Lloyds launches first 300 'rule' from August 26 with huge benefit to customers
Lloyds is the first major UK bank to launch a mobile app feature which allows cash to be paid in at more than 30,000 convenient locations nationwide using a barcode
Lloyds Bank has unveiled a pioneering feature in UK banking, set to roll out from August 26, which will offer significant benefits to its customers. It comes after money guru Martin Lewis advised Lloyds, NatWest, and Nationwide customers that now is a good time to lock in the best rates before it's too late.
The bank is the first major UK institution to introduce a mobile app feature that enables cash deposits at more than 30,000 convenient locations across the country using a barcode. The move could be significant for customers especially as nine bank branches are set to close this summer in Wales including two branches of Lloyds bank.
From August 26 Lloyds Bank customers can generate a barcode within the Everyday section of their app.
This barcode can then be scanned at any of the 30,000 PayPoint locations nationwide with 94% of these sites operating seven days a week. For our free daily briefing on the biggest issues facing the nation, sign up to the Wales Matters newsletter here
Customers will have the ability to deposit up to £300 per day in notes and coins with a monthly limit of £600. The generated barcode will remain valid for two hours.
To find their nearest PayPoint location, customers can use the Lloyds app or visit the PayPoint website. Customers can still utilise branches of Lloyds, Halifax, and Bank of Scotland for quick and easy cash deposits, reports BirminghamLive.
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Additionally account holders can make use of Lloyds' cash in and out machines located throughout the country.
Customers also have access to Banking Hubs, available nationwide, which offer counter services run by the Post Office.
Furthermore the banking group has confirmed that customers can conduct their everyday banking, including cash deposits or withdrawals, at any of the 11,500 Post Offices across the UK.
Gabby Collins, payments director at Lloyds, said: "We're always looking for smart ways to make banking more flexible and give customers more choice.
"Our latest app feature now allows customers to pay in cash at their local PayPoint in just a few minutes – ideal if they are popping in for milk or dropping off a parcel.
"With this new innovation no other UK bank offers as many ways to manage money as Lloyds."
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