Are cheques safe?

bigfreddiel

When you pay by cheque is it safe, a cheque has your name, the banks name and address, your account number and sort code.

Couldn't this be used to get into your account?

Cheers fj

henm2

A cheque written by you has more importantly your signature so yes it could potentially be used to enable setting up of direct debits and standing orders. Also it could be used to enable a written instruction to change your address.

In practice the above rarely happens. Mobile and internet banking are good ways of keeping a close eye on your account.

I doubt that cheques will be withdrawn anytime soon. The last attempt to get rid of them caused uproar. http://www.bbc.co.uk/news/business-36345676

Apodemus

I had a couple of hits on my accounts in the past before banks got a bit more savvy on this.

Using the details from a cheque, someone faxed to my bank with a poor copy of my signature (and no address, as that is not on the cheque) asking for £5,000 cash to be paid out over the counter in a London branch on presentation of a Nigerian passport. Bank duly complied! After investigation, bank refunded me the money.

A few months later, a similar letter appeared instructing same bank to pay an Italian company a similar sum for an Outboard Motor that had been shipped to Nigeria. Again, they helpfully paid the Italian company. Thankfully, this time they were suitably embarrassed about it and again refunded me the money.

Cheque are not 100% secure but it really depends on the processes in the bank itself, and I think they are now pretty good at spotting fraudulent transactions before they are approved.

anotheruser

For most people, cheques are worthless.
I can't remember the last time I used a cheque book.

For companies paying people, yes, I understand. For people paying companies, or people paying people - useless for the majority.

brewerdave

anotheruser wrote: »

For most people, cheques are worthless.
I can't remember the last time I used a cheque book.

For companies paying people, yes, I understand. For people paying companies, or people paying people - useless for the majority.

...except for a still significant minority of 70+ yr olds who are not in the "internet age" - my late mother operated totally by cash or cheque and my M-I-L still does!:)

System

Many smaller building societies still operate primarily with cheques. They seem to equate Faster Payments with CHAPS and not cheque replacements.

From a security perspective, it's not your bank details nor signature on them, therefore they are much more secure to pay a third party whom you don't want or isn't appropriate for a FP/BACS payment.

spadoosh

Ignoring the slight risk of paper cuts or its ability to take a flame a cheque should be perfectly safe..... Its the people you need to watch out for.

How much do you trust your payroll department? Got the exact same details!

The minimum wage worker who inputs your direct debit details? Your binman or postman?

I would definately say it was safer the cash. Someone could mug you or you could stick it in the washing machine dont lose much if you wash a cheque or someone steals it off you or you misplace it.

teddysmum

We find cheques to be useful for paying caravan storage and car garaging fees to small businesses which don't have card machines or boiler service charges to the engineer so he can be paid at the time of completing the job.


They are also useful to send people money as a surprise, as there is no need to ask for bank details.

Missus_Hyde

I have a couple of people whom I pay by cheque; the reason being that they don't have a card machine and rather than using cash, I write out a cheque.

If I'm sending any money through the post (can't pay by BACS transfer) then I would use a crossed cheque (obviously infinitely preferable to sending cash through the post!!! :eek:)

I tend to keep an a/c with a small amount of money in it, for which I have a debit card and a cheque book which I mostly use for all purchases and top it up from our main a/c. Then if the card or cheque details do go AWOL, then there's very little money in the a/c to be fraudulently removed. My PayPal a/c is linked to that as well.

I've found the worst thing about using cheques is not knowing when they'll go through the bank a/c; I've had payees hang on to them for two or three weeks and then present them, so I always ensure that there's enough money in that particular a/c to cover them.

bigfreddiel

My OP was more about the information on the cheque, not the cheque itself, I know they're on the way out.

But the information? Would you happily post the information on your cheque here? After all the bank obviously thinks it's safe, so surely it would be okay?

Cheers fj

PeacefulWaters

My debit card has similar info on it.

Debit card fraud is a bigger deal.

But it's the banks and retailers who pick up the bill.