Lloyds Bank issues cash deposit rule after | European Markets

Lloyds Financial institution has issued a warning about making deposits as there may be an important restriction on how you may pay in money.

The difficulty got here to mild after a particular person contacted the bank to ask if they might deposit money into a buddy’s Lloyds account in department.

The bank first mentioned in response that whereas “it is not possible” to deposit funds into one other particular person’s account on the counter, you are able to do this utilizing a deposit machine, as long as you might have their type code and account quantity.

However the particular person replied later voicing their frustration at their “wasted journey” as that they had since visited a department however had been advised that they could not pay within the money utilizing the machine at any department.

Lloyds then urged the particular person may deposit the funds into their own account and switch the quantity over to their buddy’s account.

The bank additionally clarified that usually their machines do settle for money. However the particular person responded: “Your worker in the Dunstable (Bedfordshire) branch said that no branch in the country would accept cash.

“You guys need to get clear on this. As a shopper, this has put me off ever wanting to make use of Lloyds merchandise because it’s clearly not lined-up as to what you do and don’t offer.”

Lloyds then further explained the rules: “Our automated machines do settle for money, however the money must be paid into an account of their own identify. You may additionally look to pay the money in your own account after which switch it accordingly.”

Guidance on the Lloyds Bank website states that customers have “a number of choices” for paying in money into their account in branch.

You can do by cash or cheque, with the option to deposit a cash amount into your bank account at the cashier desk.

You can also pay in an amount using the self-service machines. Lloyds explains: “Many banks now have self-service machines that may deposit money into your account for you.

“Just follow the on-screen directions and feed the appropriate number of notes into the self-service slot. You can also transfer money between accounts, or pay others in branch. Make sure to bring along your debit card for authentication.”

In case you have a cheque to pay in, it’s also possible to do that utilizing the banking app, as long because the cheque is much less than six months outdated.

Lloyds Financial institution is presently trying to entice new clients with an £175 money incentive if you swap to them.

You may get the free money when switching to a Membership Lloyds, Membership Lloyds Silver, or Membership Lloyds Platinum account. The deadline to get the funds is April 1, 2025.