Chieque passing its sell-by date

oldwiring

" Cheues are not accepted here".

I see it in petrol stations and I believe more than one supermarket chain will not accept cheques in payment.

I can see that the traders lose the chore of accounting and paying in, but does the withdrawal worry anyone? Is the day of the cheque passing?

Mikeyorks

Quote from APACS :

There were just over 5.3 million cheques issued each day in 2005*, compared to 11 million in the peak year for cheque volumes, 1990. By 2015 there will be only 2.4 million per day. (*compared to 22.8m card transactions)

..... so they're certainly on the decline but not dead yet. Yes .. it would worry me if there was undue pressure applied to hasten the demise. For example I had some blinds fitted last week and had to write a cheque for the fitter and one for the supplier. Can't see the fitter carrying a POS terminal? Takes him all his time to remember his screws!

Rafter

Cheques are an inefficient and fairly insecure form of payment.

I can see us moving to a fully electronic transfer system in a few years time - in fact in developing countries it is already happening.

So if you wanted to pay your builder you would either go online or simply use your mobile phone with a pin or fingerprint security to text the money accross.

I'm fairly sure the mobile phone or an electronic wallet will replace cash within 10 years.

R.

richt71

Rafter wrote:

Cheques are an inefficient and fairly insecure form of payment.

I can see us moving to a fully electronic transfer system in a few years time - in fact in developing countries it is already happening.

So if you wanted to pay your builder you would either go online or simply use your mobile phone with a pin or fingerprint security to text the money accross.

I'm fairly sure the mobile phone or an electronic wallet will replace cash within 10 years.

R.

One of the News channels had a ID theft expert on last week talking about a lot of ID thefts come from cheques as corrupt people accepting cheques have all your details to replicate your ID or sell it as cheques usually have your full name and bank details. He suggested cheques should be used sparingly.

Mikeyorks

richt71 wrote:

One of the News channels had a ID theft expert on last week talking about a lot of ID thefts come from cheques as corrupt people accepting cheques have all your details to replicate your ID or sell it as cheques usually have your full name and bank details. He suggested cheques should be used sparingly.

An 'expert' should know that cheque based fraud was at its height in the '90's. And went into sharp decline following the Cheques Act 1992.

Whereupon the fraudsters turned their attention to plastic / online - and which has continued to grow ever since. Plastic equally contains name / account data!!

Gordon_the_Moron

Cheques are just a pain and probably the least easy way to pay, I've written about two in all the time I've had my current current account (since Feb) and that was to transfer my whole months wages from one account to another when my Internet access wasn't working (the branch was closed too so I couldn't make big withdrawals, paid into the cash machine)