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Lee

Cheques no longer guaranteed from 1st June 2011

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The cheque guarantee card system will end on 30 June 2011 although it will still be possible to write a cheque, it can no longer be guaranteed using a card, even if it has the guarantee still printed on it.

 

This basically means if the funds are not available in the account the cheque was written from you will not get paid!

 

I read that "only" 7% of the 1.4 billion cheques written last year were guaranteed under the system which began in 1969. however thats still 98 Million cheques which are no longer going to have their payment guaranteed!

 

The use of cheques is generally regarded as being in terminal decline & I think this will aid to the demise.

 

However, no date has been set for cheques to be completely phased out, with many people still sending them in the post or using them for payments such as after-school clubs.

 

Lee

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I don't handle to many cheques the majority of my customer pay cash or electronically & for those that do I don't take a card number anyway so I don't think this will lead to me changing my policy on payment types, what about you?

 

Lee

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I'm the other way round Lee. I have a lot of cheques given to me. Recently managed to get my regular customers to pay by BAKs but still a lot of clubs etc up here prefer payment by cheque.

I can see the small claims courts being very busy.

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