Bank no longer issues cheques
Comments
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@Eachpenny
..and here is another use of cheques which I've come across within clubs and societies.
Local event
Applicants on a first come first served basis.
There are limited spaces, so, get in fast and pay by cheque.
Those whose cheques are cleared have the spaces allocated to them
Now the system is...
Those who get in too late when all the spaces are allocated have the cheques destroyed so no payment is taken and there is no need to return the cheque.
Now try implementing that under faster payment/direct bank transfer. You cannot because there is no facility for the receiver to reverse/bounce the incoming payment back to the originating account and nor anyway are the incoming account details available to the customer.
Ironically with a cheque you have those details printed on it.
...and that if before you have to deal with the wretched people who send you direct payments from obscure bank accounts with no decent reference as to what the payment referred to or who it was from.
Typically this is when a family send it from the wife's account which is still in her maiden name....aaaahhhhgh.0 -
@Eachpenny
..and here is another use of cheques which I've come across within clubs and societies.
Local event
Applicants on a first come first served basis.
There are limited spaces, so, get in fast and pay by cheque.
Those whose cheques are cleared have the spaces allocated to them
Now the system is...
Those who get in too late when all the spaces are allocated have the cheques destroyed so no payment is taken and there is no need to return the cheque.
Now try implementing that under faster payment/direct bank transfer. You cannot because there is no facility for the receiver to reverse/bounce the incoming payment back to the originating account and nor anyway are the incoming account details available to the customer.
Ironically with a cheque you have those details printed on it.
...and that if before you have to deal with the wretched people who send you direct payments from obscure bank accounts with no decent reference as to what the payment referred to or who it was from.
Typically this is when a family send it from the wife's account which is still in her maiden name....aaaahhhhgh.
You allocate the places first using whatever system you prefer then the successful applicants pay afterwards. Something like this is hardly a valid reason to keep cheques.
Or you accept payments via PayPal which has the option to return a payment.
More generally the fact that cheques can be rejected by the recipient is indeed a feature that makes them different to bank transfers. However I'm not sure it's particularly useful.Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0 -
.....
Now try implementing that under faster payment/direct bank transfer. You cannot because there is no facility for the receiver to reverse/bounce the incoming payment back to the originating account and nor anyway are the incoming account details available to the customer. .....
If I need to refund a bacs payment then a quick call to the bank will get you the payer sort code and account number - many online banking systems will show these details directly without having to call the bank, so any business regularly returning bacs/faster payments would have this info available online.0 -
Something like this is hardly a valid reason to keep cheques.
What I don't get is why people think there needs to be a valid reason to keep cheques as a payment method.
People still want to use them... is that not enough reason?
Luddites could say why do people need to pay contactless, or using their phones or any of the other new technologies. Can you imagine the indignation if the luddites 'won' and the banks refused to spend millions developing new payment methods merely because other people felt there was a better way to do something?
The cost and delay issues are finally being addressed by the banks - something they could have done years ago as the technology being used is hardly revolutionary. It is also a change which doesn't require businesses to invest significant sums on new hardware, or be bound by additional contracts requiring them to pay a percentage of the transaction, or a fee, just to accept a payment."In the future, everyone will be rich for 15 minutes"0 -
It is, if they are prepared to pay the full cost of processing each cheque. As it is we are all paying to keep an outdated and creaky system running for the benefit of a few people.
A few people?
558 million cheques were used for payments and to acquire cash across the UK in 2015. (last published figures).
The cheque values were a total value of £455 billion.
On average, 1.5 million cheques were cleared each day with an average daily value of around £1.7bn.
57% of UK businesses said that they had received payments by cheque in the past month.
42% of UK account holders made a payment by cheque.
39% of UK account holders received payments by cheque.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It is, if they are prepared to pay the full cost of processing each cheque. As it is we are all paying to keep an outdated and creaky system running for the benefit of a few people.
"Outdated and creaky" ?
https://www.chequeandcredit.co.uk/cheque-users/businesses/cheque-imaging/about-cheque-imaging
I will pay the cost of processing each cheque I write if you agree to pay the cost (including fraud) of each contactless payment you make... fair?
Or would it be better that the costs of the many different types of transaction continue to be shared out through the system.
Bear in mind that handling cash is one of the most expensive forms of transaction... and when it comes to being 'outdated'..."In the future, everyone will be rich for 15 minutes"0 -
Which bank is it ?
Well its not Barclays, Lloyds or Nationwide
or Santander or TSB (cheque books are not standard - you have to ask)Never pay on an estimated bill0 -
As far as I m concerned we do not need cheques or high street bank branches. We all have to move with the times and for me I just love everything technology.0
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A few people?
558 million cheques were used for payments and to acquire cash across the UK in 2015. (last published figures).
The cheque values were a total value of £455 billion.
On average, 1.5 million cheques were cleared each day with an average daily value of around £1.7bn.
57% of UK businesses said that they had received payments by cheque in the past month.
42% of UK account holders made a payment by cheque.
39% of UK account holders received payments by cheque.
I see your cheque statistics and raise you Faster Payments and card stats:
1.2 billion Faster Payments in 2016, value £1.2 trillion.
http://www.fasterpayments.org.uk/about-us/statistics
April 2017 monthly card transactions: 1.4 billion, value £58 billion.
http://www.theukcardsassociation.org.uk/wm_documents/Card%20Expenditure%20Report%20-%20April%202017.pdf0
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