Third party cash deposits

I run a business where some of my clients find it preferable to pay by cash. I suspect some of this is down to them not having a bank account and some of it is down to wanting to retain some anonymity.

What banks are prepared to allow this? Also would consider building societies, post office and other financial service companies.

I’m happy to pay (and pass on) a modest charge for this, but I get the impression that the banks would rather be completely cash free to help reduce costs.

What are you asking? What banks allow you to deposit cash in a bank account? All of them. As a business you might incur a charge for depositing cash though.

Not quite. What banks will allow my customers to deposit cash into my business account. I know that HSBC (for example) do allow this, but I’d like to move to a more responsive bank.

AML risk - it’s not happening.

Yeah I’m not to sure that many banks would allow randoms off the street to deposit cash into a random business account.

It would seem like your far better off getting the money yourself so you can keep accurate records for your business.

We’re not talking huge sums of money here. I guess I’ll just have to be grateful that HSBC still allow it.
It’s certainly not feasible for me to go to collect the cash!

Have them send you the cash?

Lots of banks if your using the post office for example require you to have your card.

Some will allow cash deposit if your not the account holder but you have to do it in branch and with a valid deposit slip.

I have had customers do that and it infuriated me, as on my statement it just said “cash in”. No details of who or why.
It shouldnt be be allowed.
Why can’t they just top up a pre paid card and pay you with that?

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Postal order perhaps?

Not a method of money transfer I thought I’d be suggesting in 2020!

Not cheap but may encourage them to get with the times

https://www.postoffice.co.uk/postal-orders

Am I the only one wondering what @thewinelake does for a living? :smile:

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I must admit, I was pondering this yesterday.

The only thing I could imagine would work is something where there would be donations/tips - if you’re selling something, you usually want to know who has paid.

Believe it or not, but some people have paid this way in the past!

This is pretty much a legacy method of payment that customers in the past (before I was running the show) have enjoyed. I will have to ask some of them why they do it and see if there are other ways.

I was astonished to find that Starling won’t accept Postal Orders!

Must admit, I’d long since assumed they’d withered on the vine. But thinkng about it, if you’ve no bank account, there’s nothing else :face_with_raised_eyebrow:.

Have you tried to deposit it and see what happens or did you just ask customer support?

Wouldn’t be surprised if most fintech customer support staff don’t know what a postal order is.

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Postal orders should be processed like cheques. The last time I saw one it had a sort code and account number etc printed on it just like a cheque does.

I’d try paying it in through the app, although that would only work if the post office uses the cheque imaging system.

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I have tried it before asking. So far so good, but I think they take a few days to process them. What with BBL and general banking paralysis they’ll probably bounce it in a month’s time!

Apparently Postal Orders are handled by cheque imaging system

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That’s why I asked earlier if you tried it.

Halifax cheque imaging definitely supports postal orders. Let us know if it works with Starling.

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