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

Boots gives ‘old-fashioned’ cheques the boot

0
Written by:
18/04/2007

Boots the chemist is banning cheques from its 1,500 UK and Republic of Ireland stores from 1st May after conceding that most people now use either credit cards or debit cards to move funds from their UK current accounts.

The High Street retailer said that the move came after a successful trial period in Surrey and Sussex, and that transactions paid for by cheques now only accounted for 0.1% of the total number of purchases made across the group.

Garage chain Shell brought in such a ban in 2005 as it found that customers were increasingly using chip and pin and debit cards for their purchases, rather than depending on the laborious use of cheques to pay for goods from their UK current accounts.

Boots spokesperson Donal McCabe said: “Since chip and pin has arrived the use of cheques has dropped dramatically.

“Unfortunately, cheques still pose probably the highest risk of fraud to ourselves and to our customers and, because they are increasingly not used at all to move money from UK current accounts, we are phasing them out completely.”

Chip and pin technician Steve Windsor said: “Cheques are increasingly an old-fashioned way of paying for goods and services and I would not be surprised if they disappeared completely in the next five to 10 years.”

 

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

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Barclays steps up the level of its online security

In a bid to counter soaring levels of online fraud affecting its UK current accounts holders, Barclays Bank is handing...

Close