You are here: Home - Saving & Banking - News -

As new ways to pay take over it could be cheque-out time

0
Written by:
04/05/2007

People in the UK still like to pay for their goods and services by cheque, despite moves by some retailers to ban them, according to consumer group Which?

Nearly 60% of people said that they found paying by cheque “very useful”, although 72% conceded that they used a lot less cheques than they did five years ago. However, declining levels of cheque usage could be explained by the decision taken by some retailers to stop taking them.

Shell stopped accepting cheques at its 586 forecourts in 2005, and supermarket groups Tesco and Asda are running pilot schemes in certain stores to test consumers’ reaction to a ban. Boots has already banned them.

The number of cheques written each day halved between 1990 and 2005, according to figures from the banking industry. More people are using cards than ever before to pay for retail purchases and services.

However, a spokesperson for the Federation of Small Businesses said: “A large proportion of our members and small businesses in general still deal in cheques. They shouldn’t be penalised for that and should be able to carry on.”

Independent garage owner Mike Preston said: “We still take a few cheques each week but they seem to be dying out as time goes on. I won’t ban them from my business, although I think we’ll soon get to the point where they will fizzle out naturally.”

 

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Summer roaming mobile cut-price calls put at risk by tiffs

Moves to cut mobile roaming costs by the summer have been thrown into doubt as MEPs and European governments cannot...

Close