Save the Cheque!

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I have never used my chequebook(s)

sutton111

I find they come in handy when I use Provident. Also my Mum always pays the window cleaner by cheque.

I love the way Shelfshaker sits on the fence. Lol

book12

Cash should die out too. Debit/credit cards rule! lol.

derrick wrote: »

And how would you open a new current/savings account as most,(all?) banks/BS want a personal cheque drawn on your nominated bank account re money laundering laws to open said new account!

Not really. Some don't emind the opening deposit method, either cash or cheque. I prefer an opening deposit in cash, it's simplier, and will have them on you all the time.

derrick

book12 wrote: »

Cash should die out too. Debit/credit cards rule! lol.




Not really. Some don't emind the opening deposit method, either cash or cheque. I prefer an opening deposit in cash, it's simplier, and will have them on you all the time.??

Cash will never die out and if it does that will scupper your opening in cash!

"Some" may do, but the majority won't, especially,(and obviously), online only accounts and those that don't have local branches, and to open with cash you need a branch based bank/BS to open in person.

premierfella

If the payments industry couldn't agree on a phase out date of 2018, and given that (albeit whilst declining) even APACS forecast cheque use at somewhere not far below 1bn in 2017, I think it is safe to say that cheques are here to stay well into the 2020s. I expect the banks will start charging personal customers for using them in the not too distant future though.

ahai1

First of all it is not good business practice to accept cheques as they can bounce and HSBC one of the major retail banks no longer guarantees them.

I can name a few banks that require you to provide a personal cheque and a few that don't in order to open an account.

Also what happens if the cheque is meaningless?

Milarky

ShelfStacker wrote: »

"It's a piece of history" is no reason to keep a method of payment that is slow, inefficient, costs far more than pretty much any other to implement and is ridiculously susceptible to fraud and theft. They need to die, ASAP.

Slow, yes they are. But that's simply a reflection of the indolence of bankers - who have had 350 years to work at the 'problem' and in their most recent review (2005) opted to

1) Do nothing
2) Wait another two years..then
3) Process exactly as before but give value slightly earlier (the '2-4-6' scheme)

They said (to the government) it 'couldn't' be done (speeding up that is) at reasonable cost - tens of millions perhaps? Then the credit crunch happened and tens of billions started moving the other way.

Don't you think they could probably now 'afford' to do something about a 350 year old 'problem' - the cheapskates?

Inactive

ahai1 wrote: »

First of all it is not good business practice to accept cheques as they can bounce and HSBC one of the major retail banks no longer guarantees them.

Are you sure about that ahai1?...I still issue my HSBC Cheques with my £250 guarantee card, I was under the impression that nothing had changed.

ahai1

You will never have cheques like faster payments as they are something that has to be changed physicially.

simongregson

IMHO they won't be replaced until everyone uses internet banking, as otherwise it is difficult to make person to person payments at a distance. This is a long way from happening, I expect though that the banks will try to reduce the number of cheque books in circulation by not issuing them unless they are requested.

Personally, I rarely use cheques, but wouldn't be without them as I need to pay people like the gas fitter, the cattery lady etc. who don't take cards + send the occasional cheque to relatives who don't ever use the internet.