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Lloyd's bank image cheque clearing

Punmanuk
Punmanuk Posts: 179 Forumite
in Budgeting & bank accounts
If I get a take a photo of the front and back of a cheque on the Lloyd's app..does it literally clear the next day?
Lets say I do it on Monday..
«13

Comments

  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    Their website says this.


    How the Cheque Imaging process will work

    If you pay a sterling cheque into your account on a Monday, you will see it in your account the same day. It counts towards any interest and you can use the money on Tuesday by 11:59pm at the latest.
  • Westie983
    Westie983 Posts: 5,215 Ambassador
    Tenth Anniversary 1,000 Posts I've been Money Tipped! Name Dropper
    Punmanuk wrote: »
    If I get a take a photo of the front and back of a cheque on the Lloyd's app..does it literally clear the next day?
    Lets say I do it on Monday..

    Yes thats right, there is a limit to the value of the cheque that you can pay in via this service - I believe its £500, with a maximum daily deposit of £1000.00

    Mobile Cheque Banking

    Westie983
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
  • Ballard
    Ballard Posts: 2,959 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    I used this service for the first time last week. I paid a cheque in around midnight on Monday (effectively Tuesday) and the funds had cleared on Wednesday.
  • Punmanuk
    Punmanuk Posts: 179 Forumite
    Ballard, did you have to wait till 11:59 wed night or was funds cleared wed during the day?
  • Ballard
    Ballard Posts: 2,959 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    Punmanuk wrote: »
    Ballard, did you have to wait till 11:59 wed night or was funds cleared wed during the day?

    I logged on during the day on and it was showing as cleared. I am pretty sure that I was at work so it would have been before about 5pm. Sorry but I’m really busy at work so can’t be more precise. I do recall being slightly surprised that it had cleared.

    It might depend on the drawers bank I suppose. The cheque I paid in was drawn on Santander.
  • Armorica
    Armorica Posts: 869 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    The industry is currently running paper and imaging clearing on two different clearing cycles. Within a few months, all cheques should clear by the end of the next working day.

    At the moment, it'll be next day if you submit via mobile/image. And it'll vary if a traditional paper deposit over the interim period.
  • radoslaff
    radoslaff Posts: 170 Forumite
    Seventh Anniversary 100 Posts
    I sent the image of my cheque yesterday about noon and the funds are cleared now. So Lloyds app's working the way it should. Cheers.
    The journey of a thousand miles begins with one step.
  • AndyPK
    AndyPK Posts: 4,296 Forumite
    Part of the Furniture 1,000 Posts
    do you email the image ?

    or use the app ?
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    AndyPK wrote: »
    do you email the image ?

    or use the app ?

    Use the app.
  • Dobbibill
    Dobbibill Posts: 4,175 Ambassador
    Tenth Anniversary 1,000 Posts Mortgage-free Glee! Name Dropper
    I did this last Sunday, the App said it would be cleared by Wednesday but it was actually cleared Tuesday PM.
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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