Lloyds Bank reveals new £300 rule for customers starting from this month

Lloyds Bank has launched a pioneering feature in UK banking, set to be implemented this month. Lloyds is the first major UK bank to offer a mobile app feature that allows cash to be deposited at over 30,000 convenient locations across the country using a barcode.

Customers can now 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.

Account holders now have the ability to 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 living within a mile of a PayPoint store, they provide a convenient way to carry out many everyday tasks; from returning or collecting parcels, to paying bills, buying gift cards or topping up a mobile phone.

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Customers can locate their nearest PayPoint outlet using the Lloyds app or by visiting the PayPoint website. Customers can still use branches of Lloyds, Halifax and Bank of Scotland for quick and easy cash deposits, reports the Manchester Evening News.

Account holders can also make use of Lloyds' cash in and out machines located throughout the country. Customers can also visit a Banking Hub, available nationwide, which offers counter services run by the Post Office, according to Birmingham Live.

Furthermore, they can utilise any of the 11,500 Post Offices throughout the UK for their everyday banking needs, including cash deposits or withdrawals, as affirmed by the banking group.

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."

Nick Wiles, CEO of PayPoint, commented: "Our leading retail network provides a vast range of essential services at the heart of communities across the UK, for everything from banking, utility, parcel, cash and government services."