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MSE News: Cheque clearing to be cut to 'next working day'
Comments
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To use your Chequebook someone needs to get hold of it, to use contactless on my card someone also needs to get hold of it so there is little difference in that respect.
Contactless fraud is almost irrelevant because if it does happen the bank refund immediately without question. Also it's not as common as you think i don't know anyone who it has happened too.
For you they may not be inconvenient, but for me they are because i do almost everything online so i very rarely go near a bank. I much prefer to spend my free time doing something more productive and/or enjoyable.
All my friends and family send payments to each other on a regular basis using online banking and no-one has ever sent the payment to a wrong account. You simply double check the details the first time you send the money and then they are saved. Then any future payments take a few seconds, can be done on your mobile when your out and usually arrive immediately.
Also i don't see the issue with sending people your bank details. They are written on every cheque and most bank card and can only be used to pay money into the account easily.
In that persons case if they are happy to travel to the bank then making a transfer in the bank makes it easier for the recipient to receive the money. Plus i thought i would mention it because they were under the mistaken impression that bank transfer would cost them money.
But....
If everyone agreed that Cheques were a good payment method and were not inconvenient like you then they wouldn't be making changes to the system. If everyone thought like you then they wouldn't be introducing systems to allow you to pay them in with a picture and to allow them to clear the next working day.
Once these changes are implemented Cheques will be far less inconvenient and i actually won't mind receiving the odd Cheque if i don't have to go into a branch to pay it in.
Well, I don't carry my chequebook on me, so no one would be able to get it. You carry your Contactless card in your wallet, so if you lose it, or it was stolen, that person can make at least 10 (proven when three banks were tested) transactions without needing to know your PIN. So yes, there is a difference.
Contactless fraud means you still need to tell the bank, and you might not be able to do that immediately or quickly, so it can still be used. And you'd need to cancel the card and get a new one. It's not just fraud, it's double payments, and I do know people who have been charged twice but you can't refund via Contactless, meaning a long phone call to head office, but we're moving away from the topic of cheques...
If you don't use them, great. No one is forcing you, so why tell others not to use them? I spend about 10-15 minutes of my month writing cheques for payments, and I still find enough time to have fun. You spend your time on online banking, that's up to you. I don't see the difference or the problem. We all have to do it, so why does it matter so much to you that people use cheques to do it? A lot of savings accounts won't let you make an opening deposit UNLESS it's with a cheque or debit card for security reasons, not electronic or cash.
There's a far greater risk of an online payment going wrong. If I make a mistake on a cheque, I can cross it and initial it, or write another. I can't stop an online transaction entered wrong and submitted. Also, I don't use banking apps. It's madness to hold banking and payment (Apple Pay) info on your phone, especially if you lose it, what a pain. Passing around cheques, an official and legal documented tender, comes form the bank and ends up in the bank. Details written on a piece of paper between friends may not be shredded or destroyed, and can be used to commit fraud in the wrong hands. Texts and emails can be intercepted. Again, up to you if you do this.
I don't mind cheques being processed quicker by the following day, it makes no difference to me as I use them knowing it can take a week. It also means I keep my money longer. Cheque imaging is like Contactless for cards. It's just a quicker version of the already used version. It's not about it becoming more convenient, it's about getting more people onto apps so people don't use branches so they can lay off people and increase their profits more without so many wages and thus creating unemployment. We all know banks do what benefits them, not their customers. The fact that neatly half a billion cheques were written totalling £551 billion in 2016 clearly shows that people do not think it's inconvenient.
My main issue with you is that just because you don't like, give or accept cheques, that's no reason to tell others not to like, give or accept cheques saying it's inconvenient or worthless. Many people think the same of online and app banking as it's just more passwords, more usernames, more info to remember and technology can be taken away from us just and easy as it's given. Carry on doing what you're doing, and let others do it their way.0 -
However someone wants to give money to you, you should accept it. It's not up to you to dictate how someone pays you.
