Do you care that local bank branches are closing?

[pquinn]

s111dpc said:

FiF said:

Although must say, paying in cheques, the ATM appeared to take a photo of each cheque, that was quicker than normal. So might investigate an app, not Lloyds btw. What do you do with the physical cheques? I always thought the system was that the cheque was returned to the issuing bank for clearance. Do they now clear the photo?

You just mark the back of the cheque as deposited and then file it. The days of sending the cheque back to the issuing bank are long gone.

Cheque and Credit Clearing Company who run all this stuff introduced the new process a while back, the banks just integrated it.

There are other details around how the funds clear that changed at the same time as compromises to get it all to work.


I like to use the branches for big stuff where I don't want any mistakes - online or phone works to a point but it isn't anywhere near comprehensive or perfect.

[okgo]

"I like to use the branches for big stuff where I don't want any mistakes - online or phone works to a point but it isn't anywhere near comprehensive or perfect"

It really is much better, more comprehensive and is perfect, assuming you can use a computer, it halves the potential human error, and will confirm with you that you've got the account details correct before it allows you to pay them. What on earth makes you think otherwise? And how do you think the financial world operates each day with sums far larger than any one human is ever going to need to transfer...

[anonymous-user]

My opinion is pretty much this:

thebraketester said:

I don’t care too much. A cashless society would suit me and most people just fine.

I find cash and 'bank counter' transactions a pain in the backside. I almost never need a physical bank, and have found this push towards a cashless society to be useful and more convenient in all sorts of ways.

I almost never have any cash on me, or in the house anymore, and this suits me fine. Pay for everything using my phone or cards. I find internet banking apps and analytics to be excellent now.

But... tradesmen have caused me the biggest 'cash related' pain in the arse recently. I'm in the final stages of building a new house, and several of my main tradesmen have insisted on cash, for pretty chunky amounts, and it has resulted in numerous torturous trips to the bank, during their very limited counter opening hours, to get the money out.

In some ways I wish the whole 'cashless society' thing would speed up so that the tax dodgers would be forced to pay their fair share like the rest of us.

[The Leaper]

The Leaper said:

Several times each year I get a USA $ denominated cheque to pay into my UK account. These need to be countersigned on the back by me before presentation to the bank and they can only be deposited with a special foreign currency form completed in triplicate. Last time I went to the bank to deal with the latest cheque I asked the obvious question and was told "No, you have to come to the branch for us to start the processing, you cannot do this via an app." So I cannot avoid going to the bank who are closing all branches near me.

And the payor does not offer a bank transfer service for international transactions.

I think I am stuck with visiting a branch, wherever they may be, of my bank for some time to come!

R.

Re this post of mine earlier, I have been to the bank today with a US$ cheque for payment into my UK£ account and the bank confirmed that the only way I can deposit the cheques are in person at a branch of my bank. I cannot go to a different and closer bank to do this. So much for progress!

R.

[thebraketester]

The Leaper said:

The Leaper said:

Several times each year I get a USA $ denominated cheque to pay into my UK account. These need to be countersigned on the back by me before presentation to the bank and they can only be deposited with a special foreign currency form completed in triplicate. Last time I went to the bank to deal with the latest cheque I asked the obvious question and was told "No, you have to come to the branch for us to start the processing, you cannot do this via an app." So I cannot avoid going to the bank who are closing all branches near me.

And the payor does not offer a bank transfer service for international transactions.

I think I am stuck with visiting a branch, wherever they may be, of my bank for some time to come!

R.

Re this post of mine earlier, I have been to the bank today with a US$ cheque for payment into my UK£ account and the bank confirmed that the only way I can deposit the cheques are in person at a branch of my bank. I cannot go to a different and closer bank to do this. So much for progress!

R.

Progress is people stopped using cheques 20 years ago.

[romeogolf]

I banked with First Direct for several years and now have a Monzo account. If I ever end up with cash (usually as a birthday gift from family) I can pay it in at pretty much any corner shop for a £1 fee.

Cashless, and online, banking is the future in the same way as mobile phones are outpacing landlines and electric vehicles will replace the combustion engine. What's more important is how we make the transition than stopping it altogether.

[anonymous-user]

thebraketester said:

Progress is people stopped using cheques 20 years ago.

Apparently, no one told the USA.

It is only in the last few years that they have started to abandon cheques and invest in chip/pin and contactless.

For a first world nation, they lag behind in many areas such as this.

[The Leaper]

thebraketester said:

The Leaper said:

The Leaper said:

Several times each year I get a USA $ denominated cheque to pay into my UK account. These need to be countersigned on the back by me before presentation to the bank and they can only be deposited with a special foreign currency form completed in triplicate. Last time I went to the bank to deal with the latest cheque I asked the obvious question and was told "No, you have to come to the branch for us to start the processing, you cannot do this via an app." So I cannot avoid going to the bank who are closing all branches near me.

And the payor does not offer a bank transfer service for international transactions.

I think I am stuck with visiting a branch, wherever they may be, of my bank for some time to come!

R.

Re this post of mine earlier, I have been to the bank today with a US$ cheque for payment into my UK£ account and the bank confirmed that the only way I can deposit the cheques are in person at a branch of my bank. I cannot go to a different and closer bank to do this. So much for progress!

R.

Progress is people stopped using cheques 20 years ago.

Which is what I want to do, but the payor will not agree to bank electronic transfers in my case so I'm stuck with cheques for the time being.

R.

