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PRO

Are cheques about to make 21st century return ?

I read today that the organisation responsible for clearing cheques (C&CCC) in the UK plans to introduce new systems that allow a cheque to be cleared in under 1 day, starting in October this year.

It is also expected that mobile banking apps will leverage this and current technology that scans cheques in ATMs by allowing you to 'scan' ( photograph ) your cheque from your mobile phone.

Nice work guys :)

Although the number of cheques we get has dropped dramatically ( mainly due to bank charges ) it will interesting to see how this received by businesses.

Latest stats say 477m cheques were issued in the UK in 2016.... Gulp...

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  • I regularly get a number of cheques from several of my older customers so this will be good news if the clearance is quicker. Most of my payments is via BACS.
  • PRO Supplier
    I was told about this last June time, and I think it will largely mark the end of the cheque. Arguably the only reason they are still used for business is that payment is deemed to be made on the day it hits the desk, but then takes a minimum of 3 further days to clear from the senders account, longer if it sits in the office a few days. If they start clearing next day, preople may as well pay by BACS even more! Depends on your perspective but I think the change if it happens will kill off the cheque as the sender loses the benefit, and they are the ones keeping cheques alive.
  • PRO

    I can see two short / medium benefits re: the changes;

    1/ No need to physically 'bank' cheques

    2/ For us, there are still reasons why some commercial clients funds are paid by cheques. When RICS change their rules for electronic funds transfers then I agree the 'benefits' of paying by cheque disappears (bit like the FAX vs eMail legality hangover)

    • PRO Supplier
      Personally I cannot wait for it to happen as cheques are a major inconvenience. Apparently the delays have centred around an age old legal requirement for the actual cheque to go back to the issuing bank before payment is final, and the laws to update this were pending last year before Brexit changed the priorities for parliament. This may be an excuse but it is certainly due to happen in the near future.
  • It's a strange one. In the USA people still pay by cheque all the time, and they've had the scanning technology for years.

    They talked about ending the use of cheques a few years ago - cause of the expense and low use. Will be interesting to see if there's a reduction in bank charges for scanned cheques.

    I imagine the rapid clearing time will make cheques a target for fraudsters again.

  • PRO

    We're on the Barclays pilot scheme for cheque submission via Smartphone and I really like it. No need to tramp down to town to pay in the odd cheque :)

    I simply use their pilot mobile version to 'photograph' the cheque add a few details and it shows up instantly with the funds cleared by the end of next business day. They expect to get this down to same day and will raise the cheque limit.

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