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Cheque Guarantee Card issuing banks
Comments
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With regards to using cheques as a temporary overdraft, I was guilty of doing that too. I work in retail security and was surprised to find about the numerous scams that used cheques and that, imo, is why most supermarkets stopped accepting them.0
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No there aren't. There are one or two of them, but there are far from being many, and I don't believe for a second that the few who ask for cheques see them as a secure form of payment. Rather, they ask for them as part of their identity checking procedures. They presume that if you pay by cheque then you must be the person named on the cheque, so you don't need as much extra paperwork to prove your identity.
If you think the banks will, or even should, continue to issue cheques just to please a few poxy little building societies, then you are sadly deluded. It's those building societies who will have to change their procedures, not the banks. They will have to drag themselves into the 21st century otherwise they will just lose customers.
I think you need to do your homework, there are quite a few Building Societies that still insist on cheques as payment to open new accounts.
As you suggest, they see it as a secure form of payment, so they will not be changing in a hurry I suspect, unless of course the bankers get involved in deciding " what is best for them ".0 -
I think you need to do your homework, there are quite a few Building Societies that still insist on cheques as payment to open new accounts.
As you suggest, they see it as a secure form of payment, so they will not be changing in a hurry I suspect, unless of course the bankers get involved in deciding " what is best for them ".
So what you're saying is that it'll take a concerted industry effort to drag them into the 21st century and away from using silly bits of paper as "security"? I'm glad we agree.
I'm not sure what you're trying to prove though, these building societies might be big but not big enough or important enough that every single bank should be considering them when they think about phasing out cheques. Put more simply, why on earth should a bank keep issuing something costly and with proven alternatives solely so that customers can take their business elsewhere?0 -
You will find full details of the banks plans in something called (I think) the national payment framework. This details when they plan to phase out cheque cards and then cheques and how they plan to replace them.0
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I think you need to do your homework, there are quite a few Building Societies that still insist on cheques as payment to open new accounts..
No there aren't. Only a small minority of building societies do this...As you suggest, they see it as a secure form of payment...".
I never suggested anything of the sort. It was you who said that. I told you that I don't believe it.so they will not be changing in a hurry I suspect,
If they refuse to join the 21st century then that's their loss and they will soon go out of business or find themselves taken over...unless of course the bankers get involved in deciding " what is best for them
They are already involved. The building societies depend on the banks to process their payments/cash flow and clear their cheques. I think only the Nationwide does its own clearing as it's the only one big enough to be able to do so.0 -
Isn't this thread about guarantee cards - which building societies don't use.
I can see guaranteed cheques going before cheques themselves.
That's funny, as my Nationwide FlexAccount card has a £100 CG facility?
(Which is quite annoying as I now bank with LTSB for their Vantage interest, which means if I write a cheque, I then have to wire the funds in by BACS to Nationwide as LTSB won't grant me a CG card!!!!!)I spent 25 years in the mobile industry, from 1994 to 2019. Worked for indies as well as the big networks, in their stores also in contact centres. I also hold a degree in telecoms engineering so I like to think I know what I’m talking about 😂0 -
That's funny, as my Nationwide FlexAccount card has a £100 CG facility?
The post you are quoting is referring to the use of the cheque guarantee card when presenting a cheque as payment to the building society for opening a savings account. You are referring to a building society providing you a cheque guarantee card with their current account offering.
Is everybody deliberately talking cross-purposes or is this really that confusing?0 -
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Not quite sure what you are ranting on about the 21st century for, the banks havn't exactly excelled in the 21st century.:rolleyes:
Oh, Inactive, I love you so. Whenever someone counters one of your arguments, the response is almost always "blah blah blah evil banks, everyone laugh at the failures". Regular as clockwork.
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The post you are quoting is referring to the use of the cheque guarantee card when presenting a cheque as payment to the building society for opening a savings account. You are referring to a building society providing you a cheque guarantee card with their current account offering.
Is everybody deliberately talking cross-purposes or is this really that confusing?
OK, OK a misunderstanding... Christ, not the crime of the century is it? :rotfl:I spent 25 years in the mobile industry, from 1994 to 2019. Worked for indies as well as the big networks, in their stores also in contact centres. I also hold a degree in telecoms engineering so I like to think I know what I’m talking about 😂0
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