Lloyds Bank has clarified account rules regarding coin deposits that many customers may be unaware of. The banking group explained a restriction that could apply after a specific query from a customer.
The customer reached out to Lloyds via social media, wishing to deposit coins at a branch. They asked: "Can you tell me how many £1 coins can I take to the bank to change at anyone time please, as I have £700 worth."
Customers can pay money into their Lloyds account at a branch using cash or cheque. Some locations have cash machines for note deposits. However, for coin deposits, it is advisable to contact the local branch beforehand.
Best to Check
In response, Lloyds said: "The amount of coins we can accept can vary by branch, so it's best to check with your local branch before visiting. Large amounts like £700 may need to be paid in over more than one visit or in pre-bagged coin."
Another alternative is to visit the nearest Post Office. According to Lloyds' website, the Post Office will only accept full bags of coins for denominations below £1. The guidance states: "This will need to be for the amount shown on each bag." Customers can deposit £1 or £2 coins in part bags, provided they are divided into separate denominations. The maximum deposit in this manner is £250 worth of coins.
The guidance also notes: "Each Post Office branch may have different cut-off times for paying-in cash. If you deposit after the cut-off time, an extra working day to process your deposit may apply. Check with the Post Office you want to use."
These services are available on working days at any Post Office branch in England, Wales, Scotland, or Northern Ireland, excluding the Channel Islands or Isle of Man.
