No return for cheque guarantee card

The Payments Council, the organisation which sets the strategy for UK payments mechanisms, have announced that cheque guarantee cards will not be re-introduced. Research has showed there is no demand for the scheme, which ended this year, to return. The cheque guarantee scheme guaranteed that banks would honour a cheque up to £50 or £100, even if there were insufficient funds in an account. Businesses The news comes after a year when there was uncertainty about the future of cheques themselves, at one stage their abolition was proposed by the Payments Council, however after a public outcry they were saved. 84% of businesses said they ...