Many of us may have received a cheque as a Christmas gift. It’s still the done thing with some generations even though banks are moving away from them.
The good news is the likes of First Direct, Lloyds, HSBC and NatWest do have a process. It might seem like a hassle having to visit your nearest branch to cash in that piece of paper. This could mean a long trip for some, while others might find it more convenient.
However, don’t let that cheque go unused. It’s much easier than you think to cash a cheque from the comfort of your own home.
Read more: Warning to anyone with retirement savings
Most banks and building societies now offer customers the option to deposit cheques using their online or mobile banking apps. The process is straightforward and user-friendly; all you need is a flat surface and some light.
It operates similarly to a QR code – simply lay the cheque out as flat as possible and snap a picture when prompted by your banking app. Once you’ve submitted this, your bank will transfer the funds to your current account, often within minutes.
However, each institution sets its own daily limits, so it’s crucial to know how much you can deposit according to your bank’s regulations. Here’s how to avoid the journey and cash your cheque from your sofa instead.
Plus, we’ve detailed the daily limits set by different banks and building societies. Barclays allows customers to pay in up to four cheques per week via the bank’s mobile app.
Each cheque must not exceed £5,000, otherwise, you’ll need t.
If you are a customer of a bank or building society which offers the remote cheque deposit feature on their mobile app, you can follow these steps to cash in your cheque virtually.
First Direct
If you’re a First Direct customer, you can pay in one or more cheques up to £2,000 per day using the bank’s mobile app. To do this, tap the three dots on the account where you’d like to deposit the cheque, then select “Pay in a cheque”.
HSBC
HSBC customers can also pay in one or more cheques up to £2,000 per day via the bank’s mobile app. Simply log in, select “Pay & Transfer”, and then “Deposit a cheque”.
Monzo
Monzo customers can pay in one or more cheques up to £500 per day using the bank’s mobile app. Tap the “Home” icon in the menu to start the process.
NatWest Group
If you’re a NatWest or Royal Bank of Scotland customer, you can pay in one or more cheques up to £5,000 per day using the bank’s mobile app. Each cheque should be no more than £1,000.
Lloyds Banking Group
If you’re a Bank of Scotland, Halifax, or Lloyds Bank customer, you can pay in one or more cheques up to £10,000 per day using the bank’s mobile app.
To do this, sign in to the app, select “More” from your account, and then choose “Deposit cheque”.