Tell that to all the shops who no longer accept cheques, which is nearly all of them. Also try buying something online with a cheque.But cheque fraud is lower than any other payment method. You can cancel a cheque before it clears.
You'll have to be quick under the new scheme.I think you'll find most people will be able to deposit cheques easily. Banks always have queues of people.
Waiting in a long queue is not quick, easy, or convenient.
I'm surprised that nobody's mentioned PAYM as a quick and convenient way to pay. If you and the other person are registered for PAYM with your bank you don't need their bank details, only their mobile no. and the system displays their name before you confirm the payment so you can be sure you're paying the correct person. I've found it very quick and easy to use.0 -
I'm surprised that nobody's mentioned PAYM as a quick and convenient way to pay. If you and the other person are registered for PAYM with your bank you don't need their bank details, only their mobile no. and the system displays their name before you confirm the payment so you can be sure you're paying the correct person. I've found it very quick and easy to use.
It's interesting you mention PAYM as I suspect that this has not been as much as a success as the banks would have you think. It appears that Yorkshire Bank/Clydesdale have withdrawn from the scheme as their new mobile app has excluded the service entirely.
I can say that I have only used it once since it was launched.43580 -
Tell that to all the shops who no longer accept cheques, which is nearly all of them. Also try buying something online with a cheque.
You'll have to be quick under the new scheme.
Waiting in a long queue is not quick, easy, or convenient.
I'm surprised that nobody's mentioned PAYM as a quick and convenient way to pay. If you and the other person are registered for PAYM with your bank you don't need their bank details, only their mobile no. and the system displays their name before you confirm the payment so you can be sure you're paying the correct person. I've found it very quick and easy to use.
I said someone, not a shop. I deliberately didn't say retail shops because they obviously don't take them anymore (although I've read reports of people wanting them to accept again, particularity for elderly and vulnerable people who can't remember PINs and don't want to carry a lot of cash). A lot of websites and trade shops take cheques. Businesses and charities rely on cheques. If it's so inconvenient, why do all credit card suppliers, utility providers, private health providers, etc still attach credit giros and accept them? Clearly it doesn't bother them to accept them and bank them.
You will still be able to cancel. It all depends on when the payee banks the cheque. Not everyone does it the same day or the day after. They might only be able to do it at a weekend. Also, if you pay it in on a Friday, it won't clear until 23:59 on the Monday, or the Tuesday if it's a Bank Holiday, and most banks are open on Bank Holiday Saturday's (Metro Bank is even open on a Sunday).
Let's be honest, queues aren't long, or even existent, anymore unless you bank with Barclays. You're usually seen by one of the 2-3 cashiers straight away, or maybe first in line, plus you can do a lot on the ATM such as cheque deposits.
I think people are vastly over exaggerating the so-called inconvenience of cheque usage, and it's the ones who don't even use them that seem to have the problem with them. Why do you care so much if they don't form a part of your financial life? I'm against Contactless, Online and Mobile Banking, but I don't go round telling people they shouldn't, that it's not as safe or secure as they think, and should stop. I can't help that I'm financial responsible and I know exactly what goes in and out because I physically handle my transactions, I don't leave it to automated technology to do it. It's up to the individual how they manage their finance, so let them.0 -
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Let's be honest, queues aren't long, or even existent, anymore unless you bank with Barclays. You're usually seen by one of the 2-3 cashiers straight away, or maybe first in line, plus you can do a lot on the ATM such as cheque deposits.
I think people are vastly over exaggerating the so-called inconvenience of cheque usage, and it's the ones who don't even use them that seem to have the problem with them. Why do you care so much if they don't form a part of your financial life? I'm against Contactless, Online and Mobile Banking, but I don't go round telling people they shouldn't, that it's not as safe or secure as they think, and should stop. I can't help that I'm financial responsible and I know exactly what goes in and out because I physically handle my transactions, I don't leave it to automated technology to do it. It's up to the individual how they manage their finance, so let them.
