End of cheque guarantee system

pmduk

CLAPTON wrote: »

banks reducing their costs and transferring all risk to the customer and away from the banks themselves

With most forms of plastic available in the UK now (except Mastercard debit cards), there is a great deal more protection for bank customers than there ever was with cheques.

Hazzanet

pmduk wrote: »

With most forms of plastic available in the UK now (except Mastercard debit cards),

I believe Clydesdale and Yorkshire banks issue these.

CLAPTON

there were over 1,200,000,000 cheques processsed in 2009
the value of the cheques processed was over £1,000,000,000,000
obviously shows there is no consumer demand

there are unquestionably alternatives to cheques that are appropriate in many situations which is why the number of cheques processed last year was only 1,200,000,000

there is a very big difference between writing a cheque and filling in sort code, account numbers and reference numbers
very easy to make mistakes and there is currently little recourse if a mistake is made

JuicyJesus thinks if you are stupid enough to make a mistake them tough.. in his/her world maybe everyone is perfect; my world is occupied by elderly people with poor eyesight, people with phobias about phoning banks/institutions etc, dyslexics, sightly muddled people, people who don't like plastic; people who have actually had to deal with big organaisations after a mistake was made and know the virtual impossibilty of getting help
in my world I know people who have never send a txt message

I've no idea how many people use paypal but I'm sure there there large numbers of people who have never heard of it. Reading these forums there often seems little redress if things go wrong there too.

Now cheques are not perfect but many one can sit quietly down and write then out and ask some-one to confirm the details.

If fraud is committed with a cheque then at least there is some sort of audit trail compared with a plastic fraud

If businesses don't want to accept cheques then they don't have to; that's no reason to stop everyone else using them

CLAPTON

pmduk wrote: »

With most forms of plastic available in the UK now (except Mastercard debit cards), there is a great deal more protection for bank customers than there ever was with cheques.

ok, I want to send my nephew some money for his birthday; what protection does plastic give me or him?

CLAPTON

Wasteofspace wrote: »

Are you joking Clapton? My number one piece of advice when it comes to cheques is never use them!

Cheques are an absolute nightmare!

If the bank sends me a checkbook I take it to the branch and dispose of it.

The future is bright... https://squareup.com/

a bit light on facts here

ok you don't like cheques; I know lots of people who don't like plastic
..not sure what that proves

WelshPaul

Primrose wrote: »

How can one safely sell products after this date, especially via private transactions if you don't get a guarantee that you will get your money?

A cheque written out to an individual that was guaranteed by a cheque guarantee card is useless to an individual anyway, the bank will not honour it if they do not have the funds.

They only honour them when they are made payable to a business.

Had a few cheques that bounced even with a cheque guarantee card.

I remember about ten years ago going into giles sports and purchasing £105 worth of gear and paying by cheque, i had a £250 guarantee card and they had to call for authorisation and was told back then that any purchase over £100 they had to call regardless of the £250 guarantee.

glider3560

CLAPTON wrote: »

people with phobias about phoning banks/institutions etc, dyslexics, sightly muddled people, people who don't like plastic; people who have actually had to deal with big organaisations after a mistake was made and know the virtual impossibilty of getting help
in my world I know people who have never send a txt message

The burden of finalising the payment is (IMO rightly) being passed from the recipient to payee. The person making the payment will have to do the leg-work, i.e. instructing their bank to make the payment. There are many ways they could do this. Online and telephone banking are two, but what about going into the branch? Or even writing a letter to the bank? If someone is capable of writing a cheque, then they can write a letter to their bank asking for £x to be paid to xx-xx-xx xxxxxxxx.

It is simply people being stuck in their old ways that is causing the trouble. Other payment methods exist, but people just don't want to use them.

As for the banks doing it to make more profit, of course this is why they're doing it. At the end of the day, why does the bank exist? To let 90 year old Mrs Jones send a £10 cheque to her granddaughter or to return a good dividend to their shareholders? I'll let you decide.

CLAPTON

glider3560 wrote: »

The burden of finalising the payment is (IMO rightly) being passed from the recipient to payee. The person making the payment will have to do the leg-work, i.e. instructing their bank to make the payment. There are many ways they could do this. Online and telephone banking are two, but what about going into the branch? Or even writing a letter to the bank? If someone is capable of writing a cheque, then they can write a letter to their bank asking for £x to be paid to xx-xx-xx xxxxxxxx.

It is simply people being stuck in their old ways that is causing the trouble. Other payment methods exist, but people just don't want to use them.

As for the banks doing it to make more profit, of course this is why they're doing it. At the end of the day, why does the bank exist? To let 90 year old Mrs Jones send a £10 cheque to her granddaughter or to return a good dividend to their shareholders? I'll let you decide.

there is no trouble with cheques; it's just that the banks want to reduce costs (no problem in principle there and transfer risk to costomers)


are you seriously suggesting that instead of the 1,2000,000,000 cheques it would be better to personally go into a branch or write them a letter (well I suppose we could have a pro-forma for the letter.. how about we could call it a cheque)

glider3560

CLAPTON wrote: »

are you seriously suggesting that instead of the 1,2000,000,000 cheques it would be better to personally go into a branch or write them a letter (well I suppose we could have a pro-forma for the letter.. how about we could call it a cheque)

Yes, I am. If someone gives me a cheque, I still have to go to the bank to pay it in! Within a few years, I believe most people will use other technologies anyway. 42% of the population currently bank online - this will keep increasing. Nearly everyone has access to a telephone.

pmduk

CLAPTON wrote: »

ok, I want to send my nephew some money for his birthday; what protection does plastic give me or him?

Why not transfer the money directly into his account. It will arrive before you can phone him to say it's there.