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[MSE Guy]

This thread is to discuss the following news story:

Cheques move a step closer to extinction

[Hazzanet]

Old news: http://forums.moneysavingexpert.com/...html?t=1776849

[ozzage]

Good. What an out-dated form of payment...

[Rosemary7391]

I don't know, cheques can be useful! Much easier than large amounts of cash.

[sofa_surfer]

Originally Posted by ozzage

Good. What an out-dated form of payment...

Outdated they may be, but I still find them extremely convenient on various occasions.

[Extant]

Originally Posted by Rosemary7391

I don't know, cheques can be useful! Much easier than large amounts of cash.

This, however, is about the end of cheque guarantee - a scheme which only goes up to £250, which is hardly a large amount of cash.

[Extant]

Consumers love to whinge about how transfers take/took three days to move, and yet bitterly cling to cheques and whine about their decline and intended removal...

[withnell]

I think cheques will always have a place for paying club subscriptions and tradesmen - both situations when I doubt anyone has needed to show a guarantee card anyway!

[Extant]

Originally Posted by withnell

I think cheques will always have a place for paying club subscriptions and tradesmen - both situations when I doubt anyone has needed to show a guarantee card anyway!

"Always have a place" until the Payments Council decides they're done, in a couple more years.

[buxtonrabbitgreen]

The main reason that cheques have been useful for me is for sending money for school trips etc. My kids are old enough to be trusted with money now. But not when they were younger.

[CLAPTON]

Originally Posted by BarclaysManager

"Always have a place" until the Payments Council decides they're done, in a couple more years.

Does Barclays provide a non cash payment system appropriate for small clubs or small tradesman?

[Rupert Bear]

How many of us have in the past been in a supermarket and the person in front decides to pay by cheque. Some ladies would only get their cheque book out of their bag at the point of sale. They would then carefully fill in the cheque counterfoil and be completely oblivious to everyone around them.

Also even though the customer had a debit card/cheque card they still insisted paying my cheque.

We must all embrace change and for me this has my thumbs up.

[Inactive]

This is for the benefit of the greedy banks, it has nothing to do with customer choice.

[savagej]

Originally Posted by Inactive

This is for the benefit of the greedy banks, it has nothing to do with customer choice.

I agree, cheques cost banks money, payment cards make banks money. It is not for our convenience and if little old ladies have been used to something all of their life why should they be forced to change. I would personally like to have the choice, not have it whipped from under me by an 18 year old who thinks they know it all.

[flyingscotno1]

The guarantee is small issue. Mind you not only small companies that accept them as payment or give them out. Whilst personal cheques have declined they are still highly used with companies IMHO.

[withnell]

Another advantage of cheques is they can help people manage their finances - you have a clear record of what money has gone out.

While credit card transactions provide you with a reciept, they're a> all on different loose bits of paper, and b> are all different sizes, shapes etc. It's nice and easy with a cheque book to keep a note of ins and outs

[Extant]

Originally Posted by Inactive

This is for the benefit of the greedy banks, it has nothing to do with customer choice.

Greed is a human affliction, it is the selfish desire for something. A bank is not a human, a bank is a business and thus has a responsibility to generate profit for the shareholders.

This is a business decision, not a case of greed. Cheque guarantees are rarely used and often unenforceable.

More over, said decision was made after careful consideration by the Payments Council, which compromises representatives from the banks and the government. So, sorry, it's not "those greedy banks."

Originally Posted by Brian Pomeroy, Chairman of the Payments Council

We went to great lengths to listen to the views of all users and acceptors of guaranteed cheques and have only made the decision to withdraw the scheme after satisfying ourselves that no group will be unfairly affected or find that there is no means of making a payment.

[Extant]

Originally Posted by CLAPTON

Does Barclays provide a non cash payment system appropriate for small clubs or small tradesman?

Yes, a sort code and account number.

[Ifts]

IMO having a cheque book is still useful in some cases and they will always have a place.
For example when you have to send a cheque to open a savings bond by post and they require you to send the opening deposit by cheque from your linked account to prove your I.d. It saves you having to go into your branch to get a counter cheque done from your nominated account with your name printed on it.

[Extant]

Originally Posted by Ifts

IMO having a cheque book is still useful in some cases and they will always have a place.
For example when you have to send a cheque to open a savings bond by post and they require you to send the opening deposit by cheque from your linked account to prove your I.d. It saves you having to go into your branch to get a counter cheque done from your nominated account with your name printed on it.

Cheques will not always have a place - clearing will eventually cease to be. Clearing reduces year on year, and banks will gradually "fall away" from offering the service, before ceasing all together.

If you don't believe me, go and try to pay your Bank Giro Credits at an Abbey or a Halifax branch.

It will happen, and your example is an especially poor one - Know Your Client obligations can be met easily enough without requiring a cheque, or your specific use could be done by Direct Debit.