Can the cheque be saved?

glider3560

michael1983l wrote: »

Going back to dollardog, why don't you get yourself a laptop, a 3g Dongle and let people pay on the spot via paypal, you can set it up so they don't even need an account to pay you. Then you don't need to upgrade your paypal account, although you will have to pay paypal fee's, but if you want buisness get with the times man.

PayPal actually offer a service called Virtual Terminal. It is effectively a card processing machine that you use on their website. It costs £20/month plus the usual PayPal fees.

Tally-Ho_2

I personally stopped writing cheques to send to people/traders etc about 3 years ago.

I realised that when I sent a cheque to an unknown trader (such as on e-bay etc), not only did the recipient get my name and address, but printed on the cheque was my Bank's branch details, its sort code, my account number, and my signature was there as well.

Would anyone seriously hand over these details to an unknown individual? Just think of the havoc they could cause if they decided to use that info, for example change my address by writing to the bank, take out credit cards, loans etc all without my knowledge..

I found it much safer to pay via paypal.

Tally

ste_coxy

rb10 wrote: »

I do not believe that to be true.

There is no way that 20% of people have lost money through online banking. The banks' internet banking sites are very secure, and it is very rare to find someone who has actually suffered fraud through online banking.

Maybe 20% of people have been a victim of fraudulent transactions, which they (either correctly or, more likely, incorrectly) attributed to using their card online.

But of those two people, did either actually lose their money? Or did the bank pay it straight back?

Yes, there are many people who are wary of using their cards online. But it's completely illogical. It is not (in the vast majority of cases) through any knowledge, it's through irrational fear.

i second this. that statistic is clearly fabricated.

i've got to be honest. cheques I will glady see the back of. they have been dying for ages. business/tradesmen should benefit from the faster payment scheme which allows funds to be transferred on the same day usually within 2 hours to the other person's account. I think people need to move on and get with the times. I appreciate change can be annoying but it's a way of life.

Chadsman

I think she was saying that two people out of a group of ten she met at a seminar had been a victim of online fraud- not that 20% of all people had been a victim of online fraud.

lordash

I can't see why we can't have a system like they have in the USA, where the cashier/ATM scans the cheque and instantly transfers the image to the drafter's bank, allowing for next day cheque deposits. Not only is this a lot faster, but also saves the banks a lot of money in processing/delivery charges during the clearing cycle.

I suppose that may actually be of use to people, and the banks seem to want to discourage this as much as possible (as demonstrated by some banks setting transaction limits as low as £25 for faster payments - thereby making a really useful system completely useless!)

At the moment, there is no free and convenient replacement for the cheque, and so it must stay. Why would I want to mess around with internet banking and pin readers typing in account details trying to set up a one-time payment, when I can write a cheque in a matter of seconds. Its madness.

And as for the comments about the security of cheques, I can't see how they are any less secure as somebody having your card details for mail-order card payments or account details for setting up a direct debit.

Of course, the major advantage for banks is that they can force lots of small businesses to rent out expensive card readers and screw them for money in the process. Which just about sums it all up really.

willo65

Dollardog wrote: »

When cheques go, it will affect my business. I trade at events up and down the country during the Summer. I don't have card facilities because I would have to have a more expensive bank account and have to pay a fee all year round for the card facility even when I am not using it in Winter.
We still take cheques and even trust people to send us one if they haven't got enough money on them at the time to buy and haven't got their cheque book on them.

If you trust them to do this then you could trust them to pay via paypal when they get home or to do a bacs transfer.

[Deleted User]

What about using something like an iPhone and a Square instead? (https://www.squareup.com)

gilligansyle

I think that other than small retailers, the main people affected by this will be grandparents and the like sending cheques in birthday cards. But I doubt it can be saved.

I have recently sent a cheque to my nephew for his 18th, as he had no idea what he wanted and his mother said send him cash. He is saving for a holiday so will presumably put it to that. Yes, I could have set up a payment via online banking, but seems a lot of messing, when I had to send the card anyway.

Maybe we go back to postal orders?

izools

surfsister wrote: »

Just thinking about cheques and how people will manage without them and if they can be saved?? doubt it who are we just customers!!

How will we pay tradesman eg washine machine repair people? I usualy give them a cheque. Card, Bank Transfer, Cash, Invoice

How will granparents give birthday gifts to kids as cash can't be put in the post anymore. The Barclays Prepaid Electron Gift Card comes to mind. I used to use the old Mint Electron Gift Cards instead of cash - and it's much better than giving gift vouchers. Always got a big grin and thanks in response. Much cooler than having to wait for a cheque to clear, too.

How will people pay for things by post if they don't bank online or have a credit card? All bank accounts that come with a cheque book come with a debit card. It is easier to get a Debit card than a cheque book these days. Most basic cash accounts for those with bad credit provide a full auth VISA debit but no Book.

Won't it increase fraud if all transactions are to made by plastic? What's easier to obtain, an ink eraser and someone's signiature, or someone's PIN? They don't all have to be made by plastic, cash, bank transfer, paypal, etc are all options.

Just a few thoughts of mine!

And an addendum in support of getting rid of cheques if I may:

If you pay a bill by Cheque, you can't prove that it was posted. Only that the stub was filled out but this is not proof of having made a payment, only proof of filling out a stub.

Granted, the bank statement will show the cheque having been cashed, but not the name of the recipient. And if the recipient doesn't cash it and charges a late fee, what can you prove?

If you pay by card / bank transfer / etc you have black and white irrefutable evidence of the invoice or bill having been paid in case the receiving company kicks up a fuss or charges a late fee

choc_mouse

I remember when me and my brother were younger (18?? How old do you need to be to get a cheque book?) we wrote each other a cheque for £1,000,000 - just for the fun and excitement to see such a large number. Obviously, we destroyed those cheques as soon as the excitement was over.
:beer:

Can't really do the same with online banking - imagine the unauthorised overdraft fees!

Seriously though, I used to work in my Dad's shop and we accepted cheques. A lot of cheques bounced (up to 10%) even with the cheque guarantee details on the back At least card transactions give you an instant yay or nay in terms of funds being available though still carries the risk of fraud.