Why do these muppets need me to have a chequebook?

Apodemus

I suspect there is a generation thing going on here. I suspect that many of the posters on this part of the MSE forum are not in their first flush of youth - me included.

So I am middle-aged, I have a cheque book and always have had. Only times I've used it in the last ten years have been to pay for school trips and scout events for my kids or (bizarrely) to buy shares through HL.

My, now adult, kids have never had cheque books nor been offered them as part of any banking they've done and would struggle either to use one or understand any potential use for one.

Cheques are a great source for fraudsters - they have all the details you need to raid someone's account, including a signature. In the 90s I had three separate hits on my account before the banking system realised that giving out cash over the counter on presentation of a Nigerian passport and a forged letter wasn't really that good an idea!

Pincher

Electronic transfer is too fast.

I am actually in favour of using cheques for large sums.
Let's take a leisurely three or four days for the transfer,
giving plenty of time for detecting fraudulent transactions.

Small amounts can zap around the world with a daily limit so you can't lose too much.

What I do mind is solicitors not taking responsibility for your money, and then demand that you rush over the money telegraphically on the day. Recipe for last minute c**k ups, what with bank IT system crashes. etc. In fact, with so many property transactions, insurance/divorce settlements, etc., I want the law society to set up a inter-solicitor secure fund transfer system. Obviously, if a rogue solicitor runs away with some money, the law society pays out, based on some kind of professional liability insurance. They will want FSCS to pay out instead, of course, the slimy sods, but we pay lawyers enough money as it is.

All they have to do is farm it out to a bank, which can even pay a little interest for the billions parked in a pool account. Well, I don't mind if they use the interest to cover the cost of running the system.

So, what I want is to walk into a solicitors office with a cheque for £100,000, a week before completion. I expect them to call me if something is wrong with the cheque, a couple of days before completion, NOT "drop everything and send us the money" on the day.

[Deleted User]

Pincher wrote: »

Electronic transfer is too fast.
I am actually in favour of using cheques for large sums.

Why risk having a cheque lost or stolen in the post when you can use a debit card?

These muppets are expecting me and my bank to go through a couple of weeks of hassle to print a chequebook that I don't want just so I can fill one in for £1. Then I will shred the rest of the book to safeguard my privacy & security. The muppets themselves are also incurring needless processing cost which will no doubt exceed my £1 deposit.

dunstonh

Proof of Sort Code and Account number can be obtained more easily and at far less expense and time using a debit card, standing order or direct debit.

Debit cards do not show the sort code and account number on the transaction. Standing orders and direct debits could come from accounts that do not belong to you and they wouldnt know.

These muppets are

You would do yourself a favour by not referring to them as muppets. Your discussion points are being drowned out by language you would expect a low educated teenager to be using.

Radiantsoul

Have you asked the institutions directly why they require a chequebook?

Archi_Bald

Why don't you offer "the muppets" a consultancy contract to show them the light? They will be very grateful for someone to finally tell them about debit cards, as they will never have heard of them before. They will also be grateful for you telling them in no uncertain terms that they need to fix their processes even though they aren't broken.

Make sure they fully appreciate that you think nothing of them by calling them muppets as often as you can. If they ask why you want to deposit money with them, tell them to mind their own.

Winning recipe.

themanfromamarillo

There's an interesting cultural difference between the USA and Europe on this and the UK falls somewhere inbetween. Having lived in the Netherlands and Germany I didn't have a chequebook in the 6 years I was there. When I lived in the US, cheques for everything. My landlord was somewhat pertrubed by the idea that I could pay money into his bank account directly rather than giving him a cheque every month. "Online bill payment" was a premium service costing $6 a month (this was in 2010) and "wire transfers" cost tens of dollars, not to mention international transfers. Be very, very greatful we live in a land of standing orders, direct debits, very few cheques and free or high-interest current accounts.

xylophone

Been there, done that and I now need a savings account for the rest of my cash. Please tell me of an instant access savings account which pays more than 1.6% (BM) or 1.55% (ICICI Bank). If so I'll open it right away.

Unfortunately you did not make this clear at the beginning of the rant.

As I was in a similar position, I too decided to open the BM account in question and in fact had to order a cheque book from Lloyds (which came very quickly).

I am holding on to my cheque book with its one used cheque as a future antique...

what really surprised me though was a telephone call from Lloyds Fraud Team asking me to confirm that I had issued the cheque..

a pleasure to come for you perhaps.....I do hope that you won't be addressing anybody as Kermit...:D

redux

I have two active chequebooks on my account. The first has about 8 to go and the second has been used three times: 2002, 2007, and last week.

If I hadn't previously asked to switch off the automatic issue of a new one, the first would still say Halifax Building Society.

But cheques will still be useful occasionally, like the invoice that came last week and didn't give any other way to pay but cheque in the post. I wouldn't dream of calling that person a muppet, especially when he's been kind enough to offer that work without payment on the same day.

[Deleted User]

dunstonh wrote: »

Debit cards do not show the sort code and account number on the transaction. Standing orders and direct debits could come from accounts that do not belong to you and they wouldnt know.

Debit cards display the Sort Code and Account number on the card. Recipients of Standing Orders and Direct Debits certainly can find out who the originator was. Nottingham Building Society is one such who insists that incoming electronic payments must come from a known linked account only and will return any payment not meeting this.

I had a query last year with Nottingham Building Society. Their T&Cs stated clearly that I needed to supply them with a cheque to prove my bank Account Number / Sort Code. I explained that I didn't have this but call centre staff claimed that rules are rules and must be adhered to. I referred the matter to a manager and explained I did not have, and did not want, a chequebook. He understood my problem and agreed that my debit card will show necessary details. I went to my bank who gave me a certified copy of my debit card and Nottingham happily accepted it for retention and the problem was solved.

I commend Nottingham Building Society for management who are prepared to adapt the rules using their common sense and thereby save significant time, cost and inconvenience. A pity [FONT=&quot] Birmingham Midshires and [/FONT]ICICI Bank don't display similar initiative.