Lloyds Bank explains new £300 rule as customers given 'options'

Lloyds Bank has explained a new £300 rule after its customers have been given more "options". The UK bank has introduced a mobile app feature that enables cash to be deposited at over 30,000 convenient locations across the country, using a barcode.

Now customers can generate a barcode in the 'Everyday' section of their app. This barcode can then be scanned at more than 30,000 PayPoint locations nationwide, with 94% of PayPoint sites open seven days a week. Customers can deposit up to £300 per day in notes and coins, with a monthly limit of £600, and the barcode will remain valid for two hours.

With 99.5% of the population residing within a mile of a PayPoint store, they offer a handy way to complete many everyday tasks. From returning or collecting parcels, to paying bills, purchasing gift cards or topping up a mobile phone.

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Lloyds bosses said on Monday, October 6, that customers have paid in over £3 million using the barcode cash deposit feature at local PayPoint locations, since its launch in August. Customers also still have the option of using branches of Lloyds, Halifax and Bank of Scotland for quick and easy cash deposits.

They can also make use of any of the 11,500 Post Offices across the UK for their day-to-day banking needs, including cash deposits or withdrawals, as confirmed by the banking group.

Gabby Collins, Payments Director at Lloyds, said: "We're committed to making banking simple and convenient for customers, who have now paid in over £3 million at PayPoint locations, using our barcode deposit app feature. We're adding a further, easy way to pay in at PayPoint, using a debit card.

"Whether it's through our app, or with a card, customers can pay in notes and coin at thousands of local PayPoint locations. We're making it easy for people to manage their money, whenever and wherever it works for them."