“Death by 1000 cuts” for cheques
David Ward MP has criticised the move to withdraw cheque guarantee facilities today as part of a deliberate effort by the banks to hasten the death of cheques.
The scheme, which allows people to guarantee that cheques are honoured by writing their card details on the back, will come to an end today. This comes ahead of the eventual abolition of cheques which the Payments Council - representing the major high street banks - aims to achieve by 2018.
Commenting Mr Ward, who has been leading the 'Save Our Cheque' campaign, said:
"This is a story of death by 1000 cuts for cheques. The banks say they aim to withdraw cheques in 2018 if demand is low enough. Now they are seeking to make that a forgone conclusion by gradually withdrawing the services that make cheques a viable system for consumers and businesses. Allowing the banks to set their own criteria and their own target for the withdrawal of cheques makes this kind of behaviour inevitable.
"The banks shouldn't be allowed to take this decision when they have such a vested interest in it. The importance of cheques to consumers and businesses means that it must be an impartial organisation which has the final say. And we must keep up the pressure on the banks to protect the quality of the cheque services available to their customers until genuine alternatives are available."