It is of course up to the individual how they manage their finances.
I am 61 and effectively stopped using cheques when you were 8 years old.
Why would you want to leave the house to do your banking. When you can deal with it all while waiting for your toast to pop up?
I couldn't run my numerous accounts in a "financially responsible way" and know exactly what goes in and out without online access and use of mobile banking apps.
The statistics that you quoted from show that cheque use is declining around 15% year on year. Cheque usage will die a natural death.
https://www.chequeandcredit.co.uk/sites/default/files/annual_summary_of_payment_statistics_2016.pdf
https://www.chequeandcredit.co.uk/sites/default/files/quarterly_statistical_report_2017_q2.pdf
https://www.chequeandcredit.co.uk/information-hub/facts-and-figures/payment-statistics0 -
Well, I don't carry my chequebook on me, so no one would be able to get it. You carry your Contactless card in your wallet, so if you lose it, or it was stolen, that person can make at least 10 (proven when three banks were tested) transactions without needing to know your PIN. So yes, there is a difference.
Contactless fraud means you still need to tell the bank, and you might not be able to do that immediately or quickly, so it can still be used. And you'd need to cancel the card and get a new one. It's not just fraud, it's double payments, and I do know people who have been charged twice but you can't refund via Contactless, meaning a long phone call to head office, but we're moving away from the topic of cheques...
Yes you can refund via contactless. I've bought items with my phone using contactlesss and when i returned them i touched my phone on the reader to get the refund.
Contactless fraud doesn't bother me one bit. I have never lost any card or had one stolen in my life so its unlikely to happen. If it did happen then one call to the bank would mean i get my money back. I would then just use one of my other accounts until i got new card.If you don't use them, great. No one is forcing you, so why tell others not to use them? I spend about 10-15 minutes of my month writing cheques for payments, and I still find enough time to have fun. You spend your time on online banking, that's up to you. I don't see the difference or the problem. We all have to do it, so why does it matter so much to you that people use cheques to do it? A lot of savings accounts won't let you make an opening deposit UNLESS it's with a cheque or debit card for security reasons, not electronic or cash.
Debit cards are electronic... Also your stuck in the past, i open all my savings accounts online and they ONLY accept electronic payments for the first deposit. I can also guarantee that i will be getting alot more interest on these accounts than you will from any opened in a branch.
But that's up to you how you want to manage your fiances. The difference if you need to make an effort to travel to the bank to do that. I can do it at an moment i have free using my phone.There's a far greater risk of an online payment going wrong. If I make a mistake on a cheque, I can cross it and initial it, or write another. I can't stop an online transaction entered wrong and submitted. Also, I don't use banking apps. It's madness to hold banking and payment (Apple Pay) info on your phone, especially if you lose it, what a pain. Passing around cheques, an official and legal documented tender, comes form the bank and ends up in the bank. Details written on a piece of paper between friends may not be shredded or destroyed, and can be used to commit fraud in the wrong hands. Texts and emails can be intercepted. Again, up to you if you do this.
The Cheques your sending in the post also contain your account details. But i'm not concerned if anyone has my account details or if they are intercepted. I'm happy to send them to you in a PM and challenge you to get any money from the account if you want?.I don't mind cheques being processed quicker by the following day, it makes no difference to me as I use them knowing it can take a week. It also means I keep my money longer. Cheque imaging is like Contactless for cards. It's just a quicker version of the already used version. It's not about it becoming more convenient, it's about getting more people onto apps so people don't use branches so they can lay off people and increase their profits more without so many wages and thus creating unemployment. We all know banks do what benefits them, not their customers. The fact that neatly half a billion cheques were written totalling £551 billion in 2016 clearly shows that people do not think it's inconvenient.
My main issue with you is that just because you don't like, give or accept cheques, that's no reason to tell others not to like, give or accept cheques saying it's inconvenient or worthless. Many people think the same of online and app banking as it's just more passwords, more usernames, more info to remember and technology can be taken away from us just and easy as it's given. Carry on doing what you're doing, and let others do it their way.
