Dos_Box Posted July 13, 2011 Report Posted July 13, 2011 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?
mac_shinobi Posted July 13, 2011 Report Posted July 13, 2011 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
featured_spectre Posted July 13, 2011 Report Posted July 13, 2011 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.
shenley Posted July 13, 2011 Report Posted July 13, 2011 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.
Andrew_C Posted July 13, 2011 Report Posted July 13, 2011 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.
K.C.Leblanc Posted July 13, 2011 Report Posted July 13, 2011 (edited) 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. The big thing is cheque guarantee cards have been withdrawn which now means cheques aren't secure enough for retail use. 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. 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. My credit card does that. Edited July 13, 2011 by K.C.Leblanc
featured_spectre Posted July 13, 2011 Report Posted July 13, 2011 but you pay interest on the credit card, you dont on a cheque
witch Posted July 13, 2011 Report Posted July 13, 2011 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
Dos_Box Posted July 13, 2011 Author Report Posted July 13, 2011 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.
jcollings Posted July 13, 2011 Report Posted July 13, 2011 but you pay interest on the credit card, you dont on a cheque Not if you pay it off you don't. So buy something on 23rd. Pay comes through later - pay it off = no interest!
plexer Posted July 13, 2011 Report Posted July 13, 2011 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. Ben
pete Posted July 13, 2011 Report Posted July 13, 2011 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 My plumber accepts bank transfers (in fact he prefers them - less faff than cheques and they can't bounce). Lots of small businesses provide account details on their invoices and online banking makes it trivial to shift the funds.
K.C.Leblanc Posted July 13, 2011 Report Posted July 13, 2011 Cheques are fantastic, I have them as a back up, as they take 5 days to come through, I will add you are also taking a risk, if you write a cheque to someone who uses the same bank as you (and I'm talking about the same branch) they can clear quicker.
plexer Posted July 13, 2011 Report Posted July 13, 2011 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. Ben
Arthur Posted July 13, 2011 Report Posted July 13, 2011 Mobile payments are the future e.g. Square, iZettle, Card.io, Google Wallet etc. I HATE paying in cheques I receive. Not only do I have to wait ages for them to clear, but I have to pay several £s to park my car in town too. 1
localzuk Posted July 13, 2011 Report Posted July 13, 2011 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. Erm. There are other denominations of cash. £3000 is 60 £50 notes. Or, you could use a bank transfer, or they might accept Paypal. Loads of options.
soveryapt Posted July 13, 2011 Report Posted July 13, 2011 Cheques are ok, but as a small business person who isn't a full time self employed person, I find them irritating as I have to get to a physical branch to pay the things in, and that involves driving and often (for some of my small clients) can cost me more to drive, park and pay the cheque in than what the cheque is worth. In fact, so much so, I knew I had a job that was going to be paying in cheque form 2 months after I had one of these small cheques, so left it to pay in at the same time. Bank transfers are by far my favourite way, but with the likes of PayPal and Google Checkout, especially with relatively inexpensive Apps for various smart phones available, you can quite easily take card payments or PayPal payments out in the field. If my DJing picks back up to where it used to be then I might invest in a hand held card reader so that people can pay by card on the night too, but I agree they are an expensive option.
sparkeh Posted July 13, 2011 Report Posted July 13, 2011 In most European countries cheques are very rarely used, if at all. Its been this way for a long time and they all seem to cope, we are an anomaly in our desire to cling on to cheques.
SmellyLlama Posted July 13, 2011 Report Posted July 13, 2011 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 They also did this on one of the bbc radio shows, all took a cheque from each others cheque book and wrote them out to themselves and signed them with silly names. All of them worked. 1
localzuk Posted July 13, 2011 Report Posted July 13, 2011 They also did this on one of the bbc radio shows, all took a cheque from each others cheque book and wrote them out to themselves and signed them with silly names. All of them worked. I've had a friend where they wrote a check to pay their credit card bill, and instead of £200, they took £2000. Took about 2 months to get it resolved, as it turned out that whoever had entered it had mistyped...
Rydra Posted July 13, 2011 Report Posted July 13, 2011 Archaic idea, and I hate them. They are unreliable for period of time to cashin for both parties, the security on them is laughable, and the only way to cash them in is to find your way into a high street bank with a paying in slip and BLAH! I just hate them. I work with cheques a lot within scouting, and we are desperately trying to move parents towards Standing orders for subscription fee's. I'm looking into wheither we can setup online banking etc with my current charity bank account too, to help with the treasury/accounting side of things, at which point I will offer Bank transfers as an option for paying for things like trips/camps/events.
Flakes Posted July 13, 2011 Report Posted July 13, 2011 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. er, im having a new boiler put in my house (today), and intend to pay via direct debit card, same if i was to give someone money as a present if i couldnt see them personally i would just wire it accross the net through online banking. the whole use a debit card/internet banking is so ingrained in me im often surprised when i get on a bus or go to a shop that doesnt except them, that i need to make a journey to the nearest ATM machine, luckily some of the chippys round here take debit cards
mac_shinobi Posted July 13, 2011 Report Posted July 13, 2011 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. I can logon to lloyds and set a payment ( bill payment I think it is ) to go out on whatever date I want.
featured_spectre Posted July 13, 2011 Report Posted July 13, 2011 Granted but can you do that in a shop?
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