Cheque changes: did retailers or Banks ask the customers what they want?

12/08/2010

The 24 bank and building society members of the UK Domestic Cheque Guarantee Card Scheme have announced that the Scheme will close on 30th June 2011, meaning that it will no longer be possible  to guarantee a cheque under the Scheme after this date.

The decision to close the Scheme was taken by the Payments Council   in June this year as guaranteed cheque use is they say, in terminal   decline. The Payments Council says on their letters “Driving Change in UK Payments “ while also saying cheques will not be withdrawn until 2018, unless an alternative exists, which the disadvantaged are using voluntarily.

Of the 1.4 billion cheques written last year only 95 million were guaranteed. Many retailers, petrol stations and similar outlets   taking a decision to no longer accept cheques have driven this  decline. No major UK-wide supermarket chain now accepts cheques.

The Payments Council a self-appointed group of Bankers who are   actively ensuring that cheques will not be available to the  disadvantage of the public whom they should serve.

Did retailers or Banks ask the customers what they want?

R. Boorman

Cambridgeshire Older People's Enterprise Spokesman