There hasn’t been as much rejoicing as I would have expected about this one – but a couple of days ago, it was announced that
the banks will not be scrapping cheques after all!
The original plan was to get rid of them by 2018, but widespread criticism [apparently from MPs and from charities] has caused them to reconsider their decision.
So far, three people have paid me their sponsorship money by cheque, and I would not be surprised to receive more payments like this. It is such a convenient way of passing money to people [especially by post]
"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 a spokesman for the Nationwide Building Society.
Because cheques are staying, there is no need to introduce any other sort of paper-initiated payment – and they are going to try and improve the efficiency of the cheque system.
“We are delighted that the Payments Council has listened to the many people who said how difficult the loss of cheques would be for them” said Michelle Mitchell, of AGE-UK
Shame this bit of good news has got buried in all the Murdoch hype.