MSE News: Cheques to disappear by October 2018

james_joyce

I don't think it will make much difference either way to the time it takes to get your money back.

I'm not talking about making conditions. The support needs to be (more or less) unconditional, unless we want a huge financial catastrophe. I'm just saying it is reasonable to ask the financial system to take the views of the public seriously when it comes to customer requirements. And of course that's all we can ask for.

Incidentally I don't think I'm being hysterical or predicting the Apocalypse. We're just having a discussion about payment methods! Disagreeing with someone's opinion is not the same thing as being hysterical.

Noble_Savage

james_joyce wrote: »

I'm just saying it is reasonable to ask the financial system to take the views of the public seriously when it comes to customer requirements. And of course that's all we can ask for.

Which is exactly what the Payments Council has said they will do. Unfortunately for many people (not you ) it's much easier to gripe and have a pop at those mean nasty banks.

Incidentally I don't think I'm being hysterical or predicting the Apocalypse. We're just having a discussion about payment methods! Disagreeing with someone's opinion is not the same thing as being hysterical.

No, in fairness you haven't been hysterical. But some have been - if you went and had a look at the responses this story got on the Daily Mail* website, it would shake your faith in humanity's collective ability to get a grip!

(*OK, not a great example, I know. )

james_joyce

Obviously I wouldn't want to pray the Daily Mail in aid !

We can also agree that any move to abolish cheques needs to go through the proper procedure and allow for correct safeguards.

But I think the heart of this issue is, to what extent are cheques a 'problem' and therefore to what extent does a 'solution' need to be found? My view is there is not really much of a problem and therefore the urgency about finding a solution seems misplaced. I accept that others don't agree with me.

Extant

james_joyce wrote: »

We can also agree that any move to abolish cheques needs to go through the proper procedure and allow for correct safeguards.

They have been, are and will.

But I think the heart of this issue is, to what extent are cheques a 'problem' and therefore to what extent does a 'solution' need to be found? My view is there is not really much of a problem and therefore the urgency about finding a solution seems misplaced. I accept that others don't agree with me.

What urgency? We're talking about nearly a decade in the future.

Change doesn't occur just from problems.

james_joyce

The urgency of setting the (draft) abolition timescale now.

So we need to get rid of cheques even though they are not a problem?

Incidentally are people seriously suggesting that the continuing existence of cheques actually prevents other payments systems being developed in parallel? That sounds far fetched to me

John_Pierpoint

Any body care to explain how the "very old" (defined as over 80 and the fastest increasing sector of the home grown population) manage in Holland Scandinavia etc. with their poor memory, wobbly hands and failing eyesight?

glider3560

John_Pierpoint wrote: »

Any body care to explain how the "very old" (defined as over 80 and the fastest increasing sector of the home grown population) manage in Holland Scandinavia etc. with their poor memory, wobbly hands and failing eyesight?

I believe in Germany, since the 1970s, they have been issuing slips of paper at banks. The sender goes to the bank and fills in a slip with their account details and the recipient's account details. You simply go to the counter and they process the transfer. Ideal for older people who don't bank online - no more fiddly than a cheque but allows the payment to be processed electronically (along with all the benefits of this). Seems like a very reasonable alternative to the cheque for people who don't/won't bank online or over the phone.

Noble_Savage

james_joyce wrote: »

Incidentally are people seriously suggesting that the continuing existence of cheques actually prevents other payments systems being developed in parallel? That sounds far fetched to me

Why bother developing solutions to something that hasn't been given a closedown date?

spenderdave

I mentioned earlier the situation with churches and other charities where it is a requirement that all payments need approval by two signatories. I was not aware that this is actually a requirement of the Charities Commission, so to drop that requirement would need changes to the Charities Act. Because of the two signatories requirement accounts for these organisations are not issued with debit/credit cards as there is currently no way to implement dual approval with these, and similarly internet banking access is limited to viewing only, ie no payments. OK, by 2018 changes to these payment systems can be made to accommodate this requirement, but we are a long way from there yet.

Little has been said also about passing cheques for large amounts for say opening savings accounts or deposits for house purchases, or for that matter buying expensive cars. OK some of these things are already done via BACS transfer, but often they are not and the amounts are usually way above what is allowed in normal internet bank accounts.

But I do appreciate that there are some on this fora who are very anti-cheque...

glider3560

spenderdave wrote: »

Little has been said also about passing cheques for large amounts for say opening savings accounts or deposits for house purchases, or for that matter buying expensive cars. OK some of these things are already done via BACS transfer, but often they are not and the amounts are usually way above what is allowed in normal internet bank accounts.

Larger transfers can already be made in branches, subject to extra security cheques (e.g. having to shown ID).