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MSE News: Treasury Committee to reopen cheques enquiry
Former_MSE_Guy
Posts: 1,650 Forumite
This is the discussion thread for the following MSE News Story:
"Banks stand accused of ignoring millions of vulnerable people by pressing ahead with plans to phase out cheques ..."
"Banks stand accused of ignoring millions of vulnerable people by pressing ahead with plans to phase out cheques ..."
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Will that mean ISA transfers will come out of the stone age? Or will banks themselves still use the cheque method?0
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It means they're thinking of keeping cheques after all, I think.
Well I hope so. I don't fancy the idea of giving the local Bob the builder my account details to pay for his work. What are the chances of him giving his bank details to me, I wonder.
Warning: In the kingdom of the blind, the one-eyed man is king.
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You prefer to give him the sort code and account number on a cheque instead?Consumerist wrote: »Well I hope so. I don't fancy the idea of giving the local Bob the builder my account details to pay for his work. What are the chances of him giving his bank details to me, I wonder.0 -
opinions4u wrote: »You prefer to give him the sort code and account number on a cheque instead?
At least I would know the amount being taken.Warning: In the kingdom of the blind, the one-eyed man is king.
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You seem to have this backwards:
If you give him a cheque, it has your account details written on it.
For you to send him a payment, he would have give you his account details.0 -
What a pity if cheques do get kept. Fraud levels on them are astronomical. Many people lose money through fraud committed using this archaic and insecure system. At least with debit card fraud there's a chance you'll get refunded - if a cheque you paid in bounces, well...urs sinserly,
~~joosy jeezus~~0 -
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Consumerist wrote: »I can see that happening. :rotfl:
This happens all the time...a lot of invoices now include sort code and account number so you can send them a BACS, indeed it is the preferred method of payment for most business to business transactions. Now that BACS get processed in a few minutes instead of cheques taking days (plus you need time to visit a bank) we'll see even more businesses asking their customers to pay by BACS.
Someone knowing your sort code and account number isn't really a big deal.0 -
"In particular, pensioners who are less comfortable with the internet still rely on them" - what about telephone banking if they're not happy with the internet? I don't see why an expensive clearing system should be maintained for a stubborn minority who refuse to use telephone banking or internet banking.0
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