Cheques to disappear in 2018

**Paul** · 19-02-2011, 21:50

Someone mentioned this to me today - first Id heard of it, and I couldnt find any previous topic.

A search of the BBC found this > http://news.bbc.co.uk/1/hi/8414341.stm

This seems a very bad idea to me - I may not use cheques often, but I do still use them (like this week for some work on my garden) there is no way I'd have the amount in cash, and why should I (or they) pay 2.5% or whatever in Credit Card fees.

Do we really want to be giving each other our bank account details for direct transfers ?

Cobbydaler · 19-02-2011, 21:57

Apparently cheques will only 'cease to be' if a suitable alternative is in place:

http://www.bbc.co.uk/news/business-11937641

**Maggy** · 19-02-2011, 22:01

I'm annoyed about it as well but the places we can still use a cheque are gradually dwindling as it is.

They are also useful for sending through the post.We aren't all online(my ma-in-law for one at 96) and so transferring money to another for single payments can be a problem.Yes there are gift tokens but we don't all have those to hand unlike a cheque book.

I'm wondering for whose benefit it really is as I'm pretty sure it's not for the customer.

Cobbydaler · 19-02-2011, 22:12

It makes sense really.

If fewer and fewer people are using them then the cost per transaction will rise and rise.

Better to introduce a cheaper alternative than you end up paying a fee for their use...

Ignitionnet · 19-02-2011, 22:16

Quote:

Originally Posted by Paul M

Do we really want to be giving each other our bank account details for direct transfers ?

The ones that are printed on the bottom of every cheque in magnetic ink Paul?

19-02-2011, 22:19

cheque ,credit/debit card or cash what other alternative can there be for daily use ?

Ignitionnet · 19-02-2011, 22:21

Quote:

Originally Posted by martyh

cheque ,credit/debit card or cash what other alternative can there be for daily use ?

Direct transfer - doable online, over the phone or in branch. It's like a cheque without the paper and money is in the recipient's account in 2 hours.

Peter_ · 19-02-2011, 22:21

Quote:

Originally Posted by martyh

cheque ,credit/debit card or cash what other alternative can there be for daily use ?

We will all have to get one of these installed by the front door and fitted in our vans.

http://www.cardsave.net/card-machines

**Maggy** · 19-02-2011, 22:24

A cheaper alternative? Well then I reckon cheques are safe for a lot longer because I cannot see what could be a cheaper system.There surely has to be some central system set up to facilitate any paper /card transaction and this will still 'cost' to run.

I know Postal Orders..where the user has to pay a certain percentage extra to pay for the service..pity the Post Office is being sold.

---------- Post added at 23:23 ---------- Previous post was at 23:22 ----------

Quote:

Originally Posted by Ignitionnet

Direct transfer - doable online, over the phone or in branch. It's like a cheque without the paper and money is in the recipient's account in 2 hours.

My 96 year old M-in-law won't be interested in that...

---------- Post added at 23:24 ---------- Previous post was at 23:23 ----------

Quote:

Originally Posted by Masque

We will all have to get one of these installed by the front door and fitted in our vans.

http://www.cardsave.net/card-machines

Ma will throw one of those at me..

Cobbydaler · 19-02-2011, 22:25

Quote:

Originally Posted by martyh

cheque ,credit/debit card or cash what other alternative can there be for daily use ?

From the link in my earlier post:

Quote:

In the past year, the Payments Council has been consulting more than 300 groups of cheque users representing individuals, charities, and businesses.
Those consultations will continue and a final decision to switch off the conventional cheque clearing system is scheduled to be made in 2016.
However, if the 2018 target date is deemed not feasible, either in 2016 or at an earlier review date of 2014, then the plan could be revised or the implementation date moved.
The Payments Council stressed that alternatives to the cheque will have to be not only in existence but also "available, acceptable and widely adopted".

Anyway, who uses cheques on a daily basis nowadays?

Ignitionnet · 19-02-2011, 22:32

Quote:

Originally Posted by Maggy J

My 96 year old M-in-law won't be interested in that...

I'm sure there's a lot of things she isn't interested in, unfortunately things change.

I suspect she'd be more interested in them if our banks began to charge for cheques, this is pretty commonplace.

19-02-2011, 22:32

Quote:

Originally Posted by Ignitionnet

Direct transfer - doable online, over the phone or in branch. It's like a cheque without the paper and money is in the recipient's account in 2 hours.

I use that myself sometimes ,not as convenient as a cheque but certainly an option for some .I have no doubt that cheques will become redundant and i have no problem using a debit card as a replacement it's the older generation that will be inconvenienced but that will sort itself out naturally,i haven't written a cheque for about 4 years there is no need for them as there is nearly always the option to pay by debit card ,the charges for using it need to be abolished though

danielf · 19-02-2011, 22:33

I don't see the problem really. They will probably be phased out, with a charge being levied at some point. Traders can carry mobile chip & pin devices, so you can pay by Debit Card, which won't incur stupid charges. Traders will have to buy the handset, but it'll have advantages for them as well. Cheques aren't a safe way of payment for traders anyway. I can write a cheque for work done to my garden and be on the phone to the bank to cancel it before the trader has left my driveway.

Some traders might want to insist on cash, but some do now anyway. In fact, I just had a shed built, and cash was the only option.

chris9991 · 19-02-2011, 22:39

http://www.ukpayments.org.uk/media_c...es/-/page/719/

Slightly related but the the cheques guarantee system seems to be coming to an end

**Maggy** · 20-02-2011, 00:20

Quote:

Originally Posted by danielf

I don't see the problem really. They will probably be phased out, with a charge being levied at some point. Traders can carry mobile chip & pin devices, so you can pay by Debit Card, which won't incur stupid charges. Traders will have to buy the handset, but it'll have advantages for them as well. Cheques aren't a safe way of payment for traders anyway. I can write a cheque for work done to my garden and be on the phone to the bank to cancel it before the trader has left my driveway.

Some traders might want to insist on cash, but some do now anyway. In fact, I just had a shed built, and cash was the only option.

Well that can be said of any system.

---------- Post added at 01:20 ---------- Previous post was at 01:07 ----------

Quote:

Originally Posted by Ignitionnet

I'm sure there's a lot of things she isn't interested in, unfortunately things change.

I suspect she'd be more interested in them if our banks began to charge for cheques, this is pretty commonplace.

Well it would be like using a Postal Order then, except you don't actually have to visit an outlet to purchase the form..as for going online well she's adamant she's not wanting to be 'learning new tricks'.Poor eyesight,arthritis in her hands makes using a phone or a computer keyboard a problem..
Frankly if people want to use cheques and are prepared to pay the 'costs' for the sake of convenience why not?Who the hell is it hurting?