

Barclays were the first! and yes it is life changing!

Whoop ! I have a customer who every week pays me by cheque!

I've done this once with Lloyds through the app. Our rent deposit we got back. It took several days of waiting, calling Lloyds up twice who said it was in progress, to then finally being told to go in branch as it hadn't worked 🙄
So it was a huge waste of time and I'd never use that feature again. Just glad we didn't throw the cheque away when we did it

I am so surprised more people didn't know a out this, its been going for a while now and the cheque clears very quickly. For those of you posting cheques it takes about a week all in, so far better to photo via the app.

I have this on by bank of Scotland app. It is awesome. We have a business account with them too and we get a lot of cheques so it’s very handy indeed, especially as the cheques clear the next working day .

I wish Barclays would hurry up and roll this out.. it's in testing at the moment. I get cheques from my dad for birthdays and hardly ever cash them because it's such a pain!

I'm surprised that many banks still issue cheque books TBH

I used to think that, but I opened a small business earlier in the year and we use loads. I reckon 95% of the cheques used are B2B

Isn't modern life wonderful! I get paid by cheque often enough to keep my business account with Halifax even though I've changed everything else to Nationwide, who definitely need to catch up.

That's the best news I've heard all year! It's life-changing for some as they rely on cheques for wages or benefit payments. I don't have time to be traipsing to my bank to put a cheque in. Nationwide have just stepped their game up with the cheque imaging where it clears within 24 hours. They should make it so you can deposit a cheque when the bank is shut it's a massive PITA. Not a fan of HSBC as they refused my DH his own money when he had all forms of ID, he almost had to sue the idiots just to get it back. But I'll give them this one

OP this is life changing, I just deposited two cheques whilst sitting on the train that would otherwise have been sat in my purse for weeks! Thank you!

tryinganewname Barclays do this already. There's a £500 limit but the money is in your account by midnight the next day.
Much quicker than if you pay in over the counter.

I wish NatWest did this. My mum sends cheques for birthdays or to pay me back for something I’ve ordered online for her - she can’t do anything even remotely technical!

Halifax do this too! Great for the random £2 cheques I get.

Nationwide have just stepped their game up with the cheque imaging where it clears within 24 hours

well, they've managed to get where some were 5 years ago

Good to know, I’ve got a cheque to cash and I keep forgetting to take it in to the bank.

This started in the US about 5 years ago, oddly enough due to the 9/11 attacks.

The US Federal Reserve Bank used to fly checks all over the country for presentation to the bank they were drawn on for payment. That was one source of the delay for funds availability. After 9/11 all flights were grounded for three days so in addition to the disruption of passenger travel, the check clearing system ground to a halt.

The Fed then mandated that all banks move to a system where checks for deposit had to be scanned then routed back to the originating bank electronically. Character recognition technology is used to identify the bank, account number, check number, etc. Once smartphones had adequate cameras the banks starting developing apps that allowed the customer to capture the check image and just added them to the ones the bank was scanning themselves.

I’ve had on Barclays for a while, so good to see I can do it with HSBC as well. I really feel they are the least tech-savvy of the banks - can’t believe I still need to write out a paying-in slip to pay money I’m in branch - everywhere else you just hand over the cash/cheques and your debit card. But then again at my local branch you need to ring a doorbell if you want/need an access ramp to get in...

Do you have to send the original afterwards?

Thank you, that’s brilliant

Character recognition technology is used to identify the bank, account number, check number, etc.

UK banks were doing this in the 70s with magnetic ink ....

Thanks for the info, very useful for DH business accounts, since HSBC closed all local branches, the arrangement with the Post Office was used, but a couple of large cheques were never credited to the account.

You've guessed it, the Bank blame the Post Office and the Post Office blame the Bank.

Ah should have RTFT

UK banks were doing this in the 70s with magnetic ink ....

The MICR technology was developed in the US in the late 1950's and formally adopted in 1963.

www.relyco.com/blog/laser-check-printing/history-of-micr-magnetic-ink-character-recognition/

Reading data from an image of the check using optical character recognition is orders of magnitude more difficult than MICR on a paper document. And even with MICR the physical checks still had to go back to the bank they were drawn on. Now the bank accepting them for deposit just shreds them after scanning.

Do NatWest do this? My sister still insists on sending my DSs a cheque for Christmas. One year I just never got around to paying it in

Reading data from an image of the check using optical character recognition is orders of magnitude more difficult than MICR on a paper document.

One of my lecturers worked on OCR for handwriting for the GPO in the 1960s. In the end they had to introduce quicksort ... (it was a tad numptyish to use numbers and letters in the postcode system ....)