Cheques are bouncing back, and other terrible puns

13 July 2011

cheque_flat_1The cheque is dead! Long live the cheque! That's right folks, those slips of monetary paper that you have to fill in yourself are going anywhere, despite the fact we were told they were definitely going to wither and die.

The glamorous sounding Payments Council have decided to scrap their plans to phase out cheques by 2018 and instead, they are now saying that cheques will continue "for as long as customers need them".

Great news for those yearly telethons that rely on large novelty cheques, proffered by members of the public.

Building society, Nationwide, have described this decision as a victory for consumers and the organisations that would have been hit hardest by this proposed scheme.

"Scrapping cheques would have had serious ramifications not only for the elderly and most vulnerable in society but also for small businesses and charities that rely on this payment method," said head of policy Gary Follis.

While the number of cheques being written are falling, there's still the small matter that 1.1 billion were written in 2010, so they're not dying just yet.

Payments Council chairman Richard North says: "We will use what we've learnt to keep improving existing systems, as well as introducing innovation, so that customers benefit from 21st century ways to pay."

Luckily for everyone concerned in this decision, no-one has any money to spend anyway.

TOPICS:   Banking   Investments   Economy

2 comments

  • fanpages
    "The cheque is dead! Long live the cheque! That’s right folks, those slips of monetary paper that you have to fill in yourself are going anywhere, despite the fact we were told they were definitely going to wither and die." "...are NOT going anywhere..."? BFN, fp.
  • Dick
    Banks should charge for cheque books, and charge for processing them (in line with their actual costs, of course).

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