Cheques not be scrapped after all, banks say

Alpine_Star

Cheques not to be scrapped after all

http://www.bbc.co.uk/news/business-14122129

rb10

Debt-Regret wrote: »

Where does this fit in then?

http://www.bbc.co.uk/news/magazine-13947510

That is about the Cheque Guarantee Scheme, which closed earlier this year.

It is currently still possible to use cheques, just not to guarantee them.

I think it is a real shame that cheques will continue, and simply because so many people do not want to change to other methods of making payments.

simax

rb10 wrote: »

I think it is a real shame that cheques will continue, and simply because so many people do not want to change to other methods of making payments.

What I didn't understand was that they were planning on another "paper-based payment method" to replace cheques.... which is a paper-based payment method.

I still use the odd cheque now and again, and I'm glad it's staying.

Alpine_Star

rb10 wrote: »

That is about the Cheque Guarantee Scheme, which closed earlier this year.

It is currently still possible to use cheques, just not to guarantee them.

I think it is a real shame that cheques will continue, and simply because so many people do not want to change to other methods of making payments.

The banking industry and the Payments Council made a complete pig's ear of this issue and completely underestimated the value that so many people place on cheques.

This is a victory for common sense and one for the Treasury Select Committee who took a lead on the issue and exposed just how misguided the whole idea was.

The Payments Council were humiliated into the U-turn by this cringing session before the TSC in June http://www.parliamentlive.tv/Main/Player.aspx?meetingId=8609

noh

Debt-Regret wrote: »

Ok, but the CGS closed due to the overall closure of cheques, which is not going to now happen so my question remains, what will now happen?

Will they reintroduce the CGS? I suspect they'll have to.....

I also use cheques, for school trips, to pay dentist, to post to relatives - the list goes on.

Don't think that was the case.
http://www.ukpayments.org.uk/media_centre/press_releases/-/page/719/
The guarantee scheme was closed due to the small and declining number of cheques being guaranteed.
It is very unlikely it will be reintroduced.

A_Flock_Of_Sheep

This is great news. I still use cheques and cash. I just hope the Cheque Guarantee scheme comes back and retailers are forced to accept cheques again. I will love it at the Checkout! xxx

BoGoF

Despite the stay of execution I doubt big retailers will ever accept cheques again and they certainly can't be 'forced'

A_Flock_Of_Sheep

BoGoF wrote: »

Despite the stay of execution I doubt big retailers will ever accept cheques again and they certainly can't be 'forced'

I dont know - they are "forced" to charge VAT by the Government - surely the government can mandate acceptable payment methods. I went for ages having just a standard Cheque Guarantee Card and ended up being forced into a Debit Card due to removal of cheque acceptance.

Barneysmom

I don't know why they planned to stop them anyway, they're really handy for odds and ends.

BoGoF

A_Flock_Of_Sheep wrote: »

I dont know - they are "forced" to charge VAT by the Government - surely the government can mandate acceptable payment methods. I went for ages having just a standard Cheque Guarantee Card and ended up being forced into a Debit Card due to removal of cheque acceptance.

A retailer can accept cash only if it chooses. I really can't see any Government passing legislation to force business to accept cheques

cing0

APACS/BACS/blah have decided that cheque users will naturally die off rapildy in the next 5-10 years. It take over a week for a cheque to clear and I don't personally use or accept them myself.