Bank Accounts & Cheque Books

TopKiddy

Recently I applied for a Nationwide bank account. They put all my details in the computer and unfortunately I only qualified for there Cash Card Account. Which did not come with a cheque book.

I didn't know you needed a credit check for a chequebook! As I had a chequebook with my HSBC account when I was 16!

Is there any banks where you get a chequebook as standard? And also can someone tell me about the Guranteed Cheque? Apparantley you can spend upto 50 pounds on a cheque instore.

Thanks, Benny.

opinions4u

The year is 2011.

Why is a cheque book so important to you?

And also can someone tell me about the Guranteed Cheque? Apparantley you can spend upto 50 pounds on a cheque instore.

Being removed as an option very soon.

Debit cards have been around for 20+ years. Much better than cheques.

TopKiddy

opinions4u wrote: »

The year is 2011.

Why is a cheque book so important to you?

Being removed as an option very soon.

Debit cards have been around for 20+ years. Much better than cheques.

Sending money across the country...
But is this important? I was just asking a question. I was able to get a chequebook at 16, but not 3 years later?

Naf

Sending money: bank transfer. Its MUCH faster and simpler. Cheques are all but obsolete, most banks only offer them because of all their million-year-old-dears who can't bear the thought of using anything they've never used before. You CAN'T pay in shops as the cheque guarantee scheme has been discontinued so there is zero benefit to having a chequebook (with the one exception to some people paying off debts, but even then its far from essential).
How did you treat the HSBC account? any charges? How is your credit generally?

virgin_moneysaver

the cq guarantee system is being abolished end of next month, the chequebook facility is being gradually phased out - Nationwide may not offer it to new customers, you would have to ask them - you wouldn't have a credit score at 16, you do now, also most retailers now no longer accept cheques as a form of payment

TopKiddy

I never used my HSBC Chequebook, if I did it would of been once or twice. I recieve a lot of Cheques in my account though.

I was looking to start an online referral program which I'd pay people with cheques, as its not worth my time transferring 10 pounds or so.

So is there any banks that offer chequebooks?

dtsazza

TopKiddy wrote: »

I was looking to start an online referral program which I'd pay people with cheques, as its not worth my time transferring 10 pounds or so.

This statement really doesn't make sense to me.

It would take less time to click "make payment", type a 14-digit sort code and account number, then "10.00" and click OK - than it would to write out a cheque, sign it and write out the recipient's address on the envelope.

Plus the bank transfer costs you 0p in postage instead of 28p/46p postage. And the funds are usually available to the recipient in a few hours rather than several days for the post to arrive, zero to "a few" days for them to get to a bank to pay it in, and then several more days for the cheque to clear. Oh, and if you're sending these cheques out regularly some are bound to get lost in the post sooner or later.


The situation you've described is an almost perfect example of why cheques are much less useful than bank transfers. It's more hassle for you to send, it's more hassle for the recipient to have to pay in, and it takes much longer to execute (during which time the recipient hasn't got their money and you have to keep remembering how much less money your bank balance really has than it shows).

Naf

In which case open a business account (most offer free banking for a period, usually a year, Santander free for life). You'll get a chequebook that way, plus it'll make your accounts simpler and keep personal and business dealing separate. I believe most banks do offer chequebooks, I wasn't aware of a credit check for them, except where you don't pass for a type of account that offers them. Sounds like its not that they can't offer you a chequebook specifically, but that your credit score was too low to offer you the type of account that one could be issued with.

Naf

dtsazza wrote: »

This statement really doesn't make sense to me.

It would take less time to click "make payment", type a 14-digit sort code and account number, then "10.00" and click OK - than it would to write out a cheque, sign it and write out the recipient's address on the envelope.

Plus the bank transfer costs you 0p in postage instead of 28p/46p postage. And the funds are usually available to the recipient in a few hours rather than several days for the post to arrive, zero to "a few" days for them to get to a bank to pay it in, and then several more days for the cheque to clear. Oh, and if you're sending these cheques out regularly some are bound to get lost in the post sooner or later.


The situation you've described is an almost perfect example of why cheques are much less useful than bank transfers. It's more hassle for you to send, it's more hassle for the recipient to have to pay in, and it takes much longer to execute (during which time the recipient hasn't got their money and you have to keep remembering how much less money your bank balance really has than it shows).

PLUS for regulars you can have their details as a bill payment, meaning you don't have to type them in every time, just click on their name and how much to send...
Why give yourself writers cramp?
Imagine how many chequebooks you'll go through, the average contains 25 or 50 cheques, once you get running you could easily be sending that many a week... then waiting a week for the bank to send a new one ant that one will be completely used up with just the backlog so you'll have to wait another week and have two weeks backlog... ad nauseam.
Save the bother, bank transfer.

opinions4u

TopKiddy wrote: »

Sending money across the country...
But is this important? I was just asking a question.

With the greatest respect, I was trying to establish why you were asking the question. So yes, it is important - it turns out that you want to spend money on stamps and envelopes to run your business, meaning your customers receive their cleared payments about 10 days after you write the cheque.

Others have rightly suggested that if you use online payment systems your customers will receive their money in about 30 seconds.

I was able to get a chequebook at 16, but not 3 years later?

Because most people don't use cheques anymore, so banks will only issue chequebooks on request to people who ask for them - and only if they want to.

An online business that uses cheques will be outperformed by one that doesn't.

So I apologise for trying to clarify why you wanted something and looking to identify better options for you. Next time I'll not bother.

olly300

TopKiddy wrote: »

Is there any banks where you get a chequebook as standard? And also can someone tell me about the Guranteed Cheque? Apparantley you can spend upto 50 pounds on a cheque instore.

In the last 4 years I've opened two new current accounts. Neither BS/bank has given me a cheque book.

I know I can ask for it but the last time I wrote a cheque was in February and before that I hadn't written a cheque for over 3 years.

In the case of that cheque I could have gone over to the person's house - they live in walking distance - and put the cash in an envelope through their letterbox instead of posting it. (The stamp was over 3 years old)

TopKiddy wrote: »

And also can someone tell me about the Guranteed Cheque? Apparantley you can spend upto 50 pounds on a cheque instore.

99% of retailers are not accepting cheques any more due to the problems there are with cheque fraud. Even small retailers can get their hands on visa/mastercard debit machines that use carbon copies.

In fact the only business likely to accept cheques will be trade services in the home but even they will accept bank transfers.