Goodbye to the Cheque

Hardly a ripple seems to have crossed the media pond at the threat to bring an end to the cheque.

 Paper documents to enable the transfers of moneys have been around almost since the dawn of banking. Indeed there is evidence of written authorities in the first century BC.

 The praescriptiones was believed to be the Roman name in the first century BC. In the 3rd century AD Persian Empire (Sassanid) banks issued Sakks, while Muslims were known to be using sakks from the ninth century.

 The Knights Templar ran a nice little earner, using drafts, for pilgrims to the Holy Land for a couple of centuries via their chapter houses. And by the fifteenth century the use of paper by merchants to carry money between major cities was well established across Europe and areas of Asia and the Middle East. Fragments found show the 12th century cheques were remarkably similar to our own

 Now our unromantic money men wish to end the paper trail some two millennia, or more, after it started.

 The suitable dryly named Money Council, in a consultation paper with a similarly dead-from-the-neck-up title National Payments Plan – Consulting on change in UK payments talks of the changes that might be made in the future.

 Now I am pretty critical, but the Council is not blind to the whole picture: “…special account must be taken of the needs of minority and disadvantaged groups…” it declares, with suitable gravitas.

 It then spoils the declaration with the fait a compli smug comment “…so that they can share in the benefits of innovation. We are asking what can be done to ensure that all sectors of our society can benefit from the move to more efficient means of payment.”

 Well, as it happens, the cheque remains the only paper trail of payment for the ordinary person. Anyone who uses digital technology, on which all other systems are based – and we all use computers, is fully aware how easily mistakes can occur, and how big (though fortunately rare) a catastrophe is.

It also ties us more closely to the banks than ever before. We can have little confidence in them after their comments following the strange judgement form the law lords sitting in their nice new supreme court. Indeed that case was about the distinctly fishy behaviour of the banks; how nimble their fingers are in our pockets!

Read this consultation document. If, like me you prefer to use cheques often, or appreciate the difficulties for the elderly and the lonely and the isolated. please send a comment to these worthy ladies and gentlemen to help them in their deliberations.

And, in the gadarene rush to the card, think also of the person who has hit troubles that mean they are denied the use of those cards. Are they to become the excluded of the new society?

SAQ – SAve the cheQue – give the bankers the SAQ!

Joseph Harris – Debt Control Man


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