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Britain considers ditching humble bank check
Source: Agencies |
December 17, 2009, Thursday
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AFTER more than three centuries, the humble check could become a historic relic if British banks, as expected, vote to phase it out in favour of more modern payment methods.
The board of the UK Payments Council, the body for setting payment strategy in Britain, was meeting yesterday to discuss whether to set a date of 2018 for winding up the check clearing system. The board is largely made up of Britain's leading banks.
The use of checks has fallen drastically in the past 10 years as more consumers transfer money electronically, by direct debit or with debit and credit cards.
Last year, around 3.8 million checks were written every day in Britain, compared to a peak of 10.9 million in 1990, the council said.
It costs about one pound (US$1.63) to process every check.
"The next generation probably won't even have a checkbook," said Addy Frederick, a spokeswoman at the payments council.
Many British supermarkets, high street retailers and petrol stations have stopped accepting checks, but they are still a popular form of payment among elderly people, many of whom find the idea of using automated cash machines intimidating.
"Chip and pin is problematic for many older and housebound people and we know 6.4 million over-65s have never used the Internet," said Vicky Smith, a spokeswoman for the charity Age Concern.
"Without checks, we are very concerned people will be forced to keep large amounts of cash in their home, leaving them vulnerable to theft and financial abuse."
Harriet Harman, deputy leader of the ruling Labour Party, said yesterday the authorities must take care not to discriminate against the elderly in making their decision.
"We need to look to the future but make sure that older people don't suffer as a result," she said.
The board of the UK Payments Council, the body for setting payment strategy in Britain, was meeting yesterday to discuss whether to set a date of 2018 for winding up the check clearing system. The board is largely made up of Britain's leading banks.
The use of checks has fallen drastically in the past 10 years as more consumers transfer money electronically, by direct debit or with debit and credit cards.
Last year, around 3.8 million checks were written every day in Britain, compared to a peak of 10.9 million in 1990, the council said.
It costs about one pound (US$1.63) to process every check.
"The next generation probably won't even have a checkbook," said Addy Frederick, a spokeswoman at the payments council.
Many British supermarkets, high street retailers and petrol stations have stopped accepting checks, but they are still a popular form of payment among elderly people, many of whom find the idea of using automated cash machines intimidating.
"Chip and pin is problematic for many older and housebound people and we know 6.4 million over-65s have never used the Internet," said Vicky Smith, a spokeswoman for the charity Age Concern.
"Without checks, we are very concerned people will be forced to keep large amounts of cash in their home, leaving them vulnerable to theft and financial abuse."
Harriet Harman, deputy leader of the ruling Labour Party, said yesterday the authorities must take care not to discriminate against the elderly in making their decision.
"We need to look to the future but make sure that older people don't suffer as a result," she said.
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