MSE News: Cheque guarantee cards to be abolished tomorrow

jamesd

Or you could use one of the cheque guarantee schemes that doesn't end tomorrow. The biggest one, managed by the Payments Council and with a Shakespeare hologram is the one that's ending, not all of them.

Consumerist

guesswho2000 wrote: »

Of course knowingly guaranteeing (or even writing) a cheque with insufficient funds (or available overdraft) is illegal, although in reality will simply incur lots of fees and charges.

Since when has an overdraft been illegal in the UK. I understand that it may be true in the US, however.

Consumerist

pete_v wrote: »

What sort of reliability / speed problems do they have? So far I've been trusting them to work and show up within a couple of hours at the most, and I haven't been disappointed. What do I need to look out for?
Pete

In my experience, Halifax is unreliable, Santander is also.

There are plenty of posts on these forums (fora ?) complaining about the general unreliability of the way banks operate the Faster Payments System with their own rules which are undisclosed for what they call "security" reasons.

tiff

My dog kennels wont be happy, nor will I as I'll have to get the cash out before collecting my dog as they dont take debit cards. Have always written them a cheque and they insist on the card details on the back.

kitty2011

Advice please!

I borrowed money on a 'cash 'till payday' basis, which meant I gave the lender 5 x cheques made payable to them, which were guaranteed by my cheque card. The agreement is that they are banked 28 days later. As i have not had the money to cover repaying the entire £500, each month i have paid a fee for them to change the date on the cheque for another 28 days later.

Now that the guarantee scheme is going, will i be able to extend the date in which they are due to be banked? surely then they would not have to be paid by the bank as wouldn't be covered by the scheme?

i'm fully aware this is an expensive way to borrow and have plans in place to slowly pay these back one cheque at a time.

How will the end of the scheme affect me and other payday borrowers??

thanks

noodles86

Are cheques going? or is it just when you use a cheque and put your card details on the back? Please excuse my ignorance but although I appreciate that your bank details are on a cheque, I prefer to send a cheque as the amount to withdraw is more clearer and I feel more safer than just writing down either the details off your card or bank details on a order form (for example!) as surely they could 'accidently' take too much money etc? Sorry if I seem confused - I am!

DCFC79

noodles86 wrote: »

Are cheques going? or is it just when you use a cheque and put your card details on the back? Please excuse my ignorance but although I appreciate that your bank details are on a cheque, I prefer to send a cheque as the amount to withdraw is more clearer and I feel more safer than just writing down either the details off your card or bank details on a order form (for example!) as surely they could 'accidently' take too much money etc? Sorry if I seem confused - I am!

as per the title says its the cheque guarantee part thats going

kitty2011

The cheque guarantee scheme is going. You can still issue cheques, but after today, the bank will no longer guarantee to pay it if you've written your card details on the back of the cheque.

Consumerist

kitty2011 wrote: »

Advice please! . . .

Hi kitty and welcome to the MSE forum.

In the situation you cite, I think that your bank will just treat the cheques in the same way as any other cheque and ignore any guarantee which applied before today.

tiff

As there was half an hour between kitty's two posts I would assume she since found the answer, no need to be nasty.