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Snap That Cheque

Community Veteran
Posts: 18,545
Thanks: 191
Registered: 12-08-2007

Snap That Cheque

We discussed this some months ago but it looks like the banks are going to introduce it.
Instead of going to the bank to pay in a cheque it will soon be possible to send a picture of the cheque to your bank using a special application.
Cheque Mate
This has been done in the US for a long time and has presented no problems.
Seems a good idea and one more reason for not having to go into a bank branch.
27 REPLIES
DaveyH
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Re: Snap That Cheque

Quote from: artmo

Seems a good idea and one more reason for not having to go into a bank branch.

It amazes me cheques still persist.
Haven't had a cheque book for at least 5 years, and can't remember the last time i received one
Community Veteran
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Registered: 01-08-2007

Re: Snap That Cheque

Seriously I think thats a great idea! No more unwanted trips to the bank to pay stuff in - brilliant!
On a serious note though, what happens to the cashiers who will then become redundant as more of their functions go online? - We'll see an increase in wealthy bankers / managers while everyone else suffers for it.
I need a new signature... i'm bored of the old one!
VileReynard
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Re: Snap That Cheque

No need to invest in costly counterfeiting of fivers!
Just send multiple pictures of a cheque someone gives you.

RichAllen
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Registered: 14-09-2013

Re: Snap That Cheque

Like anything it's open to abuse IMO.
Community Veteran
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Registered: 15-06-2007

Re: Snap That Cheque

Quote from: vilefoxdemonofdoom
No need to invest in costly counterfeiting of fivers!
Just send multiple pictures of a cheque someone gives you.
My thoughts exactly
As an aside we deposit on average 1 cheque per week from my better half's sale of paintings - fortunately we just drop them into the local post office when buying the locally produced free range eggs
RichAllen
Grafter
Posts: 805
Registered: 14-09-2013

Re: Snap That Cheque

Before I discovered the joys of Paypal, I always used to pay for eBay purchases by cheque, trouble is 9 times out of 10 the damn thing would get lost in the post!
Community Veteran
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Registered: 12-08-2007

Re: Snap That Cheque

In the US there has been no increase in fraud since they introduced this. On the BBC this morning they said the banks felt the system was safe.  I can't imagine the banks would be introducing it if they had not checked out the fraud issue.
Community Veteran
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Re: Snap That Cheque

Quote from: artmo
In the US there has been no increase in fraud since they introduced this.

Yeah but the trouble is that the USA isn't quite like the UK. Here everyone is squeezed and many people are desperate. Desperate people become inventive about ways of surviving. Look at the MPs who abused the expensis system for a start!
I must say I honestly do like this idea - a lot as it would make life so much easier however I can't help but think it must have some serious flaws.
I need a new signature... i'm bored of the old one!
Community Veteran
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Registered: 12-08-2007

Re: Snap That Cheque

The US has had its problems just like the UK, albeit they are a little ahead of us in getting through it.
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Quote from: 7up
I must say I honestly do like this idea - a lot as it would make life so much easier however I can't help but think it must have some serious flaws.

People said that when contactless payments became more widely used but there has been no evidence to support that worry.
VileReynard
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Re: Snap That Cheque

USA doesn't have a centralised banking network - each cheque has to be cleared with a relatively local bank.

RPMozley
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Re: Snap That Cheque

None of this really fixes how long it takes to clear a cheque. In fact the banks don't want to fix this as they use the time between money coming out of one account and arriving in the other, to use that money in risky stock market transactions hoping they'll 'win' it back before the time and a lot more. When you think about it, that's a lot of liquid assets floating around with all the cheques being processed each day by the big banks.
Community Veteran
Posts: 18,545
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Registered: 12-08-2007

Re: Snap That Cheque

Quote from: vilefoxdemonofdoom
USA doesn't have a centralised banking network - each cheque has to be cleared with a relatively local bank.

Really. My bank is BankAmerica and they are the largest retail bank in the world.
Community Veteran
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Registered: 12-08-2007

Re: Snap That Cheque

@RPMozley, i can't really comment on how long it takes to clear cheques but with Lloyds if a personal cheque is paid into your account you can draw on it the same day. There is a limit but I'm not sure how much.
Also if you transfer money from your account to another via online banking this is now instant.  It used to take 3 days.
nadger
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Re: Snap That Cheque

Can't remember last time I received a cheque.
Wrote one yesterday to our community management company.
It's 7th cheque I've used in a Midland Bank cheque book printed in March 1998. Obviously still valid as sort code and account number didn't chance when it became HSBC.