cheques are like legal IOU's
BBC News - Cheques not to be scrapped after all, banks say
Whilst online banking and other more modern payment methods are available there is still no real way of replacing cheques, and I for one am glad to see them retained. I take it schools still rely heavily on them for finacial transactions and bill paying or have any of you gone solely over to other ways of paying now?
cheques are like legal IOU's
Was a thing on watch dog where banks would not check the signature on a cheque or much to do with it and just authorise payments regardless.
Think they proved it by signing some random persons cheque as micky mouse and they still approved it
Cheques are fantastic, I have them as a back up, as they take 5 days to come through, so I could write one on the 23rd and it would come out on payday, which is fantastic, no other payment method lets me do that. I also like having cheques made out to me so that there is a proper paper trail.
They will be scrapped by proxy. The Post Office no longer accepts them, and many other places will follow suite. Also, I suspect the banks will start changing at both ends for their use.
What a complete @rs3 it will be without them. Say I have a man come around to fit a boiler (as I did last summer). Am I going to give him 3000 odd £1 coins? No, a cheque is the right answer. I want to post a gift to a favoured niece? Used tenners in an envelope? Sure; postie would love that!
The use of the cheque will wane, but we do still need them, or something very similar.
I think they will remain for a few more years for business transactions but slowly be replaced by BACs.
I doubt I write one cheque a year.
Last edited by K.C.Leblanc; 13th July 2011 at 11:45 AM.
but you pay interest on the credit card, you dont on a cheque
Businesses will be forced to get the hand-held card machines I suppose.
There is a problem with cheques though - they really don't check the signature or the date - so post-dating a cheque doesn't always work.
Recently I signed a cheque in the wrong name and it went through with no problems at all
The problem with smaller businesses getting hand held/remote card readers is the expense of getting them + setting up remote payment on a business account. With cheques you don't need that, thus keeping costs to a minimum for small and mobile businesses.
I would guess small businesses would make use of the virutal terminal type aplications available or those integrated into packages such as sage.
As has been said with cheques no longer able to be guarunteed who is going to accept them.
With Lloyds I think a personal cheque from another Lloyds customer same branch or not will clear instantly, business cheques still take 5 days and ones from other banks.
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