[Closed] Calling workies and grannies - an end to cheques

Yep. Haven't written a cheque in years.

Seems reasonable that by 2018 we'll have better ways to pay for our hoverboards and robot butlers. 🙂

I'm not so sure there'll be a better system. Pen and paper are a pretty robust, compact, reliable combination. How will you sent money in the post to your grandchildren? And don't say by mobile phones, because in 2018 they still won't be used by everyone.

How will you sent money in the post to your grandchildren

50p pieces sellotaped to card. Always been the way. 😉

I get paid by cheque, most of the business payments are by cheque... and a lot of folk doing the paying are old and won't use an online service. Can't see how they are going to work around it myself.

Can't remember the last time I used a cheque. Quite suprised when I went to France that everyone still seems to use them.

How are students going to buy a bag of chips?

Have used cheques recently - good for paying bills in the post and useful for paying wedding supplier like florists and cars that dont have card machines. Also if you want to do anything with the DVLA it seems to be the only way as well

Can't remember the last time I paid by cheque, just renewed mt Car Tax with the DVLA and I used a new thing called the internet. Don't think the internet will catch on though.

[i]Pen and paper are a pretty robust, compact, reliable combination[/i]

Robust and reliable is 2 words I'd not use for cheques.

How are students going to buy a bag of chips?

😆

Robust and reliable in that they don't need batteries, software etc. You can put them in your pocket and not worry about damaging them when you sit on them. Give me your iphone (or whatever) and we'll see which is more robust.

Car Tax with the DVLA and I used a new thing called the internet

Sorry was talking about driving licenes and such like

[i]Sorry was talking about driving licenes and such like [/i]

Fair enough but I renewed my licence online too.

[i]Give me your iphone (or whatever) and we'll see which is more robust. [/i]

Last time I checked supermarkets didn't except iPhones as payment but did with cash.

Give me your cheque book see if it can put up with going through the wash and I'll wash £50 note, if the £50 comes worse off I'll give you a fresh crisp one.

Cash isn't the issue here. They're talking about getting rid of cheques and replacing them with 'something else'. If that something else is based on some electronic kit, like a smart phone (that has been mentioned), it won't, in my opinion, be as robust as a cheque.

Yeah that may be true but cheques aren't reliable or robust.

Robust and reliable in that they don't need batteries, software etc. You can put them in your pocket and not worry about damaging them when you sit on them.

But definitely not "robust and reliable" in the sense of privacy, security from fraud and knowing the transaction has completed safely.

They're not talking about replacing it with something else, they're talking about ensuring no-one is left in a situation where they NEED a cheque but can't use one aren't they? I.e. ensuring there's a way to pay, not inventing a new one.

Personally I've only ever written two cheques in my 30 years on the planet, can't see that it'd be hard to do without them.

As I was trying to point out, compared to some of the things suggested as replacement, they are.

[i]Yeah that may be true but cheques aren't reliable or robust.
[/i]

And debit cards and internet banking has proved so secure and reliable!!

Cheque use is still widespread in industry, even if the high street is fazing it out.

[i]And debit cards and internet banking has proved so secure and reliable!![/i]

Not sure where I said they are, oh I didn't.

[i]As I was trying to point out, compared to some of the things suggested as replacement, they are.[/i]

But they're not much better, if they were then they would keep them surely?

No, the reason the banks want to get rid of them is cost.

I have a chequebook once. Must be in the house somewhere, I suppose?

And debit cards and internet banking has proved so secure and reliable!

Actually debit cards and internet banking are both pretty secure.

Very little if any fraud occurs from hacked Chip and Pin, and most mainstream internet banks have pretty decent security.

Whereas pretty much anyone can fake a cheque. It's a huge problem in America where cheques are still used a lot.

I posted a cheque yesterday.
I would rather do that than use a bunch of crooks like paypal.

Very little if any fraud occurs from hacked Chip and Pin, and most mainstream internet banks have pretty decent security.

Is that true?

I know quite a few people that have had their card [or a clone of it] used without their knowledge
Mine was used in a Croatian ATM last year whilst I was still in the UK

[i]I would rather do that than use a bunch of crooks like paypal. [/i]

Good job there's other alternatives then not just cheques.

Wonder if the clearing time will be abolished as well?...

I know people who use the clearing time as 'three extra days' to pay. I also have had reimbursements from utility companys who say 'please allow 3 working days to clear' even though they do it elecronically and I never see the cheque!

With no cheques there *should* be no need for clearing...

Is that true?

