Topic: Cheque this out

It is more tham likely that cheques will be phased out according to some banks in the news recently, how do you feel about that.

I would imagine that most people now use a debit card instead of writing a cheque as I do, lets face, it its a darn sight easier.

But I still would hate to lose the cheque forever it does have its uses, the main one as far as I'm concerned is that I can post a cheque that will take two days to arrive at its destination and another five days to clear, that means my money stays in my bank earning a pittance of interest a bit longer - also you can stop a cheque if you change your mind.

So I'm making an effort to now write more cheques
and make the banks work a bit harder for their money.

Dave - what were you doing at 03:11 today to make you want to post this?! I remember a big discussion on this just before Christmas:

Cheques to be phased out in 2018
Cheques will be phased out by October 2018, but only if adequate alternatives are developed, the body that oversees payments strategy has said.

The board of the UK Payments Council has set the date in a bid to encourage the advance of other forms of payment.

The first cheque was written 350 years ago and the decision will be greeted with disappointment by some small businesses and consumers.

The Council said there should be "no scenario" for using cheques by 2018.

The target date for the closure of the system that processes cheques has been set for 31 October 2018, after the board described the payment method as in "terminal decline". However, there will be annual checks on the progress of other payments systems and a final review of the decision will be held in 2016.

"The goal is to ensure that by 2018 there is no scenario where customers, individuals or businesses, still need to use a cheque," the Payments Council said in a statement.

"The board will be especially concerned that the needs of elderly and vulnerable people are met."

The decision was not unanimous, however the four independent members of the board - who are not from the banking industry - voted in favour of setting the target date.

Plumber payments

The Payments Council accepted that cheques were still used for payments to sole traders, small businesses, clubs, charities and schools. Now it wants to find "easy-to-use efficient alternatives" to the cheque which are understood by everybody.

That curves flattening out which means cheque transactions will probably remain above £2 billion PA for many years.

What the banks really mean is we want to save a few bob on not paying the saleries of cheque handling staff which of course they can't move to India!.

Call me cynical.

It is more likely that retailers will dictate the demise of the cheque. The number who no longer accept a cheque as payment is growing by the day due to a very high level of fraudulent transactions. In most cases the debit card is also the cheque guarantee card and retailers are suspicious of transactions by cheque when it is simpler to use the debit card.

[QUOTE=grantthomas, Emsworth;28686]Dave - what were you doing at 03:11 today to make you want to post this?! I remember a big discussion on this just before Christmas:

Cheques to be phased out in 2018
Cheques will be phased out by October 2018, but only if adequate alternatives are developed, the body that oversees payments strategy has said.
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Hi Grant, One of those nights I'm afraid

I dont know where I was when that article was doing the rounds, must have been asleep. I stopped buying newspapers every day when I retired, only buy one on a friday now but I do try to watch Sky News every day.

Anyway an interesting article, thanks for the info.
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QUOTE:

Hi Grant, One of those nights I'm afraid

I dont know where I was when that article was doing the rounds, must have been asleep. I stopped buying newspapers every day when I retired, only buy one on a friday now but I do try to watch Sky News every day.

Anyway an interesting article, thanks for the info.
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It does make me chuckle sometimes how potentially contentious issues that affect the mass population and gently broken to us using the sofa news format of Breakfast News. The seed is sewn, sure there was a reaction from all the affected players, but it just means that in a few years time when cheques are actually scrapped the companies can say, "We have been in dialogue with many people over the past 8 years...."

I don't have a better solution frankly, just the way Breakfast News over simplifies does make my skin crawl sometimes. "If we call it Regime they sound evil" versus "It's a democratic government voted for by hard working families". Or when someone is charged with a crime, they always show the scarey photo from custody, versus the alleged on holiday with family...... That way we can instantly judge "Thats a bad person".

Oh heck I'm off again....putting soap box away.....

QUOTE:

Oh heck I'm off again....putting soap box away.....

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Hey Grant if you have a spare soap box I could do with one, I've been using an old 303 ammunition case for the last five years and it wont last much longer - Cheers

And guess what, I had two new cheque books through the post today, and I never asked for them. :D
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SORRY Grant

Forgot to offer my congratulation on your reaching the exalted post of 'Leading Seaman', SIR.

I look up to him, but he looks down on me. Another Monty Python quote I believe.
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Cruisings Cool

It is not a cheque that you should be worrying about it is cash.
With the advances in technologies you DNA will be all you need, place your hand on a pad it will read your DNA then pay in credits sound far fetched so did flying machines and ships the size of Oasis.

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I look up to him, but he looks down on me. Another Monty Python quote I believe.

No.It pre dates M.P. It was the Two Ronnies and the fabulous John Cleese and it first aired on The Frost Report .