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 ...

Cheques could still have a future

The humble chequebook could have a future after all. If a viable alternative could be found, the UK Payments Council had planned to phase out cheques by 2018. However a government minister has now made an intervention which could see the plans change. Writing to the Treasury Committee hearing into the future of cheques Mark Hoban, Financial Secretary to the Treasury, stated that there until an alternative had been fully tested there was no “credible or coherent case” for the abolition of cheques. Committee The Treasury Committee had considered the proposed abolishment of cheques some time ago, but after negative feedback to the idea ...