Cheques are inconvenient for people who bank online to receive them. Like the other poster said they are also inconvenient for shops and a poor payment method because they don't guarantee the person will receive the funds. So that's why shops no longer accept them or places like eBay (where people used to accept them in the post but no longer).
If you sold something to someone you didn't know i bet you wouldn't give them the item until the Cheque had cleared.
Also it's funny how you mention that technology can be taken away from us but it's actually the bank branches which are being taken away. Which makes it harder for people like you and easier for people like me to carry out my banking.
Using the app on my phone i can open the app type in a code, check my balances and make a payment before you finish writing a cheque. You then have to take the time getting it to the person you want to pay. They then have to take the time to pay it in. While the person i have paid has the money in the bank.
There is no way you can say you method is quick by any means, there is no comparison in speed.
If you are completely against online banking you are also missing out on all the high interest accounts and switching bonuses. So you will be missing out on a lot of money. You also can't shop online with a Cheque so you will be paying over the odds for the things you buy in shops.
You also won't pay by direct debit so you miss out on the best energy deals which are usually online online. So your overpaying on your gas and electric.
Do you use comparison sites for insurance because you will also be overpaying on that if you go to a local broker.
As this is a moneysaving site it's worth points out that your thousands of pounds worse off a year because you refuse to use electronic payment methods.
Your effectively paying thousands of pounds a year to use Cheques and bank branches which is time and money you could be using and other things.
If that's how you want to conduct your finances then like you said it doesn't effect me. But it has a massive effect on you.0 -
It is of course up to the individual how they manage their finances.
I am 61 and effectively stopped using cheques when you were 8 years old.
Why would you want to leave the house to do your banking. When you can deal with it all while waiting for your toast to pop up?
I couldn't run my numerous accounts in a "financially responsible way" and know exactly what goes in and out without online access and use of mobile banking apps.
The statistics that you quoted from show that cheque use is declining around 15% year on year. Cheque usage will die a natural death.
https://www.chequeandcredit.co.uk/sites/default/files/annual_summary_of_payment_statistics_2016.pdf
https://www.chequeandcredit.co.uk/sites/default/files/quarterly_statistical_report_2017_q2.pdf
https://www.chequeandcredit.co.uk/information-hub/facts-and-figures/payment-statistics
If you never want to leave the house that's fine. I don't mind going into town on a Saturday, I have other things to do and buy. It's of no inconvenience to me what so ever to go to the bank if I need to. We are always complaining about people not having jobs and having poor social skills because of computers and iPads, yet we seem fine to let things go more technological and create unemployment.
My dad is the same age as you, has numerous accounts and runs a business, and thinks and does the completely opposite of you without Online and Mobile Banking.
I handle everything with cash and cheques, so I do know 100% of what I pay because I physically handle it, I don't leave it to computers. I couldn't manage it with standing orders, direct debits, one off BACS. You lose track of what you have. Again, I don't see why you're so against it if you don't use them. What's it to you.0 -
Yes you can refund via contactless. I've bought items with my phone using contactlesss and when i returned them i touched my phone on the reader to get the refund.
Contactless fraud doesn't bother me one bit. I have never lost any card or had one stolen in my life so its unlikely to happen. If it did happen then one call to the bank would mean i get my money back. I would then just use one of my other accounts until i got new card.
Debit cards are electronic... Also your stuck in the past, i open all my savings accounts online and they ONLY accept electronic payments for the first deposit. I can also guarantee that i will be getting alot more interest on these accounts than you will from any opened in a branch.
But that's up to you how you want to manage your fiances. The difference if you need to make an effort to travel to the bank to do that. I can do it at an moment i have free using my phone.
The Cheques your sending in the post also contain your account details. But i'm not concerned if anyone has my account details or if they are intercepted. I'm happy to send them to you in a PM and challenge you to get any money from the account if you want?.
