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Do you need bank cheques

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Home, Law & Money
Once writing cheques for payment in shops and for settling household bills was quite common. Now there is discussion to do without the paper cheque by 2018!!!

http://newsalerts.bbc.co.uk/1/hi/business/8414341.stm

How do you feel? what's your need for cheques......

Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I still use them occasionally, will be sad to see them go :(

    If they want to replace cheques then another secure system needs to be available that's easily accessible, eg. like Germany's direct transfer payment method, to any bank account for free.

    Think the elderly will be most affected as many aren't up to speed with technology; many physically can't use a computer due to vision/mobility problems. Also small businesses with little cash reserves might struggle, since posting a cheque gains extra time before money's debited out of their accounts!
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Luce wrote: »
    Think the elderly will be most affected as many aren't up to speed with technology; many physically can't use a computer due to vision/mobility problems
    Good point :)

    Luce wrote: »
    Also small businesses with little cash reserves might struggle, since posting a cheque gains extra time before money's debited out of their accounts!
    Works the other way- some cheques from unscrupulous customers bounce. This could be make or break in terms of cashflow for the business
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Luce wrote: »
    Think the elderly will be most affected as many aren't up to speed with technology!

    They'll be dead by 2018 anyway.

    I say get rid of cheques now. In the last 11 years Ive wrote 3 cheques. :thumb:
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I still occasionally receive cheques from eBayers when I'm selling, but it's no more than once a year now. Paypal is obviously the more expensive option and unfortunately the most common option too. If people can start to get into a habit of using 8-digit account numbers and 6-digit sort codes, needed for bank transfers (and it's free), then both Paypal and cheques can be phased out.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Eh?

    Two forms of ID? Are you on about writing a cheque to the bank to get your own money out?
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Calvin wrote: »
    They'll be dead by 2018 anyway.
    Thats a bit pessimistic!
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    MrG wrote: »
    Eh?

    Two forms of ID? Are you on about writing a cheque to the bank to get your own money out?
    I did that a few times ten years ago. Asked cashier to cash my cheques over the bank counter 'cos couldn't be bothered with cash dispenser machines not working. Got a rude remark! If I presented a cheque over the counter now and wanted cash- I'll be thrown into the back of a police van for wasting bank staff time lol
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    JordanScene wrote: »
    Cheques mean i have to walk to the bank with two forms of ID, just to get money. I'd rather just use electric, or cash.

    Nah. At least, at my bank, I can use their in-house ATM which can cash in cheques for me. You just need your debit card like you do with normal ATMs. You get a receipt with a photocopy of the original cheque(s), then the money clears in 3 days as status quo for cheques.
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