Withdrawl of Cheque Guarantee Scheme

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A topic from Work & Money: General Finance

laresTue 29/03/11 14:15

"In September 2009 the UK Cheque Card Management Committee announced the closure of the UK Cheque Guarantee Card Scheme. In line with that announcement the last date on which you will be able to accept a cheque relying on the guarantee is 30th June 2011."

"The use of guaranteed cheques within the UK has been in rapid decline for several years. The Payments Council, which is the strategic body governing payments in the UK, decided that it would be better to actively manage the closure of the scheme rather than allow the confusion that would follow if individual banks chose to withdraw the service."

"The long term future of cheques is currently subject to separate review at Payments Council. Comprehensive consultation has been carried out with key stakeholders and cheque users. Whilst the closure of UK Cheque and Credit Clearing has been proposed for the end of 2018, no decision has been made on the future of the cheque. When any decision is made it will be well publicised and will include assurance that sufficient alternatives are widely available to all customers."

http://1sq.me/gkaSM3

cantorTue 29/03/11 14:18

Although "no decision has been taken", I would imagine the inability to guarantee a cheque payment will cause the use of the cheque to decline even further.

laresTue 29/03/11 14:30

quoting > "Although "no decision has been taken", I would imagine the inability to guarantee a cheque payment will cause the use of the cheque to decline even further."

I suspect it's a deliberate attempt to remove it from face-to-face transactions at least.

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