Is the UK Ready to Dump the Cheque?
Discussion
Despite rumours to the contrary, the cheque is still widely used for inter-personal payments and by small businesses. At this stage, well over 90% of my clients still pay me by cheque and it is still the favoured way by most people to pay each other.
The big advantage of a cheque is that you do not have to give YOUR bank details to the person who is going to pay you.
With electronic payment, you need to give your bank details to the payer.
If we go completely electronic, the natural result of this is that far more people will have access to your confidential bank details.
The big advantage of a cheque is that you do not have to give YOUR bank details to the person who is going to pay you.
With electronic payment, you need to give your bank details to the payer.
If we go completely electronic, the natural result of this is that far more people will have access to your confidential bank details.
Edited by Eric Mc on Wednesday 16th December 08:06
I hope this does not happen. My work uses them almost daily and I get paid by cheque. also having mate send me a cheque for sorting our Le man's trip next year.
I don't bank online and only have paypal. And unless this changes by 2018 which I don't think it will as i've used them for over 20 years.
I don't bank online and only have paypal. And unless this changes by 2018 which I don't think it will as i've used them for over 20 years.
Dave_ST220 said:
Your bank details are all over a cheque so not really confidential.
But it's the reverse situation compared to electronic transactions - where the person wanting to be paid has to give THEIR bank details to the payer. Edited by Dave_ST220 on Wednesday 16th December 08:38
Edited by Eric Mc on Wednesday 16th December 08:41
Eric Mc said:
Dave_ST220 said:
Your bank details are all over a cheque so not really confidential.
But it's the reverse situation compared to electronic transactions - where the person wanting to be paid has to give THEIR bank details to the payer. Edited by Dave_ST220 on Wednesday 16th December 08:38
Edited by Eric Mc on Wednesday 16th December 08:41
Dave_ST220 said:
Eric Mc said:
Dave_ST220 said:
Your bank details are all over a cheque so not really confidential.
But it's the reverse situation compared to electronic transactions - where the person wanting to be paid has to give THEIR bank details to the payer. Edited by Dave_ST220 on Wednesday 16th December 08:38
Edited by Eric Mc on Wednesday 16th December 08:41
At this rate we might as well just have a DD to our bank lettting them take whatever they want for doing nothing. They don't want to bank cash, they don't want to count(weigh) coins, they don't want to hand out large or small amounts of cash, they don't want to open tills prefering queues etc etc. They work short high street hours and then close an hour in the morning on a weekday for staff training FFS, basically they don't want to do anything in the way of providing a service.
It isn't as if they are losing money as things stand is it, the only money they have lost is down to their own greed/stupidity.
I don't use many cheques but each time I have it has been more convenient than the alternative, so I will side with the old folk that remember what banks used to be for
My main gripe with them is for the very reasons you state!! When i first went self employed i used a personal account, you can pay cheques in via a cash point so nice & easy, no such service for business users! When you work 7am until late at night getting to a bank(which never opens) to pay them in is impossible. Like you say, they also don't like cash!! Everything will be electronic soon IMO.
Not sure they can dump the Cheque as such. A cheque is just a type of bill of exchange. A bank cannot refuse a written instruction. They can stop issuing cheque books but that does not prevent me from writing an instruction to my bank to pay the bearer or a specified individual a sum of money.
plasticpig said:
Not sure they can dump the Cheque as such. A cheque is just a type of bill of exchange. A bank cannot refuse a written instruction. They can stop issuing cheque books but that does not prevent me from writing an instruction to my bank to pay the bearer or a specified individual a sum of money.
Is it true the old myth that you can write a cheque on a cow then?plasticpig said:
Not sure they can dump the Cheque as such. A cheque is just a type of bill of exchange. A bank cannot refuse a written instruction. They can stop issuing cheque books but that does not prevent me from writing an instruction to my bank to pay the bearer or a specified individual a sum of money.
Do you seriously think they(as in all the banks) don't know how it all works or how to make this happen if they want it to?We will all get yet another letter telling us the terms and conditions on our account have changed, game over.
Ribol said:
plasticpig said:
Not sure they can dump the Cheque as such. A cheque is just a type of bill of exchange. A bank cannot refuse a written instruction. They can stop issuing cheque books but that does not prevent me from writing an instruction to my bank to pay the bearer or a specified individual a sum of money.
Do you seriously think they(as in all the banks) don't know how it all works or how to make this happen if they want it to?We will all get yet another letter telling us the terms and conditions on our account have changed, game over.
ShadownINja said:
Most of my payments come in by cheque. I don't want to pay extra to receive card payments.
So they won't have to process cheques, won't have to print/supply them and they will take more money from card services that businesses now can't do without.Wont that make the banks more money for doing less, I bet they didn't think of that when they thought of this
Ribol said:
ShadownINja said:
Most of my payments come in by cheque. I don't want to pay extra to receive card payments.
So they won't have to process cheques, won't have to print/supply them and they will take more money from card services that businesses now can't do without.Wont that make the banks more money for doing less, I bet they didn't think of that when they thought of this
Paying someone elctronically at the moment can be a damn sight more complicated tyhen simply writing out a cheque.
Just to show how cumbersome electronic banking can be.
Today, my wife wanted to transfer some funds directly into a nieces bank account today. She thought it would be more efficient to do it electronically.
She started the process on-line.
She was then alerted to the fact that she would shortly receive a confirmation phone call.
The call came trough - but was incomprehensioble due to a poor line.
She hung up.
The web site gave another number to report problems.
She phoned that.
She had to go through automated voices and secuity checks.
She started the transfer process again - this time over the phone.
She was told that she must stay near to her phone so that the bank could phone her back anytime within the next three hours to confirm the transaction.
She couldn't commit to waiting by the phone for three hours as she had an outside appointment this afternoon
Now, if she had just written a cheque.....
Just to show how cumbersome electronic banking can be.
Today, my wife wanted to transfer some funds directly into a nieces bank account today. She thought it would be more efficient to do it electronically.
She started the process on-line.
She was then alerted to the fact that she would shortly receive a confirmation phone call.
The call came trough - but was incomprehensioble due to a poor line.
She hung up.
The web site gave another number to report problems.
She phoned that.
She had to go through automated voices and secuity checks.
She started the transfer process again - this time over the phone.
She was told that she must stay near to her phone so that the bank could phone her back anytime within the next three hours to confirm the transaction.
She couldn't commit to waiting by the phone for three hours as she had an outside appointment this afternoon
Now, if she had just written a cheque.....
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