I know quite a few people that have had their card [or a clone of it] used without their knowledge
Mine was used in a Croatian ATM last year whilst I was still in the UK

Unlikely they've cloned the Chip data - it's pretty secure.

Probably just copied the magnetic stripe data, which is very easy to do (I've done it myself 🙂 ).

I posted a cheque yesterday.
I would rather do that than use a bunch of crooks like paypal.

I'd rather just do a electronic payment straight from my online banking, rather than send a bit of paper with my account details on it, that may or may not get lost in the post or altered by fraudsters, and that will be cashed at some indeterminate point in the next 3 months or so.

Probably just copied the magnetic stripe data, which is very easy to do (I've done it myself)

I'm not following your line then
Are you saying there's very little or no fraud as a result of cloned cards but shit-loads from simply copying the magnetic data?

I deal with cheques every day, some for thousands of pounds.
I tried to modify a form the other day to remove the "cheque payable to" field and replace it with BACS data (acc no, sort code etc). Distributed the form by email for approval and everyone said bring back the "cheque" field. While they do use BACS as well, a lot of people like the simplicity and traceability of a cheque.

Having said that I haven't used a cheque in years, don't even have a chequebook any more. Had to do my Three Peaks entry fee by the even more old fashioned option of Postal Order!

My business is slowly moving away from cheques. They are useful for payment spreads with other businesses that's about it.
Most of my trade customers still pay by cheque, so it'll be nice to see the end of bouncing Gregorys, and daily trips to the bank.

Once they've been gone awhile they'll be forgotten about this is just typical reaction to change.

Just looked at my cheque book & I've only used one in the last 3 years

No, the reason the banks want to get rid of them is cost.

Not the cost of processing the cheques though. Banks would all like us to use our debit/credit cards as that generates far more money for them.
The bank made in excess of £3000 from our business this year alone in fees from the credit card terminal. Let alone the rental charge or paying for a dedicated phone line.

Are you saying there's very little or no fraud as a result of cloned cards but shit-loads from simply copying the magnetic data?

Sort of, I'm saying that the Chip&Pin data is secure. All the cloning that goes on at the moment is simple magnetic stripe cloning.

The magnetic stripe is hugely outdated and is being phased out. We're currently in the interim period where it is still available as a fallback. In the next few years it will be phased out of debit terminals completely, so by 2018 (the date mentioned in the article) all debit card should be a lot more secure.

(Vested Interest: the company I work for writes embedded software for payment terminals and ATMs 🙂 )

I guess it really doesn't matter how they compromise the card though - if they get the cash anyway
Anyway, my card had only ever been used at one place & that was online so not magnetic data they got

Wasn't there hundreds of chip and pins machines interfered with in the factory resulting in loads of cloned cards?
can't quite remember the details

To the OP - what's a "workie"?

How will you sent money in the post to your grandchildren?

How will you sent money in the post to your grandchildren?

I don't think any of my kids have ever received a cheque
They've been given premium bonds or cash since they were babies from their grandparents

i recieve cheques quite often, and i send them out quite a bit too...

i'd transfer by bank, but my local HBOS claims that i cannot transfer out of the HBOS network without setting up regular payments or whatever - makes transfering money around a right pain in the ass. i also don't want to internet bank as i'm shit with passwords etc anyway - i pay for a service and therefore i want to use a service.

i like cheques, and i don't want them to go 😐

Change to a sensible bank?

Yo.

I started a new job in July, I'm the boss, so what I say goes. I've phased out cheques almost completely, because they make an absolute mess of my accounts. When I get a bank statement a list of cheque numbers is a pain to process, but if instead I have the transaction details I can deal with that much more efficiently. As I've gone along I've had to collect BACS details from various businesses of all sizes and without exception all have preferred a direct payment. The other problem with cheques from an accounting point of view is that I have to keep a record of what cheques have been cashed and which haven't, this is especially annoying after the end of a financial year when payments go out that relate to the previous years work. Electronic payments make for far cleaner

My Dad just bought a van to turn into a motorhome, he paid by cheque and can't collect until it's cleared. I just spoke to him to find out when he's coming down to Manchester to collect it and drive me home for Christmas. He doesn't know because the cheque wasn't cashed straight away. The money has left his account, but not arrived at Renault, so collection has been put back a few days. This wouldn't have happened if my Dad hadn't used a cheque. I can't elaborate on why he chose to use a cheque, (he's not normally so backwards) as I could tell it wouldn't be productive to ask, though it's fair to say he regrets it now!

Cheques definitely need to go.