Lloyds Bank has issued a warning about making deposits as there is an important restriction on how you can pay in cash.
The issue came to light after a person contacted the bank to ask if they could deposit cash into a friend’s Lloyds account in branch.
The bank first said in response that while “it is not possible” to deposit funds into another person’s account at the counter, you can do this using a deposit machine, as long as you have their sort code and account number.
But the person replied later voicing their frustration at their “wasted journey” as they had since visited a branch but had been told that they couldn’t pay in the cash using the machine at any branch.
Lloyds then suggested the person could deposit the funds into their own account and transfer the amount over to their friend’s account.
The bank also clarified that normally their machines do accept cash. But the 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 consumer, this has put me off ever wanting to use Lloyds products as 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 accept cash, but the cash needs to be paid into an account in their own name. You may also look to pay the cash in your own account and then transfer it accordingly.”
Guidance on the Lloyds Bank website states that customers have “several options” 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 will 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.”
If you have a cheque to pay in, you can also do this using the banking app, as long as the cheque is less than six months old.
Lloyds Bank is currently looking to entice new customers with an £175 cash incentive when you switch to them.
You can get the free cash when switching to a Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account. The deadline to get the funds is April 1, 2025.