Cheques are inconvenient for people who bank online to receive them. Like the other poster said they are also inconvenient for shops and a poor payment method because they don't guarantee the person will receive the funds. So that's why shops no longer accept them or places like eBay (where people used to accept them in the post but no longer).
If you sold something to someone you didn't know i bet you wouldn't give them the item until the Cheque had cleared.
Also it's funny how you mention that technology can be taken away from us but it's actually the bank branches which are being taken away. Which makes it harder for people like you and easier for people like me to carry out my banking.
Using the app on my phone i can open the app type in a code, check my balances and make a payment before you finish writing a cheque. You then have to take the time getting it to the person you want to pay. They then have to take the time to pay it in. While the person i have paid has the money in the bank.
There is no way you can say you method is quick by any means, there is no comparison in speed.
If you are completely against online banking you are also missing out on all the high interest accounts and switching bonuses. So you will be missing out on a lot of money. You also can't shop online with a Cheque so you will be paying over the odds for the things you buy in shops.
You also won't pay by direct debit so you miss out on the best energy deals which are usually online online. So your overpaying on your gas and electric.
Do you use comparison sites for insurance because you will also be overpaying on that if you go to a local broker.
As this is a moneysaving site it's worth points out that your thousands of pounds worse off a year because you refuse to use electronic payment methods.
Your effectively paying thousands of pounds a year to use Cheques and bank branches which is time and money you could be using and other things.
If that's how you want to conduct your finances then like you said it doesn't effect me. But it has a massive effect on you.
You can't refund via Contactless on card, you misconstrued what I said. I know you can't, a friend of mine was double charged and she had to ring up head office at Topshop for them to refund via BACS payment.
Just because you haven't lost or had a card stolen, doesn't mean you wouldn't ever. I had my wallet stolen in Spain and it left me without being able to do anything about it for 2 days.
I'm not stuck in the past, I don't know why you're getting personal. I use the methods that companies and banks make available to me, just like you. You might, and I say might, because a lot of online vs branch accounts are actually the same (Virgin Money e.g.), be getting marginal higher interest but only 0.1% or 0.2%. Wow, big deal in this climate, a few pennies.
I have switched twice. I register, but don't use, the online banking. So no, I'm not missing out. I have 2 current accounts, paying 3% and 5% (two of the best), two regular savers paying 2% and 2.3% (depositing the max each month) and a Help to Buy Isa which has been paying me 4% since April 2016 on max. monthly deposits and received money for switching bank accounts (you can do CASS in branch by the way, so you wouldn't miss out of interest CAs), so I think I'm actually doing better than most and what you're assuming or giving me credit for. I couldn't actually be getting more on those 5 accounts even if I tried because they are always at the max for receiving the interest for C/A and max monthly contributions for the Saving accounts. And that's not including the 10% growth year on year on my pension.
I don't bank with anyone who is closing branches as it happens, one of them is actually open 9 this year, because their customers want more branch/face to face contact, the opposite of your opinion.
Using cheques doesn't cost me anything. Going into a branch is free, Post Office is free, freepost envelopes are, well, free. Giving to a friend in their hand is free. The chequebook is free. I don't pay for energy bills, so again I'm not missing out there. No effect on me what so ever, I'm not paying any fees or charges and I don't find it difficult to bank at all. It costs the bank to pay the interest, send statements and produced chequebooks. Everything works perfectly for me, so why you care so much I just don't know.
