Britain bounces checks after 300 years

[gunslingingbird]

LONDON (Reuters Life!) – After more than three centuries, the humble check is set to become a historic relic after British banks voted to phase it out in favor of more modern payment methods.

The board of the UK Payments Council, the body for setting payment strategy in Britain, agreed on Wednesday to set a target date of October 31, 2018 for winding up the check clearing system. The board is largely made up of Britain's leading banks.

"There are many more efficient ways of making payments than by paper in the 21st century, and the time is ripe for the economy as a whole to reap the benefits of its replacement," Paul Smee, the council chief executive, said in a statement.

The use of checks has fallen drastically in the past 10 years as more consumers transfer money electronically, by direct debit or with debit and credit cards. Last year, around 3.8 million checks were written every day in Britain, compared to a peak of 10.9 million in 1990, the council said.

It costs about one pound to process every check.

It seems kind of pointless to do this. Some things I much prefer to pay by check than with my card. I'd rather give the landlord a check and be done with it than have to look for his PayPal account or log on to his website to pay the rent. But, that's just me, and I'm probably full of shit.

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[Baill Inneraora]

God save the queen!

 

[HE1FiNEARTiST]

It seems kind of pointless to do this. Some things I much prefer to pay by check than with my card. I'd rather give the landlord a check and be done with it than have to look for his PayPal account or log on to his website to pay the rent. But, that's just me, and I'm probably full of shit.

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yep thats just you, I've never used a check in my life. i pay cash or money order. but, thats just me, and maybe i'm full of shit.... hmm go figure

 

[marquis2]

We never had checks , we had cheques.
It's simply a written instruction to the bank regarding using your money to pay a bill. I use them rarely but on occasion they are the only way.

 

[Wainkerr99]

In the US you can use a 'free checking' account, which charges a lot of money to issue and use a cheque. I rather use money orders. .49 cents buys you a simple transaction.

 

[hedonis]

Checks have been on the way out for a while. It's the easiest form of payment to forge, steal, and get yourself in trouble with by floating them when you don't really have the money.

They slow things down in checkout lanes, are eventually just mountains of paper waste, and are outdated.

H

 

[redwolf]

I never understood why, in this computer age, a cheque takes so long to clear. If I'm in the shop, I pay cash; if I'm online, I use my card.

 

[jasonk282]

I never understood why, in this computer age, a cheque takes so long to clear. If I'm in the shop, I pay cash; if I'm online, I use my card.

Because the people you write them to take forever to go to the bank and cash/deposit them.

 

[tartanterrier]

Another bloody stupid suggestion out of the brainstorming
sessions of fail banks.

Thats it I need to become a banker

 

[calpoon]

Checks suck. One of the biggest scams of all time. I don't known about the UK, but in the US right on the front of the money it says "this note is legal tender for all debts public and private" so why the hell can't I pay for anything in cash?

I get paid in checks which I have to deposit into a bank that charges me money to have a checking account and then convert it back into checks again so that I can spend it because all my billers don't take cash.

here's a question for you: Why do I have to pay my rent on the 1st of the month before I spent any time living there, but I have to work for two weeks before I get paid for it?

We need to abolish this whole crooked banking system.