UK-based digital banking group Starling Bank announced on Monday the launch of its mobile cheque deposit services. Starling Bank reported that customers may now “capture” an image of the cheque and its mobile app will “read the details” to place the funds into the account.
While sharing more details about the cheque feature, Anne Boden, CEO and Founder of Starling Bank, stated that there is “no better time” to launch the mobile cheque imaging as it enables customers to do more banking at home. Boden then verified that thousands of cheques are deposited with Starling Bank each month.
Cheque deposit is now available to all Starling Bank customers with UK personal, joint, sole trader or limited company business accounts and works for all cheques of up to £500. Starling Bank further reported its customers will still have the option to use a free postal service to process any cheque or cheques more than £500 by placing their cheques in the post for free.
The launch of Starling Bank’s cheque deposit feature comes during the COVID-19 pandemic. Starling Bank recently announced it is now offering an “overdraft interest holiday” on personal account holders who are currently struggling financially due to the health crisis. Starting on April 1st, Starling will waive all interest charges on arranged overdrafts during the period.
Starling customers may apply for an interest holiday, under the following criteria:
- They have suffered a drop in income since 10 March 2020 due to coronavirus. For example, work has dried up or they can’t work due to self-isolation or new caring responsibilities
- The customer already has an arranged overdraft with Starling
Applications for the Starling Coronavirus Support Scheme are open from 1 April 2020 to 30 June 2020. Successful applicants will not have to pay any arranged overdraft interest for 90 days from the day their application is accepted. Starling will contact them after 60 days to remind them when interest charges will resume.