You're extremely misinformed as everything you've assumed is wrong. You've assumed I don't have a direct debit by the way, I never said I do or don't. By using MSE, I am better off than 2 years, by a lot, due to the accounts I have and how I make them pay me, as every account of mine does. I couldn't care less how you do your banking, so why you care so incredibly about people using cheques because they like and want to is completely beyond me. Online banking often doesn't work and there's maintenance, so if you're happy with that then great. As if you'd refuse a cheque if someone gave you a sum even as little of £5,000 or as much as £5,000,000. You'd be straight down your bank to cash it. The difference here is that I don't like the methods you use and I don't use them, but I'm not telling not to use them, it's your choice. You don't like my method, but you are trying to get me not to use cheques and that's wrong. The more you tell someone not to do something, the more society does it. I think we are done here with you being educated and proved wrong about your assumptions. I won't be checking back for more ill-informed posts. Happy banking! :beer:0 -
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You can't refund via Contactless on card, you misconstrued what I said. I know you can't, a friend of mine was double charged and she had to ring up head office at Topshop for them to refund via BACS payment.
Paying by phone is contactless and you can definitely get a refund using contactless. It seems this was an issue with Topshop specifically.Just because you haven't lost or had a card stolen, doesn't mean you wouldn't ever. I had my wallet stolen in Spain and it left me without being able to do anything about it for 2 days.
If that did happen then i could ring my bank immediately because i don't get charged for using my phone in Spain (another benefit of technology).I'm not stuck in the past, I don't know why you're getting personal. I use the methods that companies and banks make available to me, just like you. You might, and I say might, because a lot of online vs branch accounts are actually the same (Virgin Money e.g.), be getting marginal higher interest but only 0.1% or 0.2%. Wow, big deal in this climate, a few pennies.
I have switched twice. I register, but don't use, the online banking. So no, I'm not missing out. I have 2 current accounts, paying 3% and 5% (two of the best), two regular savers paying 2% and 2.3% (depositing the max each month) and a Help to Buy Isa which has been paying me 4% since April 2016 on max. monthly deposits and received money for switching bank accounts (you can do CASS in branch by the way, so you wouldn't miss out of interest CAs), so I think I'm actually doing better than most and what you're assuming or giving me credit for. I couldn't actually be getting more on those 5 accounts even if I tried because they are always at the max for receiving the interest for C/A and max monthly contributions for the Saving accounts. And that's not including the 10% growth year on year on my pension.
So how many hours of your life are you wasting by having to go into multiple branches to open accounts and manage them?.I don't bank with anyone who is closing branches as it happens, one of them is actually open 9 this year, because their customers want more branch/face to face contact, the opposite of your opinion.
Using cheques doesn't cost me anything. Going into a branch is free, Post Office is free, freepost envelopes are, well, free. Giving to a friend in their hand is free. The chequebook is free. I don't pay for energy bills, so again I'm not missing out there. No effect on me what so ever, I'm not paying any fees or charges and I don't find it difficult to bank at all. It costs the bank to pay the interest, send statements and produced chequebooks. Everything works perfectly for me, so why you care so much I just don't know.
Well you have the cost of sending Cheques in the post, the cost of travelling to the bank and the cost of all the time you have to spend doing everything in branches.You're extremely misinformed as everything you've assumed is wrong. You've assumed I don't have a direct debit by the way, I never said I do or don't. By using MSE, I am better off than 2 years, by a lot, due to the accounts I have and how I make them pay me, as every account of mine does. I couldn't care less how you do your banking, so why you care so incredibly about people using cheques because they like and want to is completely beyond me. Online banking often doesn't work and there's maintenance, so if you're happy with that then great. As if you'd refuse a cheque if someone gave you a sum even as little of £5,000 or as much as £5,000,000. You'd be straight down your bank to cash it. The difference here is that I don't like the methods you use and I don't use them, but I'm not telling not to use them, it's your choice. You don't like my method, but you are trying to get me not to use cheques and that's wrong. The more you tell someone not to do something, the more society does it. I think we are done here with you being educated and proved wrong about your assumptions. I won't be checking back for more ill-informed posts. Happy banking! :beer:
Well i'm not telling you to change your methods i'm just stating how they are flawed. If you worried about fraud then if that did happen you wouldn't know about it until you next visited a branch.
I havn't seen anywhere where you have justified the hours and hours you have wasted by managing your fiances in branches compared to doing it online.0
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