Lloyds Bank getting rid of paying-in books ?

YoungBusinessman

Most pointless thing ever, paying in books. They are doing away with them.

longforgotten

Well obviously from the replies I am in the minority

I have used paying-in books for maybe 30 years now. I can check back to the paying-in book to see what the banking relates to and why. Maybe sale of shares, birthday pressie, premium bond win etc etc. narrative on the paying-in book. I am afraid I will not be that good to put all the slips in one place.....

If paying-in books are so irrelevant why are they letting businesses have them ? I may not bank often but it is still important to me.

If for some reason HMRC wanted to check into my financial affairs they could just have my paying-in book and know everything.

For all of you who are happily shredding away I wish you well.

JuicyJesus

longforgotten wrote: »

If paying-in books are so irrelevant why are they letting businesses have them ? I may not bank often but it is still important to me.

Because businesses tend to regularly pay in large amounts of mixed denomination cash and cheques, which using a paying-in book makes a lot simpler to keep track of and account for, whereas personal customers don't. Businesses also often have more stringent accounting requirements.

With the usage of cheques overall dropping off precipitously, and most banks now accepting cash deposits with a card swipe rather than bank giro credits (HSBC being the chief exception to the rule), paying-in books for personal customers generally aren't worth the hassle or expense any more.

brightonman123

prob make things quicker to process, less paper mess too? you still get a receipt (if asked for?) they get to track where money money from too, if logged against your card - a money laundering thing?

innovate

You are indeed in the minority. But there is hope: if you must have a paying-in book, how about creating one for yourself? Buy a little notebook in WH Smith and make a note of all your pay-ins...date, amount, cheque number, purpose etc etc. Or you could use a spreadsheet that allows you to do all sorts of fancy tot-ups and /or reports.

You have, btw, not answered the question how a paying-in book helps you with keeping all your banking info together - - - surely you don't only deposit into your account(s)? How would the HMRC "know everything" if they look at your paying-in book? When have the HMRC last asked you for your paying-in book?

longforgotten wrote: »

How are we all going to keep all our banking info together

longforgotten wrote: »

If for some reason HMRC wanted to check into my financial affairs they could just have my paying-in book and know everything.

Gromitt

longforgotten wrote: »

I have used paying-in books for maybe 30 years now. I can check back to the paying-in book to see what the banking relates to and why. Maybe sale of shares, birthday pressie, premium bond win etc etc. narrative on the paying-in book. I am afraid I will not be that good to put all the slips in one place.....

If I want to know why I withdrew £230 last autumn, I just fire up my finance app, type in "230" into the search box and it shows all such transactions, and in the memo field states exactly what it was for. If I want to find every payment I made to a company, I just type there name and up it comes, even graphed if I want to.

Paperwork is so last century, I can understand you keeping for tax reasons in the case you run a company, or keeping receipts for purchased goods, etc.

longforgotten

My paying in book will show :-

a) My bankings in date order
b) List the cheques banked
c) List the names of who the cheque was from and why

If either my husband or myself need to check on when anything was banked the first point of reference is the paying-in book. If a number of cheques are banked in the same transaction looking online is no help.

For those who have a business, and therefore fill in self-assessment forms, HMRC can look into everything including your private bank accounts should they choose to. Paying-in books are just easy to look through.

if you must have a paying-in book, how about creating one for yourself? Buy a little notebook in WH Smith and make a note of all your pay-ins...date, amount, cheque number, purpose etc etc.

Innovate, a cracking idea, thank you. I can make notes on the page and attach any slip the cashier gives me to the page.

Gromit, I'm talking about paying-in not paying out . I admit my cheque book that I'm currently using was printed in July 2012.

longforgotten

You have, btw, not answered the question how a paying-in book helps you with keeping all your banking info together - - - surely you don't only deposit into your account(s)?

Yes, Innovate, everything gets banked in the same bank account and then transferred elsewhere if needed. So All BACS receipts, wages, divis, everything plus any 'paying-in' book bankings to the same place. If I need to check when I received any monies I have just the one bank account to check over. Not banked all over the place

I just find it easier that way.

longforgotten

Anyway, thanks to all.

If I do not get sent another paying-in book I'm going to go with Innovate's great idea of a notebook.

stclair

They still have paying in slips for deposits in my local lloyds branch however they are no longer required for cashier deposits.