Cheque guarantee cards will be phased out over the next 2 years says an industry body, after reports indicate a timeline has been set for bringing about their end by 2011.
The majority of these cards bearing the well known hologram of Shakespeare have now been incorporated into debit or credit cards, so it is unlikely that consumers will notice the changes.
This new measure will by no means be marking the end of cheques, so consumers and businesses will still be able to accept them even after the scheme ends.
Brian Pomeroy, of the Payments Council said: "We went to great lengths to listen to the views of all users and acceptors of guaranteed cheques and have only made the decision to withdraw the scheme after satisfying ourselves that no group will be unfairly affected or find that there is no means of making a payment".
It has also been suggested by payments experts that the use of cheques for payment is in "irreversible decline".
The future of cheques is currently under debate and a report is expected by the end of 2009.
The Payments Council has agreed not to phase out cheques until it is convinced that other payment options for the vast majority of cheques uses has been acknowledged and are available and suitable to users.
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S Jenkins2010-04-07 23:04:05
This is unfair and most upsetting for the elderly who prefer the traditional method. They feel vulnerable and unsafe withdrawing their cash from an ATM in the street and do not wish to be compelled to memorise their PIN number, especially if memory poses a problem; are they not advised against writing it down afterall? Our rights to privacy and choice are continually being eroded. Each person using a debit card to purchase goods does not give the retailer permission to profile his spending habits, yet this private information is taken and used. And it will only get worse as we allow ourselves to be directed or controlled by the big guys in marketing and consumerism.
J. Mole2010-08-29 18:53:00
My mother in her eighties is distraught at this decision. Lloyds have just told he of the withrawl of cheque guarentee cards. She does not have a computer so she can not transfer funds electronically. She does not have a credit card, she does not use direct debit or standing orders. She has a lot of trouble remembering her one PIN. She keeps a record of all her transactions in her 'book', so knows exactly what is in her account when she writes her cheques out. This ruling is completely unfar to the millions of older men and women in this country like her. Unfortunately the big boys just think one size fits all - this is shameful treatment of her and people like her.
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