[FiF]

Any comment from the folks saying cashless is fine with them about World Pay fiasco with Brighton pier. Yes they will return of the money removed because of the glitch, but it will take a few days to restore funds to those who have had accounts emptied and worse. Then there's the issue of all the knock on charges and aggro for people where other payments have been refused as a result.

[anonymous-user]

FiF said:

Any comment from the folks saying cashless is fine with them about World Pay fiasco with Brighton pier. Yes they will return of the money removed because of the glitch, but it will take a few days to restore funds to those who have had accounts emptied and worse. Then there's the issue of all the knock on charges and aggro for people where other payments have been refused as a result.

Mistakes happen irrespective of what payment method is used.

We live in a country where we have the option to pay using cash or card, and the majority choose card/electronic for their daily purchases because it is more convenient.

Errors like you mention are unlikely to put many people off using their cards, because the pros outweigh the cons.

My dad used to own a high street business, and he said that there were far more losses, and more errors, when they were almost 100% cash and cheques, than in the latter years when they were nearly 100% cards.

With cash there were problems with fake notes, incorrect change being given, miscounting of the money, thinking a customer had given a £20 instead of a £10, all that sort of thing. Plus the associated costs, time and hassle of counting up, bagging and banking the cash, and the costs if actually paying cash in.

Cards were on the whole, more accurate and less hassle as a payment method.

[Patch1875]

PITA for me. My business still gets paid about 10-15 cheques a week. Banking with Santander only one branch will remain in Edinburgh after next month but still no sign of the scan in via phone arriving like other banks have.

[Thin White Duke]

In my hometown there are only two banks and one of those closes in August. There used five about ten years ago and one or two more before that.

I do think it will be an inconvenience to older people (like my grandparents) who don't do internet banking.

Sometimes when I look at that older generation it reminds me that you've got to move with the times. My grandparents have been stuck in the 1950's since well the 1950's.

[BritishBlitz87]

What annoys me is that they deliberately make using them as inconvenient as possible and then cite declining customer numbers as a reason to close it when it is blatantly obvious that they just wanted to save money.

Electronic banking is all well and good until there is no electricity or someone decides your bank balance is £0.

[Thin White Duke]

BritishBlitz87 said:

What annoys me is that they deliberately make using them as inconvenient as possible and then cite declining customer numbers as a reason to close it when it is blatantly obvious that they just wanted to save money.

Electronic banking is all well and good until there is no electricity or someone decides your bank balance is £0.

That's true.

The one that'll close in August has only been open a few hours a day because of Covid (despite banks being able to be open fully throughout) and one of the reasons they cited was a decline in use.

The other bank (which I firmly believe will close within the next 12 months) is only open 2 days a week. It hasn't opened on a Saturday for two years, which is fantastic for those that work Mon - Fri and need to see someone face to face.

[Seanseansean]

I know a lot of tradesmen.
Who have recently started insisting on cash again, never really used to be bothered with cash or bank. Currently due to a huge rise in customers paying via bank waiting two weeks. Contacting the bank, saying the work carried out wasn’t to standard. For the bank pulling back payments.

[FiF]

Seanseansean said:

I know a lot of tradesmen.
Who have recently started insisting on cash again, never really used to be bothered with cash or bank. Currently due to a huge rise in customers paying via bank waiting two weeks. Contacting the bank, saying the work carried out wasn’t to standard. For the bank pulling back payments.

That's a fair point, I think. Our window cleaner, for example, is happy to be paid in cash or transfer.
I've paid both, if in at home when he calls it's often cash, if out and don't see him then it's transferred that same day, often it will be in the bank before he's finished for the day, but that's just me.

Folks talk about the costs involved in handling cash, folks not paying on the dot need to be revisited, but it also works both ways, with post event bank transfers time has to be spent rationalising payments with accounts. Swings roundabouts.

[techguyone]

When my local bank branch closed and the nearest one was some 15 miles away (now also closed) I felt... aggrieved initially until I discovered the post office.

I rarely need to get large amounts of cash so find the local post office pretty much works fine for everything that I can't do online/phone/phone app


For me not having a local bank branch is a non event.

Cheques too are a rarity and I can do those via app or in post office.


Perhaps if I had vast cash sums going in/out I'd feel differently but I don't think that's really the case for many/most peope these days.

[ARHarh]

I personally don't mind, but my other half works for a Funeral director and needs the bank for cash deposits (collections etc) and now it is a 30 mile round trip to the nearest bank. A lot of stuff can be done on line, but they still get paid often in cash or cheque.

[techguyone]

I'm not aware of any big limit imposed by post offices for cash deposits, although they may need to ask the reason why if its over £5k (standard for money laundering)

Withdrawals though, may perhaps be only up to your debit/credit card daily limit though (£200 - 300) which is more limiting.

--


Edit, looks to be £20k/day deposit for a decent sized branch.

Edited by techguyone on Sunday 27th June 11:15

[Athlon]

I chair a fundraising branch for the RNLI and banks closing is a disaster for us!

We can get over a grand in cash in a day that has to be banked. We count it, bag it and take it down to the bank who weigh it in and then stamp the book.

All this is done with two separate people and then as said, checked by the bank. We need the paying in book stamped for transparency and have to send details to the council who grant the collection.

We are trialling contactless but we have one unit at the moment and folk won't que to donate, they will happily lob a quid in a bucket as they pass without breaking stride but so far not many will stop and tap, especially if there a few others mulling it over. Then we have to wait for the total raised on the machine to come through before we complete the paperwork!

Prep for and dealing with the paperwork after the collection can take more time than actually raising the money!