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Chase customers can now deposit cash into their current accounts at PayPoint locations across the UK. Deposits are free, with a monthly limit of £500 and an annual limit of £6,000; customers start the transaction in the Chase app and present a barcode at the store.
Chase customers in the UK can now deposit cash into their current accounts at PayPoint locations, under a new partnership between the digital bank and the retail payments network. Customers can deposit between £10 and £500 per month without a fee, subject to an annual limit of £6,000.
To make a deposit, a customer selects the cash-deposit option in the Chase app, chooses the current account to receive the money and enters the amount. The app generates a barcode that remains valid for 20 minutes. At a PayPoint store, the cashier scans the barcode before the customer hands over the cash.
Customers receive a receipt, and the deposited money appears in their Chase account, according to the service details reported by Finextra. The reported limits are a minimum deposit of £10, a maximum of £500 per month and a total annual cap of £6,000. Deposits are described as fee-free.
PayPoint has more than 30,000 locations across the UK. The source report says more than 99% of the UK population lives within one mile of a PayPoint store. That figure describes proximity to the network, not necessarily the availability of this specific service at every individual location.
Cash Access Through Local Stores
The service gives customers who hold money in cash another route to add it to a Chase current account, without relying on a bank branch for the transaction. It combines an app-based authorisation step with a face-to-face cash handover at a participating retail location.
That may be useful for people who receive cash, such as through work or personal payments, and want to use it in an account managed digitally. The stated limits mean the facility is designed for occasional or limited deposits, rather than unrestricted cash banking: monthly deposits are capped at £500, with an annual ceiling of £6,000.
The partnership also extends Chase’s account services into a large existing retail network. However, the size of PayPoint’s overall network should not be taken to mean that every outlet offers the cash-deposit service; customers should check the app or confirm with a local store before making a trip.
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How the Deposit Service Works
Chase is a digital bank, and the process described in the report begins in its mobile app rather than at a branch counter. The barcode connects the customer’s chosen account and deposit amount to the in-store transaction. Its 20-minute validity period means customers need to complete the cashier scan soon after generating it.
PayPoint operates a nationwide network of retail locations where customers can access payment services. The new arrangement adds a way for Chase customers to hand over notes and coins locally and have the money credited to a current account. The report does not provide a launch date beyond saying customers can now use the service.
Chase’s head of payments, Paridhi Rathore, said the company wanted banking to fit around customers’ lives and described the arrangement as combining app-based money management with the option to deposit cash locally. PayPoint banking and digital engagement director Anthony Sappor said the company’s retail network could provide a local way for Chase customers to deposit cash.
“We want banking with Chase to fit around customers’ lives, giving them simple and convenient ways to manage their money.”
— Paridhi Rathore, head of payments at Chase
Store Coverage and Deposit Timing
The report does not list which PayPoint stores support Chase cash deposits or explain how customers can identify participating locations. While it cites more than 30,000 PayPoint locations nationwide, that is the network’s overall size; the source does not confirm that all of them can process Chase deposits.
The source also does not specify how quickly funds become available after the cashier accepts the cash, whether there are other transaction-level restrictions, or what happens if a barcode expires or a deposit cannot be completed. Customers should consult Chase’s app or customer support for the latest operational details.
Check the App Before Depositing
Customers planning to use the service can start by checking the Chase app for the cash-deposit option and following its instructions to select an account and generate a barcode. They should complete the store visit within the barcode’s 20-minute validity period and stay within the £500 monthly and £6,000 annual limits.
Chase and PayPoint have not, in the source material, announced additional features or changes to the limits. Further practical details, including participating-store coverage and the timing of account credit, may become clearer through the app, customer guidance or updates from the companies.
Key Questions
How much cash can Chase customers deposit?
The reported minimum is £10. Customers can deposit up to £500 per month, with an annual limit of £6,000.
Does Chase charge a fee for these deposits?
The service is described as fee-free in the source report.
How do customers deposit cash at PayPoint?
Customers select the deposit option in the Chase app, choose a current account and enter an amount. The app generates a barcode valid for 20 minutes, which a PayPoint cashier scans before taking the cash.
Can customers use the service at every PayPoint store?
The source report does not confirm that every PayPoint location supports Chase deposits. Customers should check the Chase app or ask a local store before travelling.
When will the money appear in the account?
The report says the money appears in the Chase account after the deposit and that customers receive a receipt, but it does not give a specific processing time.
Source: finextra.com
