UKpayments News & Analysis

Lloyds Banking Group customers face challenges with £900 cheque deposits

A woman struggled to deposit a £900 cheque from HM Revenue and Customs (HMRC), as Lloyds Banking Group has stopped allowing customers to use Post Offices for cheque deposits since January. Industry data indicates cheques accounted for only 0.1% of all UK payments in 2024. Lloyds stated alternatives include depositing checks via their app, visiting branches, or using a freepost service. This situation highlights banking access issues for rural communities, which could affect customer retention and service reputation.