Cheques to be phased out...

…by 2018.

What do you think? Anyone still using cheques?

I use one per month and thats it, and by 2018 that recipient wont be able to bother me for money any more. So i’m not going to be inconvenienced by this.

But what about the elderly etc,?

I see a few random numbers in my online banking, so yes we still use cheques. Mainly for the kids things, like recorder lessons, cubs&scouts. Just wrote a big cheque for a school trip as well.
I heard an piece on the radio yesterday on this, and in order for cheques to be phased out there has to be an alternative in place. Cheques cost a lot for banks to process so they want all to use a mobile banking or internet banking system. If we ever get the online system right, in terms of authentication and use, that may be possible. Did you see the story about the person who meant to transfer to one place, entered an incorrect account number and the bank are refusing to refund or chase down the money that was done in error. That is pretty hard to do with a cheque.

In business terms, I get paid by cheque a lot. It’s a simple and quick process and I’m happy to make the walk to the bank or postbox to deposit it.

In real terms, my conclusion thoughts are that it won’t happen without a serious rethink on how we bank today. I’m worried that the security will fall on the users liability and not the banks, which is what has already started with “verified by visa/mastercard” schemes.

But that’s a whole different conversation … should we start it on Facebook or Twatter? Fancy a beer sometime soon :wink:


Perhaps BookTube will now offer a cheque clearing service in association with Paypal, so they can manage all those inconvenient financial issues for you too :wink: