Cheque use will not be scrapped

Business News · #1 12-07-2011, 03:00 PM

The banking industry will not scrap the use of cheques after all, it has been announced.

The Payments Council, a banking industry body, had been planning to replace them by 2018.

However, after widespread criticism from MPs and charities, it has now decided they will be kept "as long as customers need them".

The Payments Council admitted it had been forced to change its mind by the weight of public opinion.

More...

RawRob · #2 12-07-2011, 03:10 PM

Wow, that's quite a turnaround.

On the one hand we accept cheques and people do pay with them, but on the other hand they can be a pain when they bounce, especially as it takes so long to know that it hasn't bounced, so not sure whether to be happy or sad at this decision

Rob

wakey · #3 12-07-2011, 03:34 PM

A lot of online affiliate payments are paid by cheque due to low transaction costs, hence this is good news.
I must admit though, i never write one !

#4 12-07-2011, 03:59 PM

Stopped taking cheques off the general public sometime ago, but many of our suppliers will only accept cheques for payment.

attaintm · #5 15-07-2011, 08:29 AM

Not really sure why they chose to withdraw them completely anyway. They will gradually fall out of use on there own. With advancements in technology it is inevitable that most/all consumers and suppliers will find a payment method that is better for them.

Cheque use will not be scrapped

In the News