By Oliver Smith on Friday 28 February 2020
Cheque this out.
It’s been a long time coming, but digital bank Starling is launching mobile cheque scanning next week.
The news was confirmed to AltFi by a Starling Bank spokesperson after the bank updated its terms and conditions yesterday to include cheque scanning.
Cheque scanning was confirmed to be in development by Starling as far back as November 2018, but has taken a while to make it to the finish line.
The spokesperson told AltFi: "We will be commencing a staged launch next week, starting with a small percentage of our customer base and ramping up over a few weeks.”
“We will aim to roll out to all customers by the end of March.”
Monzo last year pulled out of the national cheque image clearing system—a plan allowing customers to pay in cheques by taking a picture on their phone—saying its younger customers have little use for this service.
Starling says it will be rolling out cheque imaging slowly, and cheques will be limited to £500 in value with a weekly limit on the number of cheques that can be scanned per week.
Cheque processing through the service can take up to two working days, but should typically clear the following day, with the bank’s Operations team processing cheques until 3pm.
The bank says “cheque processing doesn’t take place on weekends or bank holidays”, so could take a bit longer to clear.
Lastly Starling warns customers to make sure they hold on to physical cheques until the money has cleared.