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Do you ever use your chequebook?
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Victoria Bischoff (Citywire)
Posted: 04 November 2010 09:08:21(UTC)
#1

Joined: 08/03/2010(UTC)
Posts: 96
A Lib Dem MP has launched a new campaign this week to stop the UK Payments Council pushing ahead with plans to phase out the cheque by 2018.

David Ward, MP for Bradford East, claims scrapping the chequebook will have ‘major ramifications’ for the elderly and disabled and suggested it will result in them hoarding cash at home or having to rely on others.

Ward said that by 2018 consumers would still be using two million cheques every day, and insists therefore that setting an end date for phasing them out is not actually what the consumer wants.

He claims withdrawing cheques is merely a cost saving exercise for the banks and that the decision was being made by a group with vested interests - figures show it costs banks four times more to handle cheques than electronic payments.

Ward thinks the power to decide the future of cheques should lie with whoever takes over the job as City watchdog, not with what he describes as a ‘trade association’.

The UK Payments Council however claims this is entirely unnecessary and that cheques are being withdrawn quite simply because more and more consumers are opting to pay by debit card or other quicker payment methods. They also stressed that cheques would not be phased out until acceptable alternative payments system is found.

What do you think? Is the cheque old fashioned and outdated? Or is it worth saving?
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Altogether now
Posted: 04 November 2010 10:31:17(UTC)
#2

Joined: 11/08/2010(UTC)
Posts: 19
No 'acceptable alternative payments system' has even been mooted as yet. Let the bankers propose an alternate and the public debate it before planning to do away with cheques. There are currently too many situations where a cheque is the only option. If cheques are phased out it is small business, clubs and charities that will suffer. Those categories don't make big profits for the banks, the banks will think nothing of trampling over them in following the big money.
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derek farman
Posted: 04 November 2010 10:38:10(UTC)
#3

Joined: 01/05/2009(UTC)
Posts: 45
Can't do without it actually . End of story .
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A agrt
Posted: 04 November 2010 10:41:23(UTC)
#4

Joined: 28/07/2008(UTC)
Posts: 2
I use a minumum of cheque a week.

There are seeral situations with workmen who do not carry a card machine often insisting on cash!!

This raises the question of tax avoidance where the Treasury needs to be involved in the debate to ensure any replacement of the chequebook is feasible in every respect.
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Kenpen2
Posted: 04 November 2010 10:47:32(UTC)
#5

Joined: 17/07/2008(UTC)
Posts: 103
My infirm and batty sister-in-law gets her goodies from the milkman. She pays him by leaving a cheque out with the empties. Cash or card won't work for her. She can't get to cash machine anyway and wouldn't be safe with large amounts of it in the house. Nor can she be relied upon to check the amount when authorising card payments. Cheques give her a level of control, security and flexibility that other payment methods can't.

And as others have said, doing away with cheques will be a small tradesman's charter for tax evasion. Cash-in-hand will be the only practicable option for paying them.
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Trustim
Posted: 04 November 2010 10:48:37(UTC)
#6

Joined: 18/08/2010(UTC)
Posts: 10
I agree with David ward. I have 2 situations with elderly people at the moment one who is blind, but is able to put a block over the signature part of a cheque book to know where to write their signature. The other person is forgetful and cannot remember Bank Card numbers, therefore goes to the local branch where she is known and draws money out using a cheque. Is it a coincidence that most elerly people are careful with money and are the most likely people to have some? So, if we make it more difficult for them to spend or withdraw it the banks can keep it and offer very low interest for the privilege. Please! one size does not fit all.
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Pem
Posted: 04 November 2010 10:48:37(UTC)
#6

Joined: 29/09/2010(UTC)
Posts: 1
Agree with everything said so far. I use my cheque book regularly.
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ANDREW ROBINSON
Posted: 04 November 2010 10:55:38(UTC)
#8

Joined: 04/09/2009(UTC)
Posts: 1
Why trot out the elderly and disabled as being the only likely sufferers? Anyone not au fait with electronic trickery will be lost. This is being done at the instigation of the banks because there is no money for them in cheques. My law practice still receives a significant percentage of its revenue by cheque payments. Personally, although I now use fewer cheques, there are occasions when payment by any other means is inconvenient or impossible. This MUST NOT be allowed to go ahead. In my humble view it is an outrage. ANDREW ROBINSON - HANTS.
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Leigh Collingwood
Posted: 04 November 2010 10:56:07(UTC)
#9

Joined: 15/10/2010(UTC)
Posts: 1
Cheques:

Cheques must stay. I don't want to use the internet or any other electronic method of payment because of the risk of being hacked. To get rid of cheques can only be another step towards a cashless society which can only better serve internet thieves.

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dalchina
Posted: 04 November 2010 10:59:52(UTC)
#10

Joined: 27/07/2010(UTC)
Posts: 6
Can you imagine when you have macular degeneration, limited motor skills, trying to use a mobile phone to make a payment?

And anyway, electornic funds transfer is a con. Cheques are far safer. If you do an online transfer, do you believe the banks check who you're paying is who you want to pay? No, they don't. The name is 'for your reference'. They are ony concerned about limiting their liabilities and costs, not providing a robust secure system for customers.

One digit error in the account number or sort code, and you could end up paying Vistoria Bischoff rather than your favourite relative.

So I now would rather use a cheque - I'm scared of making a mistake or being provided with the wrong numbers.
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