6/20/2014 4:25:10 PM
Pay in your cheques using your mobile
Bank account holders will soon be able to lodge cheques to their accounts by taking a photo of it using their mobile phone and emailing it to their branch with their bank account details. A change in the law means that bank customer will soon be able to avoid having to take a trip to the bank to lodge cheques.
The new legislation will dramatically speed up the process of lodging cheques to bank accounts. Banks say the new 'photocheque' service will improve efficiency with its ability to pay cheques into accounts any time with instant access to the lodgements. Banking institutions are also keen to implement the new procedure with the cost-saving benefits it brings.
Barclays has already trialled the service with its iPhone app. A spokesperson for Barclays said that as the current cheque legislation dates from 1882, it is “clearly not fit for the digital age”.
An announcement from Chancellor George Osborne on the change in the banking laws is expected later this month.