Concerns are raised over the planned abolishment of
cheques...
MP's were recently reconsidering the plans to abolish cheques
after concerns were raised by consumers and businesses that rely on
cheque payments.
The Payments Council Board plan to phase out the use of cheques
by 2018 as evidence shows that cheques are in "terminal decline"
and when you consider that the first cheque was written some 350
years ago, it's understandable to see why! Despite this
decline however, there are many small businesses and individuals
who still prefer to use cheque payments. So, inquiries into
whether or not cheques should be made redundant were re-opened
recently and those that are involved in this process are to look
again at the positives and negatives of the cheque book and any
alternative options.
One major concern this raises is for the elderly in particular,
who it is feared will revert to hoarding cash around the house in
the absence of their cheque book. This obviously creates
serious security issues which will be high on the list when
considering alternative options.
Despite the invitation to put forward your concerns (the
deadline for which has now passed) it looks like the cheque book
era will eventually come to an end and although for many this is
quite daunting, there is sure to be something new to take its
place. There is now nine years before the planned
'abolishment' of cheques so the Payments Council has plenty of time
to work on it. The final review on this is due in 2016.