Phasing out of cheques

Mikeyorks

Mr_Mean wrote: »

..... thus is case law.
.

Easy to post that ..... but can you provide a link as any form of substantiation to the claim? .

skyrider007

PROLIANT wrote: »

if I want to pay my friend who lives 200 miles away how can I do this without sending cash or BACS payment, what is the simplest method of payment?...a cheque, ok yes there is pay pal but we are going back to electronic systems here and it requires both parties to have a pay pal account, write a cheque, put it in an envelope, write name address etc, stamp of

I agree with you to some extent. If you are to write a cheque to someone then surely that person must have a bank account (most cheques are A/C PAYEE only) or the person will have to resort to the service of cheque cashers which cost quite a bit of money. I think cheques are good for use in rare situation such as when you do not know the recipient's account details etc. BACS/CHAPS is far more convenient IMO.

brightonman123

cheques always seem to get lost in the post etc, and cost more to print / handle / get countersigned etc..

many firms seem to be paying only by BACS now, unless already on direct debit- thats a bonus for us, as less data entry too.

some people will play the cashslow game, so be careful!

Mikeyorks

brightonman123 wrote: »

cheques always seem to get lost in the post etc

Always astonishes me how, according to some customers, it's always cheques that get lost in the post ..... rarely anything else! Although Tax discs obviously come a close 2nd?

Meltdown_2

How would major charity donators and lotteries cope, without the opportunity to have a 6ft by 3ft (2m x 1m) cardboard cheque to hold up during the PR exercise....?

Mikeyorks

Absolutely right. Terry Wogan wouldn't know a BACS credit slip if it bit him on the bum!

jo1967

I rarely use cheques these days & send money to my sons account via my internet banking as & when I choose, doesnt cost anything.

Having said that I do think cheques will be around and are still needed for a good while yet.

moneypooh

Schools, Guides, Scouts etc.. still use cheques for trips and Subs. Cash isn't always the best option with 'pupil post' and they don't have systems in place for electronic transfers.

At work we still get regular cheque payments, even from VERY large company groups. Most have transferred to electronic payments but we still get about 30% via cheques. Work would prefer not to have cheques as they are costly to the business whereas ET are free.

Mikeyorks

moneypooh wrote: »

whereas ET are free.

Does that mean they all quote the right reference on the payment and it is automatically picked up by your systems? In my experience the cost of ad-hoc EFT payments is far from free. The error rate because of incorrect / inadequate referencing often exceeds 15%. And the manpower resource to trace / investigate and bring to account .... often brings the cost close to that of cheque processing (where you provide a payslip).

skyrider007

everything has pros and cons